Daily Management Review

Exxon purchases a site for mining lithium


According to the WSJ, Exxon Mobil purchased a land plot in the United States to mine lithium, which is used in the batteries of electric vehicles, smartphones, and other gadgets.

Mike Mozart
Mike Mozart
The Wall Street Journal’s sources report that U.S. Exxon Mobil has purchased the fossil rights to a location in the US state of Arkansas where it intends to mine lithium.

Exxon paid Galvanic Energy $100 million for the 120,000-acre (48,562 hectare) property, the WSJ writes.

Modern batteries, which power electric vehicles, cellphones, laptops, and other devices, primarily consist of lithium. According to the WSJ, $100 million is a relatively tiny price for Exxon and is unlikely to result in a significant strategy shift for the corporation. However, the newspaper reported that Exxon is obviously seeking to establish a presence in a region that is thought to have significant lithium reserves.

According to Galvanic Energy's report from 2022, the region may possess 4 million lithium carbonate equivalents, which would be sufficient to power 50 million electric car batteries.

source: wsj.com