SMM4, March 24: prior to this, Ganfeng Lithium Industry announced its annual results in 2019. During the reporting period, it realized total operating income of 5.246 billion yuan, an increase of 7.29% over the same period last year, and the net profit attributable to shareholders of listed companies was 360 million yuan, down 81.08% from the same period last year.
The global supply of lithium resources mainly comes from salt lakes and lithium mines, of which mature salt lakes are mainly distributed in the lithium triangle of South America and China, while mature lithium mines are still concentrated in Western Australia.
With the expansion and commissioning of Pilbara, Altura, Greenbushes and Wodgina spodumene projects in Western Australia, it has an impact on the spodumene market.
The large supply of spodumene and the constantly pressurized spodumene price can significantly reduce the raw material cost of the company's deep processing lithium products, benefit the improvement of future business performance, and effectively cushion the impact of falling prices of lithium products.
In 2019, Ganfeng lithium industry produced 54000 tons of lithium salt LCE, including 23000 tons of lithium carbonate, an increase of 23% over the same period last year, 24000 tons of lithium hydroxide in kind, an increase of 62% over the same period last year, and lithium salt sales of 48000 tons, an increase of 24% over the same period last year. Overseas orders for lithium hydroxide increased significantly, mainly due to the binding of battery factories in Japan and South Korea.
Ganfeng Lithium continues to obtain high-quality lithium resources in the upper reaches of the world, constantly enriches and broadens the diversified supply of raw materials, completes the delivery of increasing its stake in Australia's RIM and subscribing for Pilbara's private placement shares, further increases its shareholding in Minera Exar to 50%, and helps to promote the investment and development of Argentina's Cauchari-Olaroz Lithium Salt Lake project. In addition, Ganfeng Lithium completed its subscription for a stake in Bacanora and its lithium clay project company, Sonora22.5%.
Situation of Lithium Resources in Ganfeng Lithium Industry
The current output of Mt Marion is 400000 tons of lithium concentrate, which is the main source of lithium raw materials. The Mt Marion lithium project produced 111000 wmt lithium concentrate in the 2020 quarter and shipped 99000wmt lithium concentrate. Under the optimized mining plan, the production guidelines issued in FY20 were completed, including a reduction in processing production to achieve higher production in ore processing, including the production of 4% grade lithium concentrate.
At the end of the reporting period, Ganfeng Lithium directly owned 50 per cent of the Cauchari-Olaroz project. The lithium bittern resource of the Cauchari-Olaroz project is about 24.58 million tons LCE, is currently one of the largest salt lake lithium extraction projects in the world, supporting an annual output of more than 40, 000 tons of battery-grade lithium carbonate for 40 years. Ganfeng Lithium entered into an underwriting agreement and obtained the right to underwrite 75 per cent of the battery grade lithium carbonate products planned by Cauchari-Olaroz to produce 40, 000 tons a year. Cauchari-Olaroz plans to complete most of the projects by 2020 and start production in 2021;
Mariana is a lithium potassium lake in the Andes Mountains of Salta, Argentina. According to the latest resource assessment report prepared by Geos Mining, an Australian geological consulting company, the control and inferred lithium resources of the Mariana project are approximately 5.25 million tons of LCE. The Mariana project has successfully completed the feasibility study in 2019, and plans to gradually carry out environmental assessment and construction work.
The Sonora project is a lithium clay lithium extraction project based in Mexico and is co-owned with Bacanora. At the end of the reporting period, it held 22.5 per cent of the Sonora item level and 25.8 per cent of the Bacanora level. According to the latest feasibility study report of the Sonora project, the total lithium resource of the project is about 8.82 million tons of LCE, which is one of the largest lithium resource projects in the world. At present, the project is still under construction.
The Pilbara Pilgangoora Tantalum Lithium Mine project, located 120km outside the Port of Hede Blue in Western Australia, is one of the largest spodumene mines in the world. The Pilgangoora tantalum lithium mine purpose lithium resource is about 7.01 million tons of LCE, with an average lithium content of 1.27%. The project is currently wholly owned by Pilbara. At the end of the reporting period, Ganfeng Lithium held a 6.86 per cent stake in Pilbara.
Ningdu Heyuan Mine, located in Ningdu County, Ganzhou City, Jiangxi Province, is operated and mined by Ganfeng Lithium Industry. The lithium resource of Ningdu Heyuan Mine is about 100000 tons of LCE, with an average lithium oxide content of 1.03%.
Avalonia is a spodumene mine in Ireland. At the end of the reporting period, Ganfeng Lithium held a 55% stake in Ganfeng Lithium. At present, Avalonia is in the early stage of exploration, and it is impossible to estimate its lithium reserves.
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