Continuously Falling Lithium Carbonate Prices Fail to Cool Down Lithium Ore Investment Boom

Published: Feb 24, 2023 13:44

Source: SMM

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According to SMM spot quotations, the price of lithium carbonate has continued to decline recently due to the unsatisfactory downstream demand.

According to SMM spot quotations, the price of lithium carbonate has continued to decline recently due to the unsatisfactory downstream demand. As of February 22, the spot price of domestic battery-grade lithium carbonate dropped to 390,000-430,000 yuan/mt, with an average price of 410,000 yuan/mt and a daily drop of 7,500 yuan/mt.

But even so, considering the vigorous development of new energy vehicles and lithium's long-term high prosperity, the pace of investment in lithium mines has not been affected. For example, Xinjiang Zhite New Material Co., Ltd. offered over 6 billion yuan to win bid for the prospecting and exploration rights of a lithium mine in Xinjiang at premiums of almost 400 times. The name of the mine is called Washixia south lithium mine, Ruoqiang County, Xinjiang, which covers an area of 105.3935 square kilometers.

In addition, Sinomine Resource recently announced that it plans to invest 176 million yuan through its wholly-owned subsidiary Tanco to build a 1 million mt/year mining and dressing project to expand the production scale of its lithium salt and cesium salt business.

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