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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
