{"id":60051125,"date":"2024-09-19T15:06:44","date_gmt":"2024-09-19T14:06:44","guid":{"rendered":"https:\/\/dialogue.earth\/?post_type=news_digest&#038;p=60051125"},"modified":"2024-09-19T15:06:57","modified_gmt":"2024-09-19T14:06:57","slug":"jiangxi-lithium-mine-to-halt-operations","status":"publish","type":"news_digest","link":"https:\/\/dialogue.earth\/en\/digest\/jiangxi-lithium-mine-to-halt-operations\/","title":{"rendered":"Jiangxi lithium mine to halt operations"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">China\u2019s largest lithium battery manufacturer CATL has said it will halt extraction in one of its lithium mines, potentially easing excess supply in the market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, global lithium prices will rise by 20-25% over the next two to three months, Citi Research <a href=\"https:\/\/www.morningstar.com\/news\/dow-jones\/202409123003\/european-midday-briefing-stocks-boosted-by-likely-fed-cut-as-ecb-move-awaited\">predicts<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The decision to stop mining lithium carbonate in Yichun, Jiangxi, will reduce China\u2019s monthly production of the mineral by 8%, found a UBS analysis quoted by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-11\/lithium-stocks-pilbara-minerals-tianqi-soar-on-speculation-catl-suspends-mine\">Blooomberg<\/a> on 11 September. CATL later told <a href=\"https:\/\/www.nbd.com.cn\/articles\/2024-09-11\/3553962.html\">Daily Economic News<\/a> that the halt is likely to occur in October.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since peaking at <a href=\"https:\/\/m.yicai.com\/news\/101921113.html\">CNY 600,000<\/a> (USD 85,000) per tonne in 2022, global lithium carbonate prices fell by almost 90% to <a href=\"https:\/\/wallstreetcn.com\/articles\/3723140\">CNY 80,000<\/a> (USD 11,000) in August 2024. The price of lithium has been below CATL\u2019s production cost since mid July, according to data cited by <a href=\"https:\/\/m.yicai.com\/news\/102269153.html\">Yicai<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The global electric vehicle (EV) industry has <a href=\"https:\/\/www.iea.org\/reports\/global-ev-outlook-2020\">grown rapidly<\/a> in recent years. With lithium being a key component in EV batteries, it has been dubbed the \u201c<a href=\"https:\/\/www.weforum.org\/videos\/lithium-energy-transition\/\">white gold<\/a>\u201d of the energy transition, attracting investment from battery manufacturers around the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prices declined after 2022 as global lithium supply capacity increased. As demand and growth in the EV market <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/more-alarm-bells-sound-slowing-demand-electric-vehicles-2023-10-25\/\">fell short of expectations<\/a>, debates about <a href=\"http:\/\/www.news.cn\/mrdx\/2024-04\/26\/c_1310772765.htm\">overcapacity<\/a> in China\u2019s EV industry emerged.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mining for lithium, and other critical minerals, has increasingly become a <a href=\"https:\/\/web-assets.bcg.com\/68\/3f\/8be0004a45c99adf69a1b977d133\/china-sustainability-assessment-of-global-lithium-ion-battery-industry-chain.pdf\">geopolitical issue<\/a>. The Financial Times <a href=\"https:\/\/www.ft.com\/content\/d20a42be-c5f8-4bcb-a93a-8272df4b56d0\">reported<\/a> that Albemarle, a US company and the world\u2019s largest lithium producer, is urging governments to intervene and reduce China\u2019s dominance of EV battery minerals. Lithium-rich countries like Australia have <a href=\"https:\/\/www.reuters.com\/article\/markets\/currencies\/australia-blocks-acquisition-of-lithium-mine-by-china-linked-firm-idUSKBN2Z106Q\">started restricting<\/a> Chinese companies from aquiring mines. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, nations such as Chile, Brazil, and Bolivia are organising a <a href=\"https:\/\/www.cpreview.org\/articles\/2023\/9\/the-rise-of-a-lithium-opec-should-latin-america-follow-in-the-footsteps-of-the-gulf-states\">\u201cLithium OPEC\u201d<\/a> to wrest control of the market away from China and the US. In May, the Biden administration <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/05\/14\/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices\/#:~:text=The%20tariff%20rate%20on%20electric,2023%E2%80%94jeopardizing%20productive%20investments%20elsewhere.\">announced<\/a> a 100% tariff on EVs imported from China, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/trudeau-says-canada-impose-100-tariff-chinese-evs-2024-08-26\/\">followed<\/a> by Canada in August.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The long-term impact of CATL\u2019s decision on China\u2019s EV and battery storage industry remains to be seen. Zheng Xiaoqiang, a researcher at the New Energy Division of Shanghai Steel Union, told <a href=\"http:\/\/paper.people.com.cn\/zgnyb\/html\/2024-03\/25\/content_26049881.htm\">People\u2019s Daily<\/a> that although growth in EV sales has slowed this year, it will remain steady.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Read Dialogue Earth\u2019s earlier story on <\/em><a href=\"https:\/\/dialogue.earth\/en\/business\/chinas-position-in-the-global-race-for-alternative-ev-batteries\/\"><em>China\u2019s position in the global race for alternative EV batteries<\/em><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s largest lithium battery manufacturer says it will halt work in a lithium mine, potentially easing excess supply in the market<\/p>\n","protected":false},"featured_media":60006649,"template":"","meta":{"_acf_changed":false,"_has_post_settings":[],"footnotes":""},"categories":[758,757],"tags":[13444,18133,566],"country":[20000110],"digest-collection":[50039911],"class_list":["post-60051125","news_digest","type-news_digest","status-publish","has-post-thumbnail","hentry","category-business","category-energy","tag-electric-vehicles","tag-lithium","tag-mining","country-china"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jiangxi lithium mine to halt operations | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"China\u2019s largest lithium battery manufacturer says it will halt work in a lithium mine, potentially easing excess supply in the market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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