BUSINESS

Troubled Chilean Mine Investment Overshadows Tianqi Lithium’s Stock Jump

Published: Oct. 28, 2024 8:32 p.m. GMT+8

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Tianqi’s lithium production base in Tongliang, Chongqing. Photo: Tianqi Lithium

Tianqi Lithium Corp.’s (002466.SZ) stock price jumped last week, but the company’s sales and outlook remain under a shadow due to falling prices of the metal and its troubled investment in a Chilean miner.

Tianqi’s Hong Kong-listed shares climbed 7% on Friday while its Shenzhen-listed shares rose 6%. Both also rose during trading on Monday before closing flat.

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Explore the story in 30 seconds

Tianqi Lithium Corp.'s stock rose sharply despite announcing a potential Q3 net loss of up to 640 million yuan, narrower than its previous quarter but a reversal from last year's profit.
Tianqi faces financial challenges due to lower lithium prices and its troubled stake in SQM, affected by Chilean government actions and tax issues.
Analysts have downgraded 2024 profit forecasts as the company seeks to improve performance through strategic grants amid major stock declines this year.

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