Tesla wants to buy its own lithium miner for its electric cars

Tesla is targeting a lithium miner in Brazil and expects to spend $3 billion.

The international media Bloomberg has reported that Tesla , from billionaire Elon Musk, is looking to buy a lithium miner in Brazil .

“The Elon Musk-led electric vehicle maker has been speaking with potential advisers about an offer, said the people, who asked not to be named because the information was confidential. Sigma Lithium is one of multiple mining options that Tesla is exploring as it evaluates its own refining,” he notes.

Tesla Mining

From the medium they assure that the largest shareholder of Sigma Lithium, A10 Investimentos, is considering promoting the sale of the company and Tesla has shown interest.

One of its main projects is lithium mining in the state of Minas Gerais, known for its large deposits. They have a goal of producing 766 thousand tons per year.

Sigma Lithium ‘s share price has tripled over the last year, making it a tougher target to acquire. The stock also shot up 24% in the aftermarket following the report that Tesla is interested in acquiring it.

Demand for lithium has grown enormously for electric car batteries, an industry that expects to continue growing in the coming years in order to kill off combustion engines and prevent further global pollution.

Tesla is going strong

Since 2020, on Tesla ‘s battery day , the company had signaled its interest to enter the mining business. At that time, 4,000 hectares of lithium concessions were even purchased in Nevada.

But to date no further progress has been made in this regard by the company.

At the moment, Tesla has only been engaged in lithium refining with a new plant under construction in Texas.