The board of the lithium miner and refiner has revealed how the outbreak has hit its Chinese production after noting ‘unusual’ share price gains this week.
Storage has long been expected to be the handmaiden of a renewable energy world and its long awaited advances started to finally emerge in the third quarter as researchers posited R&D achievements ranging from potentially potent tungsten disulfide nanotubes to the business case for 10-year solar panels.
Beijing’s sudden retreat on electric vehicle subsidies in the summer has caused the value of lithium to hit the floor, with disastrous effects on the balance sheets of Chinese companies which had invested big in supply chains to support anticipated huge demand.
The Chinese company is ramping up R&D efforts to try and fast-track commercialization of the more productive – and more expensive – battery tech. The news was announced as part of an uninspiring first-half update thanks to falling lithium salt prices.
Holders of almost two-thirds of the miner’s Hong Kong listed stock voted down a proposal to issue new non-Chinese shares that would dilute their investment by around a quarter. The board had proposed the move to raise funds for further lithium extraction overseas.
The Chinese lithium-ion battery producer has taken significant stakes in two U.K. entities associated with a mine which could hold up to 8.8 million tons of the raw material in clay deposits.
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