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
