In May 2023, Exxon Mobil announced a US$100 million deal to acquire drilling rights to an area in Arkansas, US, which is slated to be rich in lithium brines.
Some hailed the move as the latest in a string of evidence that oil and gas majors are planning to muscle in on the mining industry’s territory by way of critical minerals, while others argued that it’s a smart move given the potential technology and process synergies.
