Sigma Lithium shares soar on report that Tesla is considering a buyout – One America News Network

(Reuters) – Shares of U.S.-listed Sigma Lithium Corp rose 21% in extended trading on Friday after Bloomberg News reported that Tesla Inc was considering a takeover of the Canadian battery metal miner.

Tesla has been talking to potential advisers about the bid, the report said, citing people with knowledge of the matter, adding that Sigma Lithium is one of many mining options the electric car maker is exploring as it considers its own recycling.

U.S. shares of Sigma Lithium, which has a market cap of $3.21 billion, have nearly tripled in the past year.

Tesla and Sigma Lithium did not immediately respond to Reuters requests for comment.

Chief Executive Elon Musk said last year that Tesla was open to buying the mining company if producing its own supply of metals for electric vehicles would accelerate global adoption of clean energy technologies.

The company already has contracts to supply nickel, lithium and a number of other metals for electric vehicles from suppliers around the world.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Shinjini Ganguli)

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