Tianqi Lithium Corporation (09696) rebounded more than 4% and was up 3.94% to HKD 21.1 at the time of publication, with a turnover of HKD 12,937,500.
According to the Zhongtong Finance APP, Tianqi Lithium Corporation (09696) rebounded more than 4% and was up 3.94% to HKD 21.1 at the time of publication, with a turnover of HKD 12,937,500.
On the news front, on the evening of the 18th local time, a magnitude 7.3 earthquake struck the Antofagasta region of northern Chile, with its epicenter 20 kilometers south of the San Pedro-de-Atacama city in the Antofagasta region. The Salar de Atacama salt flat is located south of San Pedro-de-Atacama, with SQM and Albemarle Corporation jointly having an annual production capacity of about 300,000 tons of lithium carbonate equivalent at the Atacama salt flat. Nanhua Futures pointed out that last week's Chilean earthquake caused concerns about production at the Atacama salt flat but the impact seems manageable at the moment.
It is worth noting that the Chilean financial regulator CMF rejected Tianqi Lithium Corporation's appeal. The regulator ruled earlier that a large lithium mining cooperation between the Chilean state-owned copper company and lithium miner SQM did not require shareholder approval. On May 31, SQM signed an agreement with Chilean state-owned copper company Codelco to establish a joint venture, with 70% of the joint venture's operating profit to be owned by the Chilean government from 2025. This means that most of the profit from SQM's lithium business will be taken by the Chilean government. It is reported that Tianqi Lithium Corporation previously invested $4.066 billion to acquire a 23.77% stake in SQM and became its second-largest shareholder. As of now, the company holds a total of approximately 22.16% stake in SQM.