Date
20 July 2019
Warren Buffett’s Berkshire Hathaway has geothermal wells that could produce up to 90,000 tons of lithium a year worth US$1.5 billion at current prices, the Financial Times reported. Photo: Bloomberg
Warren Buffett’s Berkshire Hathaway has geothermal wells that could produce up to 90,000 tons of lithium a year worth US$1.5 billion at current prices, the Financial Times reported. Photo: Bloomberg

Berkshire denies report on accord to extract lithium

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 US 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 had earlier 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 tons of lithium a year worth US$1.5 billion at current prices, the report said, citing a fundraising document. Reuters

(Updated; last reported at 8:07 a.m.)

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