The last time we looked at these two was on January 31:
Two of China’s Biggest Lithium Companies Warn Of Plunging Profits Due To Battery Metal Price Collapse
These are major, major players. Ganfang is the world's second largest lithium processor and Tianqi via its stakes in SQM and Talison mines around half the world's lithium.
They are so big and so important to China's plans that it is sort of their job to look past the slump and capture as much market share in their respective niches as they can.
And the headline story from Bloomberg, March 31:
- Tianqi and Ganfeng post sharp drops in 2023 net income
- Consolidation beckons as high-cost producers struggle
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. 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.
Improved supply prospects and slowing demand growth from electric vehicles have forced a number of companies from Australia to the US to rein in output and spending. But Chinese firms are bucking that trend.
Tianqi is looking for partners to explore high-quality lithium sources, and will accelerate work at its Yajiang mining and processing project in Sichuan province, according to its earnings report. Ganfeng’s expansion includes plans to “gradually collect and develop” low-cost resources such as lithium derived from brine, as well as ramping up processing facilities in China and Argentina....
....MUCH MORE
