By Andy Hoffman and Greg Keenan, Globe and Mail Update
Canadian car parts giant Magna International Inc. (MG.A-T61.010.991.65%) is jumping into the mining sector with a strategic investment in a privately held lithium firm that it hopes will provide a secure supply of the metal used to make batteries for electric vehicles, according to sources.
Magna is understood to have participated in a $10.5-million equity financing by Toronto-based Lithium Americas Corp. that was completed Dec. 23. The equity deal gives Magna the right to acquire a percentage of any lithium produced by the mining company in exchange for an interest-free loan for some of the money needed to develop the project in Argentina.
Although Magna's initial investment is small, it underscores the Aurora, Ont.-based company's commitment to producing components for electric-powered vehicles that will run on lithium-ion battery technology. “They are all coming downstream. Lithium is going to be big and they better have supply,” said a source close to the deal.
Environmental technologies, including lithium-ion batteries, are a potentially huge growth area for Magna as auto makers race to bring hybrid-electric and battery-powered cars to market to meet new fuel economy standards being put in place in the U.S.
Magna developed a battery-powered version of the Focus compact car for Ford Motor Co., which was unveiled a year ago (and now stars nightly on The Jay Leno Show ).
But Magna is also trying to expand that expertise to other auto makers...
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