Tags: berkshire | buffett | extract | lithium

Berkshire Denies Media Report on Accord to Extract Lithium

berkshire hathaway corporate logo symbol emblem on computer pad screen

(Mohamed Ahmed Soliman | Dreamstime)

Sunday, 20 January 2019 09:41 PM

A unit of Berkshire Hathaway Inc denied a report on Sunday that it reached an agreement to allow extraction of lithium from its geothermal wells in California, a project that could offer U.S. carmakers and battery producers a secure supply of the metal.

"There is no agreement in place with anybody to allow extraction of lithium or any other minerals from the geothermal wells in California," Jessi Strawn, a spokeswoman for Berkshire Hathaway Energy Co, which is majority-owned by Warren Buffett's conglomerate, said in an emailed response to a Reuters query.

The Financial Times earlier had reported, citing people familiar with the discussions, that the venture has been in talks to supply Tesla Inc with lithium, a component for batteries to power electric cars.

Berkshire Hathaway's geothermal wells could produce up to 90,000 tonnes of lithium a year worth $1.5 billion at current prices, the report said, citing a fundraising document.

Tesla did not immediately respond to a request for comment outside normal business hours. 

© 2019 Thomson/Reuters. All rights reserved.

   
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A unit of Berkshire Hathaway Inc denied a report on Sunday that it reached an agreement to allow extraction of lithium from its geothermal wells in California, a project that could offer U.S. carmakers and battery producers a secure supply of the metal.
berkshire, buffett, extract, lithium
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2019-41-20
Sunday, 20 January 2019 09:41 PM
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