Argentinian President says Tesla CEO Musk is interested in the country’s lithium reserves

Published: Dec 26, 2023 11:40

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According to foreign media reports, Argentine President Javier Milei said in a program that Tesla CEO Elon Musk and the U.S. government have expressed interest in Argentina’s lithium reserves.

Milei revealed, “I got a call from Elon Musk. He is very interested in lithium, as is the U.S. government and many U.S. companies. But they need a legal framework to ensure property rights are respected. "

According to data from the US Geological Survey, Argentina, Chile and Bolivia account for 56% of global lithium reserves, with Argentina and Chile accounting for approximately 32% of global lithium production.

Milei defeated Economy Minister Sergio Massa in the second round of Argentina's presidential election on November 19 and was sworn in as President of Argentina on December 10. After taking office, he implemented a series of radical reforms to solve the country's economic problems, which aroused dissatisfaction among the majority of the people.

Milei also said on December 20 that he had signed a decree containing more than 300 reforms to open up the country's economy. The decree is scheduled to be considered by parliament on December 26.

Tesla and Musk have always paid attention to lithium resources and lithium refining.

On May 8, Tesla broke ground on its lithium refinery in Texas, USA. The plant will push Tesla beyond its core focus of vehicle production and into the complex field of lithium refining and processing.

Musk said Tesla aims to complete construction of the factory next year and then reach full production about a year later. By then, Tesla will become the only mainstream automaker in North America to refine lithium independently.

By 2025, the plant's lithium metal production will be enough to supply about 1 million electric vehicles, making Tesla the largest processor of lithium materials in North America.

At the ground-breaking ceremony, Musk said, "Looking into the next few years, a fundamental bottleneck in the development of electric vehicles is the availability of battery-grade lithium."

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