Mexico currently has no commercial lithium production, but according to some estimates contains potentially lucrative deposits trapped in clay-based soils.
Carmakers are working to secure supplies of materials from lithium, nickel and manganese for batteries to magnesium for car components as they race to ramp up electric vehicle production.
Benedikt Sobotka said that the surging price of the metal, which rose by 119% in 2021, was giving a very clear message: the market is severely short of cobalt, a key ingredient in the batteries that power EVs.