Reported 8 months ago
Ganfeng Lithium, the leading lithium firm in China, has filed an international arbitration case against Mexico after the country cancelled a potential mining project worth over $1 billion. The Mexican government's move to nationalize the lithium sector in 2022 disrupted Ganfeng's plans to establish Mexico's first commercial lithium mine. The Chinese firm had acquired Bacanora Lithium Ltd. in 2022 to develop a mine and processing facility in Sonora state, but operations were halted after Mexico's legislation gave the state full control over lithium mining. After unsuccessful attempts to resolve the issue locally, Ganfeng lodged a case with the World Bank's International Centre for Settlement of Investment Disputes, listing Mexico's Economy Ministry as the respondent.
Source: YAHOO