Tianqi Lithium Scraps Australian Lithium Hydroxide Project, Flags 1.41 Billion Yuan Impairment
MT Newswires Live01-24
Tianqi Lithium (SHE:002466, HKG:9696) has decided to cease the construction of a lithium hydroxide project in Australia, according to a Hong Kong stock exchange filing on Thursday.
This company expects a substantial asset impairment of approximately 1.41 billion yuan in 2024. This impairment will be attributed to the construction in progress and right-of-use assets related to the halted project.
The Australian lithium hydroxide project, launched in 2017, was designed to produce 24,000 tons of lithium hydroxide monohydrate annually. The estimated investment for the project was AU$328 million.
Both Tianqi's Hong Kong and Shenzhen shares fell over 1% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
