Mexico wants to become world leader in the production of lithium. To make this happen, the Chamber of Deputies approved a presidential initiative law which nationalizes lithium reserves, a fundamental metal that is used for the batteries of smartphones and electric cars. The law will now have to be examined by the Senate, where, however, approval seems obvious given the large majority enjoyed by President Andrés Manuel López Obrador's party in the Upper House.
“The purpose of this initiative is to guarantee the self-determination of the nation, as well people's energy sovereignty over lithium and other minerals that are strategic and necessary for the energy transition, technological innovation and national development”, reads the text of the measure.
For Mexico, therefore, lithium becomes a strategic mineral and all exploration, extraction, industrialization and sale activities will be placed in the hands of a state body, prohibiting new concessions to private and foreign companies. Among the most relevant projects could come one concerning the Bacanora field, in the state of Sonora, considered the largest in the world at over 243 million tons.
The decision to nationalize lithium comes at a particular historical period for all raw materials and could create many problems for the United States, China and Spain, which are vying for market leadership. Finally, let us recall that since the beginning of the year white gold prices are up 149%.
