By Tom Daly and Min Zhang
By Tom Daly and Min Zhang
BEIJING, Oct 22 (Reuters) – Tianqi Lithium Corp 002466.SZ, one of many world’s largest lithium producers, swung to a web loss within the third quarter as costs for the battery metallic slumped.
Tianqi, which owns round 1 / 4 of Chilean lithium producer SQM SQMA.SN, processes spodumene, a mineral mined for its lithium content material, into chemical substances corresponding to lithium carbonate and lithium hydroxide which might be utilized in electrical automobile batteries.
Lithium carbonate costs AM-99C-LTCB in China, as assessed by Asian Metallic, have fallen round 28% year-to-date to 49,500 yuan a tonne amid oversupply. Costs have been round 150,000 yuan a tonne in early 2018.
Chengdu-based Tianqi reported a web lack of 53.9 million yuan($7.62 million) for July-September 2019, versus web revenue of 379.7 million yuan a 12 months earlier and 82.1 milion yuan within the second quarter.
The end result, revealed in a submitting to the Shenzhen inventory trade on…