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Shares of several Chinese lithium mining companies declined today after a major battery manufacturer announced an early restart at a key lithium mine in Yichun, eastern Jiangxi province, following nearly a month of shutdown.
Tianqi Lithium’s stock price [SHE:002466] dropped 5% to close at CNY43.93 (USD6.17), Qinghai Yanhu Industry [SHE:000792] fell 3.4% to CNY19.99, and Ganfeng Lithium Group [SHE:002460] declined 3.7% to CNY47.05. Meanwhile, CATL [SHE:300750] saw a 1.2% decrease, ending the day at CNY316.04 (USD44).
Futures for lithium carbonate on the Guangzhou Futures Exchange also took a hit, with the main contract [lc2511] plunging 4.8% to close at CNY70,720 (USD9,941) per ton.
A subsidiary of CATL, Yichun Times New Energy Mining, held a special meeting yesterday to expedite the restart of operations at its Jianxiawo lithium mine, according to Securities Times. The renewal process for the mining permit is reportedly on track and could be completed in less than the expected three to six months.
Jianxiawo is the largest lepidolite mine in Yichun, which is often called China’s “Lithium Capital.” The exploration rights to the mine were obtained in April 2022 through a bid of CNY865 million (USD121.4 million). Operations at the mine were halted on August 9 after the permit expired, and Bloomberg reported at the time that the shutdown was expected to last at least three months.
As the leading global supplier of electric vehicle batteries, the company has been actively acquiring lithium mining assets in recent years. In 2018, it launched a joint venture called Tyeeli (Yibin) with lithium materials provider Canmax Technologies to develop local lithium resources. Additionally, the company maintains stakes in several international projects, including the Manono lithium mine in the Democratic Republic of the Congo and the lithium salt lakes of Uyuni and Oruro in Bolivia.
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