Ganfeng Lithium released its 2026 semi-annual report on August 30, posting revenue of RMB 23.097 billion, up 175.75% year on year, and net profit attributable to shareholders of RMB 4.257 billion, successfully turning around from a loss in the same period last year. This remarkable performance was driven by the continued deepening of the company’s global lithium resource footprint and the synergistic release of upstream and downstream capacities.
Overseas Resource Projects Make Steady Progress, Strengthening Upstream Security
In Australia, the company’s flagship Mount Marion mine is undergoing a historic upgrade in its extraction mode. During the reporting period, construction of a new flotation plant and an underground mining operation was underway, transitioning the project from a single open‑pit operation to a combined “open‑pit + underground” mining approach. The new flotation plant will significantly improve recovery rates and enable the production of higher‑grade spodumene concentrate across the entire line, while the underground development will effectively unlock high‑grade mineral resources beneath the current open pit, substantially extending the mine’s overall life. Upon completion of the upgrade, which is scheduled for 2028, Mount Marion’s annual capacity is expected to reach 600,000 tonnes of spodumene concentrate (equivalent to 6% Li₂O), contributing more high‑quality, low‑cost lithium feedstock to the company.
In South America, the Cauchari‑Olaroz brine project in Argentina also delivered good news: it produced 19,000 tonnes of lithium carbonate in the first half of 2026, with stable operations. More importantly, the project’s Phase II, which plans an annual capacity of 45,000 tonnes LCE, has been selected into Argentina’s RIGI incentive program, granting full access to preferential policies that provide solid support for stable operations and cost optimisation in the future. The company said it will continue advancing Phase II construction to further leverage the low‑cost advantage of its brine resources and strengthen its competitive position in global lithium extraction from brines.
The African resource portfolio is also expanding rapidly. At the Goulamina project in Mali, Phase I produced a total of 233,800 tonnes of spodumene concentrate in the first half of 2026, with supply capacity steadily increasing. Phase II feasibility studies have been completed, and preparations for construction are gradually moving forward. As capacity ramps up, Goulamina is set to become another important source of low‑cost, high‑quality lithium raw material within Ganfeng’s resource system. Meanwhile, the Bambali lithium project in Côte d'Ivoire has reached a new milestone: the latest detailed exploration results indicate that the project’s exploration resource area covers 1.31 km², with total indicated + inferred ore resources of 38.8206 million tonnes, containing 471,800 tonnes of Li₂O at an average grade of 1.22%. The initial development target is a mining and processing capacity of 2 million tonnes per year, using open‑pit methods. The project is currently in the construction phase, with production ramp‑up expected to begin in 2027.
Domestic Processing and Refining Capacities Upgraded to High‑End Levels
While securing resources overseas, the company has also been enhancing efficiency in its domestic lithium salt processing operations. During the reporting period, Xinyu Ganfeng upgraded its high‑purity lithium carbonate capacity to 30,000 tonnes per year and its lithium fluoride capacity to 25,000 tonnes per year, both of which are currently in the trial production stage. Additionally, the Qinghai Ganfeng Phase I project, with an annual capacity of 1,000 tonnes of metallic lithium, has entered trial production and is expected to be formally commissioned in the third quarter of 2026. These capacity upgrades not only expand the company’s ability to supply high‑end lithium products but also reflect its lean management philosophy of “proactively reducing costs in every detail” – through digital transformation and the cultivation of new quality productivity, leaving room for further margin expansion.
Mengjin Mining Operates Steadily, Producing Both Lepidolite and Tantalum‑Niobium Concentrates
On the domestic resource utilisation front, Mengjin Mining maintained smooth and stable operations during the period, with consistently high product quality. It produced 42,300 tonnes of lepidolite concentrate grading 4.25% Li₂O, along with 106.1 tonnes of tantalum‑niobium concentrate grading 10% Ta₂O₅, achieving multi‑metal recovery and further enriching the company’s product portfolio.
Market Conditions Catalyse Performance, Positive Outlook Ahead
Taken together, lithium salt prices fluctuated significantly in the first half of 2026 but rose considerably compared to the same period last year. Coupled with robust demand from the energy storage market, the company’s lithium battery segment saw a marked improvement in performance. The synergistic effect of resource and refining capacities was fully unleashed during the price upcycle, collectively driving a substantial year‑on‑year increase in overall operating results. Looking ahead to the second half, with the steady progress of ongoing projects and high capacity utilisation, Ganfeng Lithium is well positioned to further consolidate its status as a global lithium ecosystem leader in the current industry upcycle.
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