One of the world’s biggest producers of lithium, Tianqi Lithium Corp, has announced an expected return to profit in 2021 off the back soaring prices for the commodity, reports Caixin. Tianqi is expected to post between RMB 1.8 billion ($284 million) and RMB 2.4 billion in net profit contributed to shareholders, reversing a net loss of RMB 1.8 billion in 2020, according to its exchange filing on Wednesday.
The Shenzhen-listed firm is also projecting strong growth in its annual revenue citing reasons such as booming global demand for electric vehicles (EVs), electric battery producers’ capacity expansion, as well as increasing returns from its associate company Chilean lithium producer Sociedad Quimica y Minera de Chile SA.
Another major Chinese lithium manufacturer, Ganfeng Lithium, also estimated an up to 437% yearly surge in its 2021 net profit to reach as much as RMB 5.5 billion, according to its Monday filing.
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