Lithium miners in China achieve record high profits
Tradehay.com: 30/01/2023 - 09:03
- China's major lithium miners are set to reap record revenues after booming demand for the raw material for electric vehicle batteries sent prices skyrocketing to all-time highs last year. Tianqi Lithium Corp. Preliminary net income forecast for 2022 spikes more than 10 times, while rival Ganfeng Lithium Group predicts a spike of as much as 321%. The bumper gains came as the price of lithium carbonate in China, a refined material used in electric vehicle batteries, peaked in November after rising about 15 times from its low in 2020. The global push Pushing a fleet of electrified freighters stimulated consumption but supply did not. Struggling to keep up the pace. Lithium manufacturers revealed few expansion plans to meet the battery boom, while takeovers are also underway in the sector. This month, Tianqi's joint venture with IGO Ltd. said it would buy Essential Metals.
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