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Tesla is said to be considering purchasing Sigma Lithium, a Brazilian lithium miner that is currently valued at $3B.
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Tesla is considering exploring the mining industry due to the rising cost of key minerals for battery production.
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In response to the increasing cost of lithium, Elon Musk, Tesla CEO, stated last year that Tesla might now enter the lithium mining industry, even though it was supposed to be there already.
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The automaker, Tesla, announced at its Battery Day event in 2020 that it would enter the mining business.
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Its first step is to buy lithium claims on 10,000 acres of Nevada.
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Tesla has not responded to this claim, nor the new lithium mining technology, more than two years after it was announced at the same conference.
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The company now focuses on lithium refining, with a new plant built outside Corpus Christi.
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Tesla stated that it might consider an acquisition to enter the mining industry.
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This is something Tesla rarely does, especially not on a large scale.
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A new report now places Sigma Lithium as a potential acquisition target.