MGL Plans To Build An Annual 30,000-Ton Lithium-Ion Battery Cathode Material Project

The SMM battery-grade lithium carbonate index was 134,406 yuan/mt. SMM Battery-grade lithium carbonate was quoted at 132,000-140,000 yuan/mt, with an average price of 136,000 yuan/mt. SMM Industrial-grade lithium carbonate was quoted at 129,000-136,000 yuan/mt, with an average price of 132,500 yuan/mt. Today, the most-traded lithium carbonate futures contract moved sideways. As logistics gradually halted, downstream material plants largely completed February stockpiling. Most enterprises turned cautious and adopted a wait-and-see approach, with low psychological price levels for procurement. Some plants engaged in back-pricing and closing positions when prices were relatively low. Overall, market inquiries and transactions were sluggish.

A firm headed by veterans of the US military and intelligence services has agreed to buy Chemaf SA, a troubled Congolese copper and cobalt producer that’s become a focal point in Washington’s efforts to shore up critical mineral supplies. Virtus Minerals Inc. will pay an undisclosed sum for Chemaf and assume the firm’s liabilities, including debt owed to Trafigura Group, managing director Phil Braun told Bloomberg News on Thursday. The Delaware-registered company plans capital investments of $750 million, funded by debt and equity, he said on the sidelines of an event with Congolese President Felix Tshisekedi at the US Chamber of Commerce in Washington.

Democratic Republic of Congo will enforce a long-dormant rule requiring local employee ownership for mines in a move that may rebalance shareholdings in some of the world’s biggest copper and cobalt producers. In a letter dated Jan. 30 and addressed to miners of all metals in the country, Mines Minister Louis Watum said firms must demonstrate that 5% of their share capital is held by Congolese employees. Companies have until July 31, 2026 to submit proof that they’re complying with the directive, according to the letter, which was posted by the ministry on X on Sunday and confirmed by a ministry official. Watum didn’t immediately respond to a call and text message requesting comment on Monday.