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Tesla is building a cathode plant and getting into the lithium mining business

A little more than a year ago, during Tesla’s 2019 shareholder’s meeting, CEO Elon Musk said the company “might get into the business of mining minerals used in electric vehicle batteries.”
Today, during Tesla’s so-called Battery Day event, Musk confirmed that the company is officially getting into the mining business.
Tesla has secured the rights to a 10,000-acre lithium clay deposit in Nevada, Musk said during the event.
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