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Mexico’s Senate receives mining law proposal for lithium exploitation

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Mexico’s Senate receives mining law proposal for lithium exploitation

Mexico City, Apr 19 (Prensa Latina) The Mexican Senate on Tuesday received the draft of the presidential proposal for a reform to the Mining Law to preserve lithium from the voracity of foreign companies.
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The president of the board of directors, Olga Sanchez Cordero, confirmed the receipt of the text of the reform which, she said, seeks the nationalization of lithium.

In addition, she added, it dictates regulations on its exploration, exploitation, industrialization, commercialization and benefits and the rest of its value chain, which excludes foreign capital.

The document was approved on Monday at the Chamber of Deputies and sent to the Senate for its analysis and opinion. Subsequently, it will be analyzed and voted in the plenary, a process that could conclude on Tuesday.

Sanchez Cordero acknowledged the approval of the proposal in the Chamber of Deputies and said that legally protecting our resources, such as lithium, will be for the good of all Mexicans.

Her statements were in tune with those of President Andres Manuel Lopez Obrador, who told reporters that the initiative’s sole purpose is to nationalize lithium and not to suspend concessions in other areas.

He said that the creation of a company dedicated to the research, exploration and exploitation of this area is being evaluated, although it has not been determined yet to which agency this state-owned company would be attached, whether to the Ministry of Economy or to the Treasury.

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