Tianqi Lithium issues profit warning and halts expansion

Tianqi Lithium Corp. warned that it expects to post a net loss of as much as 8.2 billion yuan ($1.1 billion) for 2024, and is halting an expansion project in Australia as a downturn in the battery metals markets drags on.

A slump in lithium prices contributed to a sharp drop in operating profitability over the course of 2024, even as production and sales of lithium products grew, the company said in a notice to investors on Thursday. It’s also expecting a sharp drop in income arising from its investment in Chilean lithium producer Sociedad Química y Minera de Chile, it said.