.... possibly some folk at Tianqi have their fingers crossed even harder though.. three days ago the Financial Times reported
https://www.ft.com/content/e40b9116-3d03-11ea-a01a-bae547046735
“China’s top lithium producer struggles under debt load
Tianqi Lithium under pressure to repay bank loan as prices slump
Henry Sanderson in London and Don Weinland in Beijing
JANUARY 27 2020
China’s largest lithium producer is struggling to repay debt that helped finance an aggressive overseas expansion, the latest Chinese company to hit setbacks going global.
Tianqi Lithium is facing mounting pressure to repay part of a $3.5bn loan from state-owned Citic Bank this year, which it used to buy a 24 per cent stake in Chilean lithium producer SQM in May 2018...
As background; Japanese mega Corp, Itochu, bought into half of a $10B, 20% stake of Citic Bank in early 2015 (Reuters).
On November 1, 2018 Citic agreed to underwrite of Tianqi’s $3.5B loan notes to buy 24% of SQM(S&P Global)
On November 2, 2018 Itochu booked a $1.3B loss on the Citic investment (Reuters).
As further background for anyone interested, Itochu has a long investment history with Australia including to Pilbara iron ore interests, and Itochu back in 2010, entered a battery cathode materials agreement with Shanshan which was intended to proceed to the point where it bought 50% of that arm of Shanshan’s business in alliance with Toda Kogyo. https://www.itochu.co.jp/en/news/press/2010/100209.html
This did not appear to ever eventuate. An original agreement signed in early 2009 says both parties had a three year ‘opt out’ clause http://www.china.org.cn/business/2009-02/26/content_17336672.htm
...anyway its interesting that Tianqi is also having loan notes issues?
cheers
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