From Bloomberg via Mining.com, January 31:
Lithium miners warn on plunging profits after price freefall
Two of China’s biggest lithium companies became the latest miners to issue stark warnings over the health of the battery metal industry, telling investors to prepare for tumbling profits and asset writedowns.
A slump across battery materials has upended projects worldwide as gluts emerge, even as optimism about the outlook for electric vehicles persists. With prices in free fall, miners are imposing production cuts and seeking to rein in costs.
China’s Tianqi Lithium Corp. said Tuesday that it expected its full-year profit to fall as much as 73% from a year earlier and would now be between 6.6 billion yuan ($920 million) to 8.9 billion yuan.
Tianqi said earnings had been hit by the collapse in lithium prices and it also expected lower income from its investment in Chile’s SQM....
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These are major, major players.
