Caixin
Apr 01, 2024 04:32 PM
BUSINESS

Top China Lithium Producers Vow to Press Through Profit Slump

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Tianqi plans to accelerate work at its mining and processing project in Sichuan, while Ganfeng will ramp up processing facilities in China and Argentina. Photo: Bloomberg
Tianqi plans to accelerate work at its mining and processing project in Sichuan, while Ganfeng will ramp up processing facilities in China and Argentina. Photo: Bloomberg

(Bloomberg) — Undeterred by slumping profits, China’s lithium giants are planning to grab a bigger slice of the market.

Tianqi Lithium Corp. and Ganfeng Lithium Group Co. Ltd. reported sharp drops in 2023 net income last week after prices plunged more than 80% over the year. Both said they’ll continue to acquire global reserves of the key battery material and increase production capacity, as bigger firms look beyond near-term weakness to the promise of rising demand in the years to come.

 

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