The company Bacanora Minerals speculated and misrepresented mining information, through the Lithium Sound Projectto increase the stock market value of the shares of the lithium extraction project they have in the municipality of Bacadehuachiwithout this yielding direct benefits for the population or the state of Sonora.
According to a report released by N+ Focusthe research unit of N+the project of the new owners Ganfeng Lithiumhas abused residents and investors from different countries of the world with imprecise information and that has only brought economic returns derived from the stock market operations that have been carried out in different world markets during the last 10 years.
The report tells how the population of Bacadéhuachi was a victim of deception by the directors of the mining company. It was published that the people of the municipality have made investments in infrastructure to receive the supposed “prosperity” promised, because when they began conversations with the residents of what could become one of the lithium mines in the state of Sonora, they were told of that the region would receive a large number of jobs.
But the project has not only not started, but has also failed to give the population what it has promised them, since they generated expectations of a value of about 500 times the annual budget of Bacadéhuachi (about 7 billion pesos).
Stock market speculation, the other side of the coin
According to information provided by Bacanora Lithium to its investors, while it was listed on the Canadian and United Kingdom stock exchanges, in the deposit in Sonora there are about 8.8 million tons of carbonate lithium and, once it had the necessary permits from the Mexican State, in 2023 it could start producing some 17,500 tons of this mineral per year, used in batteries for electronic devices such as computers and mobile phones.
However, the journalistic investigation revealed that the data released by the company, now owned by Ganfeng Lithiumwere “incomplete, misleading or incorrect”, but still served to obtain benefits from investors who saw in that region of Sonora the competition to deposits such as those in countries such as Bolivia, Argentina or Chile.
In the journalistic investigation it is specified that, according to data from The United States Geological SurveyIn Mexico there are around 1.7 million tons of lithium in reserve.
Data obtained in the report indicate that despite the fact that some 100,000 hectares were reported as concessions for the extraction of the mineral used in electric car batteries, in reality there was only the possibility of exploiting 13% of that space and that the Ministry of the Environment (Semarnat) had only authorized “to operate a 472-hectare mine, that is, 0.4% of the total.
For 2018, Bacanora Minerals turned into Bacanora Lithium, changed its headquarters to Sonora for London and a year later it was designated as the “largest lithium mine in the world”. This news, according to specialists consulted in the report, would have helped to increase the value of the company.
By the end of 2021, the purchase of Bacanora Lithium by Ganfeng Lithiumbut the construction works of the plant have not started and, due to the fact that the federal government requested that the concessions be reviewed, they also do not have the permit to exploit the mineral from the Sonoran soil.
kg
[ad_2]
hartford car insurance shop car insurance best car insurance quotes best online car insurance get auto insurance quotes auto insurance quotes most affordable car insurance car insurance providers car insurance best deals best insurance quotes get car insurance online best comprehensive car insurance best cheap auto insurance auto policy switching car insurance car insurance quotes auto insurance best affordable car insurance online auto insurance quotes az auto insurance commercial auto insurance instant car insurance buy car insurance online best auto insurance companies best car insurance policy best auto insurance vehicle insurance quotes aaa insurance quote auto and home insurance quotes car insurance search best and cheapest car insurance best price car insurance best vehicle insurance aaa car insurance quote find cheap car insurance new car insurance quote auto insurance companies get car insurance quotes best cheap car insurance car insurance policy online new car insurance policy get car insurance car insurance company best cheap insurance car insurance online quote car insurance finder comprehensive insurance quote car insurance quotes near me get insurance