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Ganfeng Lithium's profit up 292% in 2022 due to higher lithium prices and sales

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(Kitco News) - China's Ganfeng Lithium, the world's largest lithium metal producer and the largest lithium compounds supplier in mainland China, yesterday announced that in 2022, its revenue was RMB41,370,654 thousand (~$6 billion), up 274.6% over 2021.

The company said that the increase in revenue was mainly due to the rise in product sales prices and the continuous increase in sales of lithium hydroxide, lithium carbonate, batteries, cells and other products.

The company's profit for the year attributable to owners of the parent company was RMB20,503,915 thousand (~$3 billion) in 2022, representing a growth rate of 292.4% over 2021.

Ganfeng noted that in 2022, the company's production and sales of lithium salt products failed to meet expectations as a whole due to the decline in the grade of spodumene concentrates produced by some of its Australian spodumene suppliers and the shortage of human resources in mining projects.

"However, with the gradual recovery of spodumene concentrate grade and the gradual completion of the expansion of Mount Marion spodumene project in Australia, it is expected that the company's supply of spodumene raw materials will be more secure in 2023," it said.

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 company'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.

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