CATL(SZ:300750) Ju Chao Zi Xun·2025-08-11 03:56Core Viewpoint - The mining operations of Yichun Times New Energy Mining Co., Ltd., a subsidiary of CATL, have been suspended due to the expiration of the mining license, which was not renewed in time, but the company claims this will not significantly impact overall operations [3][5]. Group 1: Company Operations - The mining license for the Zhenkouli-Fengxin County mining area expired on August 9, 2023, leading to a halt in operations on August 10 [3][4]. - CATL is currently processing the renewal application for the mining license and aims to resume production as soon as approval is granted [3][4]. - The Zhenkouli-Fengxin County mining area is one of the largest lithium mica mines in the Yichun region, with a mining right that began on August 9, 2022, and is set to expire on August 9, 2025 [5]. Group 2: Market Impact - The suspension of operations at the mine is expected to affect approximately 8% of the domestic monthly supply of lithium carbonate, equating to about 0.8 thousand tons per month [5]. - Following the news of the mine's suspension, lithium carbonate futures surged, with the main contract rising by 6,000 yuan per ton to reach 81,000 yuan per ton, marking a recent high [5][6]. - The mine's closure is anticipated to provide strong support for short-term lithium prices due to the significant impact on supply [5]. Group 3: Regulatory Context - The new Mineral Resources Law, effective July 1, 2025, classifies lithium as an independent mineral and raises the standards for recognizing associated minerals, which may affect resource tax calculations and mining economics [5]. - The company had previously expressed optimism about the renewal of the mining license and had submitted the necessary application materials, but approval has not yet been received [5]. Group 4: Strategic Importance - Yichun Times New Energy Mining Co., Ltd. was established in 2021 and is a key player in CATL's strategy to secure lithium resources, having acquired the mining rights for 865 million yuan in April 2022 [6]. - The company aims to accelerate lithium resource exploration and development to enhance lithium supply and support the establishment of a green energy industry system in Yichun [6]. - The first phase of the 33 million tons lithium-containing ceramic soil selection project in the mining area is expected to achieve an annual raw ore processing capacity of 10 million tons in 2023 [6].