Tianqi Lithium Terminates Second Phase Lithium Hydroxide Project, Impacting 2024 Net Profit

Published: Jan 24, 2025 09:00

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[Tianqi Lithium: Termination of Investment in the "Second Phase Project with an Annual Output of 24,000 mt of Battery-Grade Monohydrate Lithium Hydroxide"] Tianqi Lithium announced that on January 23, 2025, the 20th meeting of the 6th Board of Directors was convened, during which the "Proposal on Terminating the Investment in the 'Second Phase Project with an Annual Output of 24,000 mt of Battery-Grade Monohydrate Lithium Hydroxide'" was unanimously approved. As of December 31, 2024, the cumulative investment in this project amounted to approximately $197 million (equivalent to approximately 1.412 billion yuan based on the central parity rate of the RMB exchange rate authorized and published by the China Foreign Exchange Trade System on December 31, 2024). The termination of this project is expected to reduce the company's net profit attributable to shareholders of the parent company for 2024 by approximately 501 million yuan, accounting for 6.86% of the company's audited net profit for the most recent fiscal year.

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