2 billion yuan! Longbai Group plans to build a project with an annual production capacity of 150000 tons of electronic grade lithium iron phosphate.

On the evening of January 17th, Longbai Group (002601) announced that in order to seize the development opportunity of the titanium industry and further increase the market share of titanium dioxide, the 31st meeting of the Seventh Board of Directors of Longbai Group considered and approved Yunnan Guoti, a holding subsidiary, to invest 441 million yuan in the upgrading and renovation of a 10, 000-ton sponge titanium production line. Longbai Xiangyang, a wholly owned subsidiary, plans to invest 1 billion yuan in the construction of an annual titanium dioxide post-treatment project with an annual output of 200000 tons.

On the same day, in order to seize the development opportunity of new energy lithium iron phosphate batteries, the board of directors of Longbai Group also examined and passed the "motion on investing in the construction of a project with an annual output of 150000 tons of electronic-grade lithium iron phosphate". The company's holding subsidiary, Hubei Baili Wanrun New Energy Co., Ltd. plans to invest in the construction of an annual production capacity of 150000 tons of electronic-grade lithium iron phosphate project, with a total investment of 2 billion yuan.

Longbai Group said that the project will make use of the company's titanium dioxide by-products, combined with the company's experience in the research and development and production of powder materials, and continue to implement the two basic requirements of "large chemical industry" and "low cost" in industrialization. The preparation of high value-added iron phosphate materials and further production of lithium iron phosphate will help the company to form a more complete industrial system and actively promote the company's integration into the new energy material production and manufacturing supply chain. Enhance the comprehensive competitiveness of the company.

It is understood that Longbai Group, headquartered in the western industrial agglomeration area of Jiaozuo, Henan Province, is a large inorganic fine chemical group, mainly engaged in the production and sales of titanium dioxide, titanium sponge, zirconium products and sulfuric acid.

In recent years, Longbai Group has used ferrous sulfate, a by-product of titanium dioxide by sulfuric acid process, as iron source to strengthen the strategic layout of battery materials. At present, the new energy material project capacity of the company is: Xiangyang base 100000 tons of iron phosphate, 150000 tons of lithium iron phosphate project, Qinyang base 200000 tons of lithium iron phosphate project, Jiaozuo base 100000 tons of battery negative electrode, 200000 tons of iron phosphate project.

In 2021, the production and sales of titanium dioxide in Longbai Group both exceeded 900000 tons, and the company expects the annual net profit attributed to shareholders of listed companies to be 4.577 billion yuan to 5.722 billion yuan, an increase of 100% 150% over the same period last year.

Battery net also noted that in 2021, Longbai Group's application for an initial public offering of overseas listed foreign capital shares (H shares) and listing on the main board of the Stock Exchange of Hong Kong Limited has been accepted by the China Securities Regulatory Commission.