Exxon Joins Hunt For Lithium As Its Bets On EV Boom

By The Financial District
May 31, 2023
1 min read

Exxon is seeking a foothold in a region believed to contain lithium reserves to produce the mineral and test the viability of extraction technologies, Benoit Morenne and Collin Eaton reported for The Wall Street Journal.

Photo Insert: The company is also bracing for a future far less dependent on gasoline by drilling for something other than oil: Lithium.

The company is also bracing for a future far less dependent on gasoline by drilling for something other than oil: Lithium. Exxon Mobil has been planning to produce the mineral in Arkansas.

Lithium can be recovered from salt flats, salvaged from mine pits and tailing ponds in Malaysia, Indonesia, the Philippines, and other Asian countries, but China is still the principal processor of rare earth elements (REE) needed by chips producers and electric vehicle manufacturers.

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REE can be quarried in Bolivia, Argentina, Peru, Chile and in Asia and Africa, thus reducing dependence on China.

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