CATL(SZ:300750) 证券时报·2025-08-11 10:13Core Viewpoint - The article discusses the recent developments surrounding the lithium mining operations of Ningde Times in the Jiangxi Yichun region, particularly focusing on the status of the Jiangxia Wokeng mining area and its impact on lithium carbonate prices. Group 1: Mining Operations and Regulatory Issues - Eight lithium mining companies in Jiangxi Yichun are required to complete reserve verification reports by the end of September, which has created market speculation affecting lithium carbonate prices [3][25]. - Ningde Times' Jiangxia Wokeng mining rights, which began on August 9, 2022, are set to expire on August 9, 2025, and the company has submitted renewal application materials [3][5]. - Despite market concerns, Ningde Times has stated that operations at the Jiangxia Wokeng mining area are normal and that they are optimistic about the renewal of their mining rights [5][19]. Group 2: Market Reactions and Price Fluctuations - The mining area is one of the largest lithium mica mines in the Yichun region, with a recoverable reserve of 77,492 million tons and a production capacity of 20,000 tons of lithium carbonate per year [13][14]. - Recent fluctuations in lithium carbonate prices have been significant, with prices rising from 58,400 yuan/ton to 80,500 yuan/ton between June 23 and July 25, marking a 36.71% increase, followed by a drop back to approximately 68,000 yuan/ton by August 5 [26]. - The market reacted strongly to the news of the mining area’s potential shutdown, with a notable increase in lithium carbonate futures prices following the announcement of the mining halt [29]. Group 3: Operational Insights and Future Prospects - The Jiangxia Wokeng mining area has a significant investment of 2.158 billion yuan and is expected to have a service life of approximately 25.83 years based on a production scale of 30 million tons per year [13]. - Ningde Times has established a comprehensive lithium supply chain in Yichun, including mining, flotation, and smelting facilities, with a total investment of around 13.5 billion yuan for a new lithium battery production base [28]. - The company has faced challenges due to fluctuating lithium prices, with production costs estimated at around 100,000 yuan/ton, leading to temporary shutdowns in the past when prices fell significantly [29].