Nov 30 (Reuters) – China’s Ganfeng Lithium Group on Thursday said Mexico’s Secretary of Economy has maintained the cancellations of certain mining concessions of its subsidiaries.
The concessions, which would allow the company to develop the Sonora project, were canceled by Mexico’s General Directorate of Mines in August, which said Ganfeng had failed to comply with minimum investment requirements.
The move comes at time when the country is pushing towards nationalizing its lithium assets. In September, Mexican President Andres Manuel Lopez Obrador said the country’s lithium concessions were being reviewed.
Lithium is a crucial material used to produce batteries used in electric vehicles.
Ganfeng, through its units, will purse additional measures under Mexican or international law including, filing for international arbitration in response to the decision, it said in a statement. (Reporting by John Biju in Bengaluru; Editing by Varun H K)
Original Article: https://www.marketscreener.com/quote/stock/GANFENG-LITHIUM-GROUP-CO–7844214/news/Mexico-maintains-cancellations-of-mining-concessions-to-China-s-Ganfeng-45474011/
