May 25, 2023: Brazil has turned to one of the world’s major financial centers to energize investment in the country’s battery materials industry.
Secretary of geology, mining and mineral transformation, Vitor Saback, was at the New York Stock Exchange on May 9 to seek backing for the launch of the lithium valley project in the state of Minas Gerais.
Saback, representing mines and energy minister Alexandre Silveira, said the aim was to garner investment in the Jequitinhonha valley to exploit lithium reserves and become a supplier to the global batteries market, while creating jobs and improving livelihoods of the local population.
The investment drive came four months after newly-elected president, Luiz Inácio Lula da Silva, was sworn into office pledging an investor-friendly approach to expanding the energy sector.
According to Saback, the area around the valley comprises 14 municipalities that have the largest lithium reserves in the country.
Lithium sector players Companhia Brasileira de Lítio, Sigma, Atlas Lithium Corporation, Latin Resources, Deep Rock and Lithium Ionic all have projects in the region at different stages of development, the mines and energy ministry said.
Studies by the Brazilian Geological Survey indicate the existence of 45 “high economic potential” deposits in the area.