Dakota Minerals Ltd (ASX:DKO) has announced its acquisition of a large lithium tenement in Portugal.
The company sees Portugal as a strategic location because car manufacturers based in Europe, such as Daimler and Volkwagen, are increasing their capacity for lithium-ion battery production.
Dakota Minerals says that many European counties are leading the world when it comes to the uptake of electric vehicles, which use lithium-ion batteries. The example the company provides is Norway, where electric cars total 22% of all new vehicle sales.
The company says that the acquisition complements its high-priority Lynas Find lithium project in Western Australia, and meets its strategy for market diversification.
Dakota Minerals reported a net loss of $2.3 million at 31 December 2015.
