RIO DE JANEIRO-Chinese electric carmaker BYD acquired mineral rights for two plots of land in a lithium-rich part of Brazil in 2023, entering the mining business in its biggest market outside of China, according to public records reviewed by Reuters.
The EV producer’s acquisition of mineral rights in Brazil is its most concrete step so far toward mining strategic minerals in the Western Hemisphere. The previously unreported acquisition of the mineral rights in late 2023 was made by BYD subsidiary Exploracao Mineral do Brasil, which was created in May of that year, documents showed.
The plots are just a half-day’s drive from BYD’s new factory project in northeast Brazil, which it also agreed to invest in 2023. They also neighbor plots owned by U.S.-listed miner Atlas Lithium. The subsidiary was created with a share capital of 4 million reais ($695,000) and turned a profit of about 213,000 reais from exchange rate variations in 2023, public registration documents showed.
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