Tianqi board approves Chinese lithium company acquisition
Published: Friday, 22 September 2017
Tianqi gets the go-ahead to acquire stake in Chongqing Kunyu.
Tianqi Lithium has been given the go-ahead to acquire a
major stake in Chongqing Kunyu Lithium Co Ltd, following a
majority vote by the Tianqi board of directors.
Following the transaction, Tianqi’s subsidiary
Chengdu Tianqi Lithium will own 86.4% of Chinese producer
Chongqing Kunyu Lithium.
Chongqing Kunyu is a lithium chemicals producer established
in 2008 and supplies the aerospace, medical, battery, grease,
special metal and the glass industries.
Meanwhile, in a conference call with investors in August, Bo
Li, secretary of the board, said the company’s
Australian developments are reported to be moving smoothly.
An expansion to spodumene production at the
company’s Australian facility, aimed at a total
capacity of 1.34m is expected to be completed in 2019 Q2.
The company also expects to develop 24,000 tonnes of
Australian lithium production capacity by October 2018, with a
second stage of development to double that capacity, which is
currently in feasibility report making stage.
Meanwhile, the company has located a confirmed site for a
separate lithium hydroxide project at Suining in Sichuan, aimed
at matching or exceeding the Australian projects capacity by
Tianqi also announced that its facilities in Zhangjiagang and
Shehong have passed recent environmental inspections,
allowing them to maintain stable production.