Latest news with #Jianxiawo
Yahoo
3 days ago
- Business
- Yahoo
CATL Suspends Output at China Lithium Mine for Three Months
(Bloomberg) -- Battery giant Contemporary Amperex Technology Co. Ltd. has suspended production at a major lithium mine in China's Jiangxi province for at least three months, according to people familiar with the matter. New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Three Deaths Reported as NYC Legionnaires' Outbreak Spreads All Hail the Humble Speed Hump Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion A New Stage for the Theater That Gave America Shakespeare in the Park CATL, the world's largest manufacturer of electric-vehicle batteries, has announced internally that the Jianxiawo mine would be temporarily halting operations, they said. One of the people said the suspension came after the company failed to extend a key mining permit which expired on Aug. 9. CATL didn't immediately respond to questions from Bloomberg outside business hours. The lithium industry has been buffeted in recent weeks by extreme volatility in the spot, futures and equity markets, and the Jianxiawo operation has been in particular focus, given questions over its permit renewal. Last week traders flew drones over the mine, forecast to account for about 3% of the world's mined production, in the hope of gauging the current state of output. A second person briefed on the matter said affiliated refineries in nearby Yichun had been informed of the closure. The first person added the company was still in talks with government agencies to secure a renewal but was preparing for the halt to last months. The people asked not to be named as they are not authorized to speak publicly. CATL's permit trouble and suspension come as Beijing cracks down on overcapacity across a host of industries and increases scrutiny of mining operations. For an industry that has been plagued by a glut for more than two years, however, the pause in output from a significant link in the supply chain will be a boon. CATL saw revenue from its battery mineral resources business plummet 29% in 2024, a drop that underscores challenges facing the Chinese company's upstream investments including a precipitous decline in lithium prices. These were originally intended as a way of securing supply and managing costs, and CATL had aggressively pursued mining stakes, even overseas. The most-active lithium carbonate futures contract touched more than 80,000 yuan ($11,128) in July on the Guangzhou Futures Exchange, which moved to rein in speculative trades afterward. The material surged around 9% last week to change hands at 75,000 yuan on Friday. --With assistance from Jackie Cai and Chunying Zhang. (Adds detail on mining permit in paragraph two and five, CATL background in paragraph seven.) The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Digital Nomads Are Transforming Medellín's Housing Russia's Secret War and the Plot to Kill a German CEO The Game Starts at 8. The Robbery Starts at 8:01 It's Only a Matter of Time Until Americans Pay for Trump's Tariffs ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
CATL Suspends Production at China Lithium Mine for Three Months
Battery giant Contemporary Amperex Technology Co. Ltd. has suspended production at a major lithium mine in China's Jiangxi province for at least three months, according to people familiar with the matter. CATL, the world's largest manufacturer of electric-vehicle batteries, has announced internally that the Jianxiawo mine would be temporarily halting operations, said the people. One of the people said affiliated refineries in nearby Yichun had been informed. They asked not to be named as they are not authorized to speak publicly.
