Make Kitco Your Homepage

China's Ganfeng boosts profit 797% in H1 2021 on higher sales and lithium prices

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - China's Ganfeng Lithium, the world’s largest lithium metal producer, reported today that for the six months ended 30 June 2021 (H1 2021), the group achieved an operating income of RMB4,025,024 thousand (~$622 million), representing an increase of 69.50% as compared with the corresponding period last year.

The company added that the profits attributable to the owners of the parent company were RMB1,415,176 thousand in H1 2021 (~$219 million), representing an increase of 797.41% as compared with the corresponding period last year.

Ganfeng noted that the significant increase in profits was due to the increase in the unit selling prices and sales volume of products during the reporting period, as well as gains from fluctuations in the fair value of financial assets held by the company.

The company said that by 2025 or before, it plans to achieve a lithium product supply capacity with a total annual capacity of no less than 200,000 tons of lithium carbonate equivalent (LCE), including lithium extraction from ore, brine and clay.

In its press-release, Ganfeng pointed out that it is optimistic about the long-term development of the global lithium market. In the future, the company said, it will form a lithium product supply capacity of no less than 600,000 tons LCE and a more competitive lithium resource project reserve to match it.

Ganfeng Lithium assets are located across the globe and it is the only company in the lithium industry that has the commercial scale technologies to extract lithium from brine, ore and recycled materials. The group’s lithium compound capacity ranks third worldwide, first in China, and it is the world’s largest lithium metal producer. The group has complete battery manufacturing and recycling technology.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.