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Tesla mulls acquisition of lithium miner Sigma

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Tesla has been discussing with potential advisers a report citing people familiar with the matter said that Sigma Lithium is one of many projects the electric car maker is exploring. One of the mining options as it is considering its own refining.

Tesla and Sigma Lithium did not immediately respond to Reuters’ requests for comment.

Sigma is completing construction of a hard rock lithium mine in Brazil, which is expected to start production in April. The mine will produce spodumene concentrate, which can be used to make lithium hydroxide, a metal preferred by some automakers including Tesla and BMW.

US stock Sigma Lithium, with a market value of $3. billion, nearly tripling in value last year.

CEO Elon Musk said last year that producing his own supply of metals for electric vehicles would accelerate the global adoption of clean energy technologies, Tesla said. Ra is open to buying a mining company.

Tesla and other automakers routinely discuss potential supplies of lithium and other EV metals with mining companies of all sizes without entering into contracts.

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