“Lithium for Mexico,” the new decentralized public agency

“Lithium for Mexico,” the new decentralized public agency

On Tuesday, August 23, 2022, the decree (the “Decree”) issued by the Ministry of Energy (“SENER”) was published in the Federal Official Gazette, creating “Litio para México” (“LitioMx”), the new decentralized public agency whose powers will include the exploration, exploitation, processing and use of lithium in our country, as well as the administration and control of the value chain of said mineral.

With the creation of LitioMx, the federal government persists in its political strategy of guaranteeing national sovereignty over lithium. According to the Decree, the new public agency will have the following characteristics: · LitioMx will be coordinated by SENER, but will have its own legal personality and assets. · The regulations governing state-owned enterprises will apply to LitioMx. Consequently, on matters of programming, budgeting, control and exercise of public spending, said agency will be subject to the provisions contained in the Federal Budget and Fiscal Responsibility Law and its Regulations. Thus, the resources of said agency must be contemplated in the Federal Expenditure Budget for each fiscal year. · With respect to its governance, the Board of Directors will be composed of five directors, who will be the heads of SENER (who will chair the board), the Ministry of Finance, the Ministry of Economy, the Ministry of the Environment and Natural Resources, and the Ministry of the Interior. · All members of the Board of Directors will have voice and vote. In turn, the head of the Mexican Geological Survey will be a permanent guest of the board without the right to voice or vote. Resolutions will be adopted by a majority vote of those present, and the head of SENER, in their capacity as director, will have the casting vote in the event of a tie. In order to commence LitioMx’s activities, its Board of Directors must be installed within a period of 60 calendar days and, subsequently, there will be a period of 90 calendar days to issue its Organic Statute. Finally, SENER, in seeking to effectively and efficiently comply with the powers conferred upon this new agency, will face a significant administrative challenge: transferring the necessary personnel so that LitioMx can begin operations within the period of 180 days counted from the day following the publication of the Decree. To this end, SENER must carry out the administrative acts necessary to transfer its own material, human, budgetary and financial resources in order to meet the objectives assigned to LitioMx. For additional information, please contact: Edmond Grieger, Partner: +52 (55) 5258-1058 | egrieger@vwys.com.mx Ariel Garfio, Partner: +52 (55) 5258-1008 | agarfio@vwys.com.mx Víctor Delgado, Associate: +52 (55) 5258-1048 | vdelgado@vwys.com.mx

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