As far as I understand, Tianqi and Ganfeng, like most (all?)...

As far as I understand, Tianqi and Ganfeng, like most (all?) lithium players upstream and midstream have had circumstantial losses, not structural ones. Losses are attributable, according to companies' financial results, to the abrupt drop in lithium prices. Have in mind that it takes months to convert supplied raw spodumene to lithium chemicals. So high purchasing costs in first half year and low selling prices in second half year has negatively affected balance sheets. All companies have indicated that the situation has ended and that there is no longer that price difference between supplies (costs) and product (incomes).