Lithium miner expects profits to plunge 65%
Chinese energy storage raw materials company Ganfeng Lithium has issued a profit warning to investors.
The business, which extracts the raw materials for lithium-ion batteries and sells lithium-related products, announced to the Hong Kong Stock Exchange total profits for 2019 are expected to plummet 65%, from RMB1.39 billion (US$199 million) in 2018 to RMB485 million.
The company, which last month spelled out how the COVID-19 outbreak was affecting some of its Chinese operations, apparently issued the update on Friday although the financials page of the exchange appeared to be suffering a glitch at the end of last week which mangled the dates of recent company updates.
Ganfeng blamed a plummeting lithium salt price for the setback, which is expected to come despite an anticipated near-6% rise in revenue last year, to RMB5.28 billion.
Raw material sourcing
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[…] player, China, has been hammered by the novel coronavirus outbreak. Three major mining firms have issued profit warnings for 2020, with the world’s second-biggest lithium producer SQM explicitly citing […]
Lithium is set to soar. This is only a temporary phenomenon. Growing pains and headwinds that will be circumvented. A plethora of localities are implimenting every storage operations and you aren’t hearing about them, but they’re happening.
What is COVID-19? If it is the Coronavirus, then say so instead of using coding. We here in Australia know it as Coronavirus, so use it.
Hi Bob, Both terms are being used interchangeably by the media but they refer to different things. There is more than one type of coronavirus, with that name referring to the spikes observed on images of that family of viruses, which make it resemble a crown. The specific virus dominating headlines at the moment is believed to have first emerged as a threat to humans last year and was initially referred to by the World Health Organization as the “2019 novel coronavirus”. That has now been shortened to COVID-19. To summarize, COVID-19 is the correct name for the current virus, which is only one of a family of coronaviruses. Until this week, pv magazine referred to the current contagion as “coronavirus” but we are now, more correctly, designating it COVID-19.
[…] player, China, has been hammered by the novel coronavirus outbreak. Three major mining firms have issued profit warnings for 2020, with the world’s second-biggest lithium producer SQM explicitly citing […]