By Mariana Durao
Minas Gerais, the Brazilian state with some of the planet’s top iron ore mines, is seeking investors for its lithium deposits to meet the steady demand for the mineral, which is indispensable for EV batteries.
During an interview, the governor of Minas Gerais, Romeu Zema, said he would welcome “investors from all over the world” to Vale do Jequitinhonha, the state’s so-called lithium valley.
Authorities from the state and the Brazilian Ministry of Mines and Energy will meet with shareholders, bankers, and traders this Tuesday during a tour of the Nasdaq stock market in New York.
In addition, according to the state government, they will meet with executives from BYD Co, the EV giant.
The moves to boost private initiatives coincide with the transformation being undertaken by Chile regarding its model for extracting and producing the mineral and the government’s pursuit of a majority stake in its future contracts.
Companies and administrations worldwide are trying to create regional battery supply chains to cope with booming EV demand and challenge Chinese hegemony.
“We want to export processed lithium, ready for use in batteries,” Zema said, adding that the state plans to build an industrial center that adds value to its mineral resources.
“The analogy is selling steel, not iron ore.”
Zema, a wealthy businessman and political newcomer backed by former president Jair Bolsonaro, also pledged to supply infrastructure, energy, and labor to the private sector.
According to the US Geological Survey, Brazil was the world’s fifth-largest lithium producer in 2022.
Vale do Jequitinhonha hosts potential producers, including Atlas Lithium Inc. (ATLX) and Latin Resources (LTS).
In April, Sigma Lithium Corp. began producing lithium concentrate in the region.
With information from Bloomberg
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170,656.00
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64,349.80
+0.55%
11,339.66
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2,931,172
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 170,656.00 | +1.63% | +21.85% | 167,927.15 | 168,310 | 167,142 | — |
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| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
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| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
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| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
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