TMD(SZ:000762) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-26 08:08Core Viewpoint - The first large-scale lithium extraction project from a salt lake in Tibet has officially commenced production, marking a significant milestone for the company and the industry [1][5]. Company Summary - The project, located in the Zabuye salt lake, has a designed annual production capacity of 9,600 tons of battery-grade lithium carbonate, 2,400 tons of industrial-grade lithium carbonate, 156,000 tons of potassium chloride, and 200 tons of rubidium and cesium mixed salt [1][7]. - The project was initially planned to be completed by July 2023 but faced delays due to various issues, including construction violations, and only entered trial production in June 2024 [4][9]. - The company estimates that the new production capacity could generate over 1 billion yuan in annual revenue, which is crucial given the current downturn in the lithium industry [3][8]. Industry Summary - The Zabuye project is the first large-scale industrial facility globally to utilize membrane separation and MVR technology for lithium extraction, indicating a technological advancement in the industry [7]. - The domestic market price for battery-grade lithium carbonate is currently around 73,700 yuan per ton, while potassium chloride is priced at approximately 3,100 yuan per ton, suggesting a potential project value of about 1.192 billion yuan upon full capacity [7][8]. - The overall development of salt lake resources in Tibet is lagging behind that of Qinghai, but with the launch of projects like Zabuye, there is potential for accelerated scaling in the region, aiming for a combined capacity of over 80,000 tons of lithium salts in the medium to long term [11][12].