MEXICO CITY: Mexico’s President Andres Manuel Lopez Obrador said Friday he has proposed lawmakers pass a law to make lithium exploration and production the exclusive right of the state.

The measure is part of proposed reforms regarding the electricity industry that his administration submitted to Congress on Thursday, which aim to strengthen the state-owned Federal Electricity Commission and regulate lithium exploration.

“Going forward, everything that has to do with lithium exploration and production belongs to the nation, that is, only the Mexican state will be able to exploit it for the benefit of the nation,” the president said at a press conference held in Cuernavaca, capital of central Morelos state.

“It is a strategic mineral, the technological industry and modern industry will not be able to develop without lithium,” noted Lopez Obrador.

Currently, there are eight concessions for lithium exploration and production in the hands of private companies, and they will remain valid as long as those enterprises remain productive.

Lithium is considered “the new oil” due to its widespread industrial uses, especially for making batteries for electric vehicles