Huati Lighting Technology’s stock had fell by its daily trading limit for two days after the company decided to drop its plan to buy a lithium project for US$3 million in Mozambique on January 22. The planned acquisition was announced less than a month ago, with the company expecting to reach a total profit of US$45.6 million from the project.
The decision was made due to the inability to reach an agreement with the target company on key terms. Falling lithium prices contributed to the decision. Both parties mutually agreed to the withdrawal, and no compensation is required.
In August 2023, Huati stepped into lithium industry through its new subsidiaries. Following that, Huati began importing raw lithium ore from Nigeria, with the first batch of ore arrived in China in October 2023. On January 5, 2024, Huati said to investors that it had reached sales of lithium concentrate. The company still lacks the experience in oversea mining investment, and it would be harder for new joiners of lithium industry to establish themselves in an unfamiliar land at this moment.
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