Lithium miner expects profits to plunge 65%

Ganfeng Lithium blamed a falling lithium salt price for its expected woes, rather than the effects of the COVID-19 outbreak on operations which it spelled out last month.

Chinese energy storage raw materials company Ganfeng Lithium has issued a profit warning to investors.

The business, which extracts the raw materials for lithium-ion batteries and sells lithium-related products, announced to the Hong Kong Stock Exchange total profits for 2019 are expected to plummet 65%, from RMB1.39 billion (US$199 million) in 2018 to RMB485 million.

The company, which last month spelled out how the COVID-19 outbreak was affecting some of its Chinese operations, apparently issued the update on Friday although the financials page of the exchange appeared to be suffering a glitch at the end of last week which mangled the dates of recent company updates.

Ganfeng blamed a plummeting lithium salt price for the setback, which is expected to come despite an anticipated near-6% rise in revenue last year, to RMB5.28 billion.

Raw material sourcing

As part of pv magazine’s global UP sustainability initiative, we are focusing on raw material sourcing in the energy storage industry this quarter. You can look forward to reading about lithium extraction in Chile, cobalt from the Congo and the development of raw material recycling. Contact up@pv-magazine.com for more information or to jump on board!

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