The Australian court ordered Tianqi Lithium Industry to pay $29 million to the court fund.

According to foreign media reports, on April 1, an Australian court ordered Tianqi Lithium Industry to pay 38.9 million Australian dollars, or about US $29 million, to the court fund.

The order was issued because Tianqi Lithium Industry had refused to pay MSP Engineering of Perth, a battery-grade lithium processing plant in Western Australia, to build a lithium hydroxide plant.

It is reported that Tianqi Lithium Industry believes that the cost of the project exceeds its previous budget. It is worth mentioning that Tianqi Lithium Industry proposed liquidity issues against the backdrop of lithium prices plummeting in 2020, but the work of Perth-based MSP Engineering came to a standstill because of this decision.

"Click to view the historical price of SMM Metals.

As a result, the Western Australian Supreme Court ruled that Tianqi Lithium must pay a debt of A $38.9 million, but Tianqi Lithium filed an appeal.

According to the current situation, the National Court of Appeal said that although they will continue to rule after Tianqi Lithium Industry's appeal, Tianqi Lithium Industry must pay the arrears to the court by April 9. Tianqi Lithium Industry seems to have paid the arrears as a foregone conclusion.

It is reported that while waiting for Tianqi Lithium to pay, MSP must scale back other areas of business to pay for contractors and subcontractors, and reduce the original number of employees from 400 to 4.

At present, Tianqi Lithium Industry did not explain the arrears of this "being executed", but told media reporters that "the company will issue an announcement soon."

Public data show that: Tianqi Lithium Industry was founded in 1995, after more than 20 years of development, such as today Qi Lithium Industry has been far ahead in the new energy materials enterprises with lithium as the core in China and even around the world. The company's business covers key stages of the lithium industry chain, including the development of hard rock lithium ore resources, the processing and sales of lithium concentrates and the production and sales of lithium chemical products.

As one of the world's largest manufacturers of lithium chemicals for electric vehicle batteries, Tianqi Lithium Industry has an unlimited number in the future against the background of the growing popularity of the lithium sector.