Tesla aims to mine its own lithium in Nevada after dropping plan to buy miner

95E95718-5E98-4BA6-8A7D-D0158A763097

But so far no company has been able to mine lithium from clay commercially

Elon Musk told investors last week that Tesla has secured access to 10,000 acres of lithium-rich clay deposits in Nevada and planned to use a new, “very sustainable way” of extracting the metal.

Tesla Inc. secured its own lithium mining rights in Nevada after dropping a plan to buy a company there, according to people familiar with the matter.

The automaker held discussions in recent months with Cypress Development Corp., which is seeking to extract lithium from clay deposits in southwest Nevada, but the parties didn’t reach a deal, the people said, asking not to be named because the information isn’t public. The electric car maker, which has vowed to slash its battery costs by 50 per cent, instead focused on the plan that chief executive Elon Musk outlined last week to dig for lithium on its own in the state.

Continue reading… “Tesla aims to mine its own lithium in Nevada after dropping plan to buy miner”

0