Demand for the silvery white metal, which is key to making EV batteries, is greatly outstripping supply amid the push to electrify transportation in a shift away from fossil fuels. Sigma Lithium’s shares have been rising along with surging lithium prices. The company said in December that it’s considering nearly tripling lithium production at the project in 2024 after survey revealed mineral reserves 63% higher than previously thought. The company is developing a large lithium rock deposit in Brazil known as Grota do Cirilo. Sigma Lithium’s Cabral-Gardner declined to comment on “rumors.” Read more: Tesla’s Lithium Supplies in Danger as Rivals Make Mining DealsĮlon Musk, representatives for Tesla did not respond to requests for comment. Sigma’s owners could also wait to develop the company’s main project further before seeking an exit, according to the people. Potential suitors may hesitate to bid after shares tripled in the last 12 months and on high price expectations by the owners, the people said. Co-CEO Calvyn Gardner, also owns part of the miner.ĭeliberations are in the early stages and may not lead to a transaction, according to the people. Its biggest investor, holding 46%, is A10 Investimentos, a Brazilian private equity fund that Sigma Co-Chief Executive Officer Ana Cabral-Gardner helped establish. Sigma Lithium’s biggest shareholder has been exploring a potential sale of the company and gauging interest from miners and carmakers, people familiar with the matter said. Sigma Lithium is one of multiple mining options Tesla is exploring as it mulls its own refining, a person with knowledge of the matter said, asking not to be identified discussing confidential information. Tesla, the EV maker run by Elon Musk, has been speaking with potential advisers about a bid for Sigma Lithium, Bloomberg News reported late Friday.
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