"‘Seokyugongryong’ Is a Thing of the Past... ExxonMobil Mines Lithium for 1 Million Electric Vehicles"

Expected to Become a Top 10 Global Lithium Company
2.6 Trillion Won Investment Needed by 2030

ExxonMobil, a leading American oil company, is set to transform into an eco-friendly enterprise. The company plans to supply lithium equivalent to 1 million electric vehicle batteries by 2030.

On the 13th (local time), ExxonMobil stated in a press release, "We will become a leading producer of lithium, a key material for electric vehicle batteries," adding, "By applying ExxonMobil's expertise accumulated over decades, we can supply large quantities of North American lithium while minimizing environmental impact during mining."

ExxonMobil recently acquired drilling rights for approximately 120,000 acres (485 km²) in southern Arkansas, the largest lithium deposit area in North America. The company has also been in discussions about lithium supply with global automakers such as Tesla, Ford, and Volkswagen.

[Image source=Reuters Yonhap News]

ExxonMobil is a representative American oil company and acquired the shale gas drilling company Pioneer for about $60 billion (approximately 80 trillion KRW). Thanks to this, the company is known to have excellent expertise in extracting minerals by drilling through the earth's surface.

ExxonMobil plans to apply oil and gas field extraction methods to lithium mining. Specifically, it will use the "Direct Lithium Extraction (DLE)" method, which involves pumping brine from underground layers about 3 km deep and then separating lithium.

The extracted lithium will be processed into battery materials at nearby facilities and supplied to other manufacturers. The target production volume is 100,000 tons per year by 2030, a scale that can instantly elevate the company into the world's top 10 lithium producers.

According to the U.S. financial media Bloomberg, ExxonMobil will need to invest $2 billion (approximately 2.64 trillion KRW) in facilities to achieve its production goals by 2030. Expected revenue is estimated at $800 million (approximately 1.0634 trillion KRW).

Bloomberg forecasted, "In the rapidly growing lithium market, ExxonMobil can expand its market share and offset the revenue decline expected in the oil industry due to continuous demand reduction."

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