On 24 June, Ganfeng Lithium was reported to initiate arbitration against the Mexican government over the cancellation of a mining concession in Sonora. The dispute was filed at the World Bank's International Centre for Settlement of Investment Disputes (ICSID).
Ganfeng acquired Bacanora Lithium in 2021, with plans to commence commercial production in 2023. The Sonora project was set to include an open-pit mine and processing facility, expected to produce 35,000 tons of lithium annually. However, the project was halted after Mexican legislators approved a bill in April 2022 granting the state full control over lithium mining. The arbitration stems from Mexico’s decision last August to revoke Ganfeng's concessions following the nationalization of the lithium industry by former President Andrés Manuel López Obrador in 2022.
Author: Hongqiu Su | Battery Metals Analyst Associate | London Office, Shanghai Metals Market
Email: lilysu@smm.cn
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