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Tianqi Lithium returns to annual profit thanks to battery boom | |
admin | |
2022-01-26 | |
发布年 | 2022 |
语种 | 英语 |
国家 | 国际 |
领域 | 地球科学 |
正文(英文) | Tianqi Lithium Corp., the Chinese battery-material supplier that’s planning to list in Hong Kong, will return to profitability for the first time in three years due to surging electric-vehicle demand. The company said late Wednesday it expects preliminary full-year net income of 1.8 billion yuan to 2.4 billion yuan ($284 million to $378 million) for 2021. It cited capacity expansions by battery manufacturers, higher lithium product prices and sales volumes, and improved investment income from miner Sociedad Quimica y Minera de Chile as reasons for the result. The official figures are likely to be released in late April. Chinese lithium carbonate prices have been on a tear, jumping by almost a third this year after surging more than 400% in 2021. The global push toward an electrified transport fleet has fired up consumption of the battery material and supplies are struggling to keep pace. The resurgence in demand helped Tianqi make a profit for three quarters in a row last year, after suffering seven consecutive quarterly losses. It made a 1.8 billion yuan loss in 2020 amid debt repayment pressures that forced it to sell part of its stake in the Greenbushes mine — the world’s largest lithium project — in Western Australia.
First-quarter earnings should continue to be supported by higher lithium carbonate prices, Daiwa Capital Markets analysts Dennis Ip and Leo Ho said in a note. However, Tianqi will likely see a sharp increase in the cost of spodumene — a lithium-bearing raw mineral — under an annual price adjustment mechanism, they said. Tianqi, whose shares already trade in Shenzhen, is reviving a plan to list in Hong Kong. The lithium supplier is working with China International Capital Corp., Morgan Stanley and CMB International on a share offering that could take place as soon as mid-2022 and may raise $1 billion to $2 billion, people familiar with the matter said earlier. Shares of the company rose as much as 6.8% on Thursday in Shenzhen. (By Annie Lee) |
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来源平台 | Minging.com |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/345397 |
专题 | 地球科学 |
推荐引用方式 GB/T 7714 | admin. Tianqi Lithium returns to annual profit thanks to battery boom. 2022. |
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