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Rare Earth Minerals Plc  
Incorporated In: United Kingdom
 

Tesla (TSLA) Enters Lithium Supply Deal With Bacanora Minerals and Rare Earth Minerals

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By Madeleine JohnsonAugust 28, 2015 1:04 PM
 

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NASDAQ9:51AM EST
 

Announced Friday, Tesla Motors Inc (TSLA) and the “Sonora Lithium Project Partners,” a joint venture between mining company Bacanora Minerals Ltd and investment company Rare Earth Minerals Plc, have secured a conditional long-term lithium hydroxide supply agreement. Bacanora Minerals and REM have coveted rights to land in northern Mexico, where lithium is found in mineral-rich clay.

With Tesla’s “Gigafactory” (its $5 billion battery factory) under construction near Reno, Nevada, this deal gives the electric car maker an important base ingredient used in the production of the lithium-ion batteries in its vehicles. And, the 

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