Tesla Inc. TSLA reportedly is on the prowl for its own lithium-mining company, and losses are pilling up for the stocks of lithium producers.
Shares of Albemarle Corp. ALB were down more than 4% on Tuesday, after a drop of nearly 10% on Friday. Livent Corp. LTHM shares extended their losses a third day, down more than 3% on Tuesday after a 9% decline on Friday. In September, the EV maker filed paperwork connected with a proposed lithium refinery in Texas, which would add to Tesla’s presence in the state. That also would be following the advice of its Chief Executive Elon Musk, who has compared lithium mining with “printing money.”
The index is tied to the weighted average price for lithium carbonate and hydroxide, the two primary lithium chemicals. Last month, General Motors Co. GM announced a $650 million investment in Canadian miner Lithium Americas Corp. LAC
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