Exxon Mobil Has No Plans To Expand Into Hard Rock Lithium Mining Or Develop Its Own Direct Lithium Extraction Technology; Focuses On Core Competencies In Subsurface Fluids; Considering Lithium Expansion Projects Globally, Says Executive Patrick Howarth
Portfolio Pulse from Benzinga Newsdesk
Exxon Mobil has announced that it has no plans to expand into hard rock lithium mining or develop its own direct lithium extraction technology. Instead, the company will focus on its core competencies in subsurface fluids. However, Exxon is considering lithium expansion projects globally, according to executive Patrick Howarth.
June 25, 2024 | 6:33 pm
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NEGATIVE IMPACT
Exxon Mobil's decision to not pursue hard rock lithium mining or direct lithium extraction technology may have a neutral to slightly negative impact on the Global X Lithium & Battery Tech ETF (LIT), as it indicates a major player is not entering the lithium mining space.
The Global X Lithium & Battery Tech ETF (LIT) could see a slight negative impact as Exxon Mobil's decision not to enter the lithium mining space means one less major player contributing to the growth of the lithium industry. However, the overall impact is likely to be minimal given the ETF's diversified holdings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Exxon Mobil has decided not to expand into hard rock lithium mining or develop its own direct lithium extraction technology, focusing instead on its core competencies in subsurface fluids. The company is still considering lithium expansion projects globally.
Exxon Mobil's decision to not expand into hard rock lithium mining or develop direct lithium extraction technology indicates a focus on its existing strengths. This could be seen as a neutral move in the short term as it does not immediately impact the company's core operations or financials. However, the consideration of global lithium expansion projects could have future implications.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100