Chinese battery giant CATL has resumed operations at its lithium lepidolite mine in Jiangxi province, according to a UBS note. The mine had been closed for four months. Lithium stocks rallied sharply when the closure was reported in September, as the mine was a major contributor to China’s growing lithium supply. Analysts attributed the mine’s reopening to low inventories and the company’s ability to cut costs by mixing production from the site with higher-grade ores.
Chinese battery giant CATL is resuming operations at its lithium lepidolite mine in China ’s Jiangxi province, USB said in a note on Thursday, four months after reports the company hadThe investment bank said in the note the mine was “currently resuming” operations, based on information from Shanghai Metals Market , an information provider. The note did not give more details.. SMM did not immediately respond to questions emailed after business hours.
CATL’s mine in the southern province of Jianxi was a major contributor to rapidly growing supplies of lithium in China, the world’s top processor of the battery material. Reports of its closure in September caused lithium stocks to rally sharply.Lepidolite mining is more costly than the alternative method of extracting lithium from brine.
The most-traded November lithium carbonate futures contract on the Guangzhou Futures Exchange closed at 77,800 yuan a metric ton on Friday, up 0.3% from Thursday’s close. Prices are down 4.75% from a two-month high notched on January 20.
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