Mexico: Full Nationalization Of Lithium Mining!

Mexico officially nationalized its lithium industry after the Senate voted 87 to 20 with 16 abstentions to approve president Lopez Obrador's proposed mining reform, which gives Mexico exclusive rights to the battery metal, according to Mining.com.

The bill was passed in record time just two days after Lopez Obrador sent it to Congress and took effect on Thursday. It listed lithium as a "strategic mineral" and declared its exploration, development and use to be a state prerogative. And includes a provision allowing the state to take over "other minerals" that Mexico claims are of strategic importance.

Since coming to power in 2018, Mr Obrador has been trying to reverse resource reforms by previous governments that opened up the oil and power sectors to private investment. Instead, he promoted a resource development model that prioritized state-owned enterprises.

Mexico has found "clay containing lithium," the Country's association of Mining Engineers, Metallurgists and Geologists said in a statement. "As far as we know, no country has produced lithium from clay and commercialized it," he added.

Mexico's lithium reserves make the country one of the world's top 10 lithium producers, according to the U.S. Geological Survey.