Mexican President Andres Manuel Lopez Obrador on Saturday signed a decree handing over responsibility for lithium reserves to the energy ministry, after nationalizing lithium deposits last April.
During an event in Sonora, Lopez Obrador signed the decree that orders the energy ministry "to take the actions necessary to carry out" the nationalization process." the nation be the owner of this strategic mineral," Lopez Obrador said during the event.
Mexico holds important potential lithium deposits, a highly sought material for the production of electric vehicle batteries. Studies suggest Mexico may have some 1.7 million tonnes of lithium. While close to a dozen foreign companies have active mining concessions that aim to develop potential lithium deposits, Lopez Obrador has said all of them will be "reviewed," which has cast a cloud over the sector's future prospects.
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