LitioMX Will Need Private InvestmentBy Paloma Duran | Thu, 09/08/2022 - 10:00
The government acknowledged that it does not have enough funds to develop the lithium industry on its own, so it will accept private investment. CONACYT is expected to support LitioMx in integrating R&D into the lithium value chain. In addition, the appointment of Pablo Taddei as Director General of LitioMx is in line with López Obrador’s plan to transform Sonora into a renewable energy hub.
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The Mexican government does not have sufficient public funds to develop the country’s lithium industry. Therefore, it will be open to the participation of private investors. The government announced that the new state-owned lithium company will be located in Sonora, aiming to create a new hub for lithium-based projects and renewable energy developments.
Following LitioMx’s official creation, President López Obrador continues to adjust details regarding the company’s structure and relationships. López Obrador floated the possibility that CONACYT could support the recently-created state lithium company.
After President López Obrador appointed the Governor of Sonora, Alfonso Durazo as the project manager for Litio Para México (LitioMx), Pablo Taddei was appointed as the first Director General of the company. Taddei, says López Obrador, is a highly-qualified professional equipped with the relevant experience to lead the company.
US Ambassador to Mexico Ken Salazar met with the Zacatecas Mining Cluster this Sunday. During his second day visiting the state, the ambassador insisted on the need to enhance public security in the state.
The prices of most base metals increased on Monday, supported by growing concerns about global energy supply and mixed data regarding employment in the US, along with increased hopes for a slower rise in interest rates by the US Federal Reserve.
According to Adriana Carvalho, Head of Metals in LATAM, SP Global Commodity Insights, the opening of new steel plants by Ternium and ArcelorMittal will bring more competition to the market. This will generate pressure to decrease steel prices.
An effort to make the global economy greener by moving away from fossil fuels to renewable energy sources has intensified, said the late Bradford Cooke, Founder and Executive Chairman, Endeavour Silver. Consequently, new greener power sources and exploitation methods are being explored to contribute to the environment.