Tesla $TSLA Acquired $LTUM Lithium Corporation, a Lithium Mining Company Based in Nevada

Tesla confirmed that it acquired Nevada-based litium mining company $LTUM Lithium Corporation.

Elon Musk announced that Tesla “might have to get into the mining and refining” of lithium due to recent price increases to “insane levels”, he previously announced two years ago that Tesla would get into the lithium mining business. At Tesla’s Battery Day event, the automaker announced that it is getting into the mining business – starting with buying lithium claims on 10,000 acres in Nevada.

Musk has claimed that the process would be environmentally-friendly and economical.

Tesla’s needs for lithium supply are increasing fast as the company is expanding production with the new factories, like Gigafactory Texas and Berlin.

Over the last few weeks, Tesla has been rumored to have acquired $LTUM Lithium Corporation, a litium mining company based out of Nevada.

The rumors started after a few of the company’s employees were hired by Tesla and the automaker started listing jobs in Nevada, where it previously didn’t have R&D operations.

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