CATL allegedly halts lithium operations in China
Contemporary Amperex Technology Co. (CATL) allegedly decided to halt lithium operations in Jiangxi province–a major mine in China. The Chinese battery supplier reportedly decided to ease the oversupply for lithium carbonate equivalent (LCE).
“It’s not the first time for us to hear CATL cut/suspend lithium production in Jiangxi. Although the previous news turned out to be speculation, we have a higher conviction this time,” wrote UBS analyst Sky Han in a note released on September 11, 2024.
“According to our channel checks with several contacts, CATL finally decided to suspend its lithium lepidolite operation in Jiangxi after a meeting on September 10.”
Following the news of CATL’s decision to hold lithium operations in Jiangxi, stocks in Australian lithium mines jumped. According to Bloomberg, Pilbara Minerals Ltd.’s shares rose as high as 17% following the news about CATL. Pilbara stocks has dropped 32% since the beginning of the year.
Liontown Resources, another lithium miner in Australia, saw a 13% increase in stocks. Liontwon started production this year. It signed a 5-year lithium supply deal with Tesla and Ford in 2022. LG Energy Solution also signed a supply agreement with the Australian lithium miner to secure IRA-compliant battery minerals.
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Source: https://www.teslarati.com/catl-lithium-mine-operation-halt-china/
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