China Loosens Grip on Top Lithium Mine After Boom-Time Stumble...

China Loosens Grip on Top Lithium Mine After Boom-Time Stumble


https://www.bloomberg.com/news/arti...ine-after-boom-time-stumble?srnd=premium-asia

Tianqi Lithium Corp.’s rush to dominate supply of lithium -- the metal that’s key for batteries to power electric cars and back up renewable energy -- has ended in the selldown of its majority stake in the world’s most coveted mine, a blow to China’s ambitions to exert control across the supply chains required for an electrified future.


The company agreed to a $1.4 billion deal to sell a 49% stake in an Australian unit to Perth-based IGO Ltd., a producer of battery materials including nickel and cobalt. That will give the local firm a share in Greenbushes, a more than 130-year-old former tin mine that’s now the top global source of lithium.