2025 年中国锂资源开发领域亮点纷呈、成果丰硕。从江西、内蒙古到四川、新疆，一批大型锂矿项目 密集落地，采矿权获批、开发方案通过审查、一体化项目投产等关键节点接连涌现，覆盖硬岩型、盐湖 型等多元矿种，开采规模与资源储量再创新高。十大标志性事件不仅彰显国内锂资源供给能力的持续扩 容，更将为新能源产业链稳定发展筑牢资源根基，助力行业高质量进阶。 岁末年初，北京市雨仁律师事务所对2025年中国锂矿开发重大事件进行了梳理，重点从锂辉石、锂云 母、盐湖湖水供给端归结了十大锂矿开发事件，按照时间先后排列，供相关投资者、新能源行业同仁参 考。 01.天华新能孙公司获得江西省奉新县金子峰—宜丰县左家里矿区陶瓷土（含锂）矿采矿许可证（生产 规模900万吨/年） 2025年03月20日，天华新能发布公告，孙公司宜春盛源锂业有限责任公司取得由宜春市自然资源局颁发 的江西省奉新县金子峰—宜丰县左家里矿区 陶瓷土（含锂）矿《采矿许可证》，开采矿种：陶瓷土； 开采方式：露天开采；矿山名称：江西省奉新县金子峰—宜丰县左家里矿区 陶瓷土（含锂）矿；生产 规模：900.00万吨/年；有效期限：贰拾叁年（自2025年3月7日至2048年3月6 ...

2025年12月30日晚间紫金矿业（601899）发布2025年度业绩预增公告，预计全年实现归属净利润510亿 元至520亿元，较上年同期的320.51亿元增加189亿元至199亿元，同比增幅达59%至62%。核心矿产品价 格提升是业绩提升的关键。碳酸锂业务实现跨越式突破，明年计划实现碳酸锂12万吨当量。 据记者了解，紫金矿业和藏格矿业在锂资源开采中采取了互相独立的策略，技术路线也不相同。 业绩预增公告显示，2025年紫金矿业主要矿产品产量均实现稳步提升。矿产金产量约90吨，较2024年的 73吨大幅增长；矿产铜（含卡莫阿权益产量）约109万吨，保持平稳增长态势；矿产银约437吨，与上年 基本持平。 藏格矿业目前有察尔汗盐湖1万吨/年碳酸锂产能，2025年贡献部分产量，其参股的麻米措盐湖项目按计 划2026年开始贡献产量。 紫金矿业全年预计实现当量碳酸锂（含藏格矿业（000408）5月至12月产量）约2.5万吨，较2024年的 261吨增长超900%，实现从"零星产出"到"规模量产"的质变。 技术创新与产业链协同为锂业务保驾护航。紫金矿业依托"矿石流五环归一"管理模式，自主研发采选冶 协同工艺，攻克低品位资源 ...

公告披露，两家企业于2024年5月31日签署合作协议，随后，该协议陆续获得中国、巴西、沙特阿拉伯、欧盟以及智利等超过20个监管单位的批 准。公开资料显示，中国天齐锂业持有智利化工矿业公司22%的股权。中国市场监管总局11月10日发布公告，附加限制性条件批准智利国家铜业 公司与智利化工矿业公司新设合营企业案。公告称，通过附加限制性条件，智利铜业、智利化工及合营企业作出继续履约、公平合理无歧视供 应、及时报告重大供应变化等承诺。 《信使报》提到，新设合营企业董事会将由两家公司各派3名代表组成，并于12月29日举行首次会议。根据协议，新合资公司运营将分为两个阶 段：2025年至2030年，合资公司由智利化工矿业公司主导，该公司现有锂矿开发权将延续；2031年至2060年，智利国家铜业公司将持有多数股 份，并在董事会席位中占多数。协议还规定，2025年至2030年，智利政府将获得新合资公司70%的经营利润，自2031年起该比例将升至85%。 据西班牙埃菲社报道，合资公司计划在2025至2030年期间新增30万吨碳酸锂当量产能，并从2031年起实现28万至30万吨的稳定年产量。智利是世 界第二大锂生产国，阿塔卡马盐沼集 ...

证券日报网讯 12月24日，中伟股份（300919）在互动平台回答投资者提问时表示，公司在行业周期底 部精准低成本获取了阿根廷两座盐湖锂矿，预计掌握锂资源超1000万吨LCE。这两座盐湖锂矿目前仍处 于进一步勘探和建设阶段，公司将根据有关规定及时披露阿根廷锂矿相关进展。此外公司在回收端的碳 酸锂出货超万吨。 ...

Group 1 - The company plans to produce 43,000 tons of lithium carbonate by 2025 [1] - The 40,000 tons lithium salt project commenced operations at the end of September this year [1] - The company's total lithium carbonate production capacity has reached 80,000 tons [1]

Core Viewpoint - The company has established two salt lake lithium mines in Argentina, with an estimated lithium resource exceeding 10 million tons of LCE, which may increase with further exploration efforts [2]. Group 1: Company Plans and Resources - The company plans to confirm the reserves of the two salt lake lithium mines and will conduct mining based on exploration and construction conditions, as well as market demand [2]. - The company will disclose updates regarding the lithium mines in Argentina in accordance with relevant regulations [2].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - On December 11, the main contract of lithium carbonate futures fluctuated upward. The short - term fundamentals show strong supply and weak demand, and it is expected that there is limited upside space for lithium prices. Suggest to hold short positions cautiously and set stop - losses [1] Summary by Relevant Catalogs Futures Data - On December 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,600 yuan/ton, 96,980 yuan/ton, 97,240 yuan/ton, and 97,240 yuan/ton respectively, with increases of 1,960 yuan/ton, 2,900 yuan/ton, 2,840 yuan/ton, and 2,840 yuan/ton compared to the previous day. The trading volume was 744,190 lots (+123,255), and the open interest of the active contract was 634,283 lots (+28,830). The inventory was 14,750 tons (+1,070) [1] Spot Price - On December 11, 2025, the average price of battery - grade lithium carbonate (99.5%/domestic) was 93,500 yuan/ton (+800), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 91,000 yuan/ton (+750). The prices of other lithium - related products also had corresponding changes [1] Supply and Demand - **Supply**: Last week, lithium carbonate production increased, with increased production of spodumene and recycled lithium, and decreased production of lithium carbonate from salt lakes and lithium mica. - **Demand**: Last week, the production of ammonium phosphate decreased, and the production of ternary materials decreased. In December, the production of lithium cobalt oxide and lithium manganate decreased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; 3C shipments were weak; in December, the production schedule of energy - storage batteries stagnated [1] Inventory - Registered warehouse receipts were 14,750 tons (+1,070). Social inventory decreased, with inventory reduction in smelters and downstream, and inventory accumulation in other sectors [1] Industry News - American company Albemarle announced that the direct lithium extraction (DIE) pilot plant in Chile has completed verification. The lithium recovery rate exceeded 94% during stable operation, and the water reuse rate was as high as 85% during the verification phase. The company funded $30 million for the pilot plant and an additional $216 million for the salt recovery plant in the Atacama Salt Flat [1] - On December 10, the integrated mining, beneficiation, and smelting project of Xiangyuan lithium polymetallic ore of Zijin Mining was put into operation in Daoxian, Hunan. The project has a total investment of about 13 billion yuan, with a registered ore volume of about 1.96 billion tons and 670,000 tons of lithium oxide [1]

Core Insights - Latin American countries, holding over half of the world's lithium resources, are poised to improve their lagging investment situation in lithium extraction due to favorable global market conditions and government policy adjustments [1][2] Industry Overview - The global lithium demand has surged from 29,000 tons per year a decade ago to an expected 242,000 tons per year by 2024, with the battery sector's share increasing from 37% to 89% [1] - Latin America holds 53% of the world's total lithium resources, yet its actual lithium production in 2024 is projected to be only 77,000 tons, accounting for 32% of the global output of 240,000 tons [1] Resource Characteristics - The "Lithium Triangle" comprising Argentina, Chile, and Bolivia primarily utilizes lithium brine resources, while Brazil and Mexico focus on lithium ores [2] - The share of lithium spodumene in global lithium production has increased from 48% to 65% over the past decade, attributed to its high lithium content and shorter project timelines [2] Investment Climate - Argentina has become the most open to private investment in the lithium sector, with recent policy changes under President Milei, including tax incentives for investments over $200 million [3] - Chile's new lithium policy aims to attract investment while maintaining state control over strategic salt flats, allowing private companies to develop other sites independently [3] Project Developments - Significant projects include Rio Tinto's $2.7 billion project approved under Argentina's new investment framework and a $3 billion collaboration between Chile's state mining company and Rio Tinto [3] - Bolivia's state-owned YLB company has commenced production at a lithium carbonate plant with an annual capacity of 15,000 tons [3] Future Outlook - If global lithium supply shifts from surplus to shortage, it will further incentivize lithium development in Latin America [4] - Challenges in increasing global lithium supply include technological and quality issues, with warnings that if brine and hard rock projects do not overcome bottlenecks, lithium prices may rise again [4]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [20]. Core Insights - The total lithium carbonate production for Q3 2025 is approximately 8,300 tons, with an expected annual production exceeding 30,000 tons [1]. - The unit cash operating cost for lithium carbonate in Q3 2025 is $6,285 per ton, reflecting a 3% increase quarter-over-quarter [3]. - The average realized price for lithium carbonate in Q3 2025 is approximately $7,522 per ton, with current market prices around $9,200 per ton [4]. - The PPG project is expected to have an annual production capacity of up to 150,000 tons of LCE, with a post-tax net present value of $8.1 billion and an internal rate of return of 33% based on a lithium carbonate price of $18,000 per ton [5][8]. - The company reported a net loss of $64.5 million in Q3 2025, significantly higher than the $2.4 million loss in the same period last year, primarily due to increased losses from the Cauchari-Olaroz project [13]. Summary by Sections Production and Sales - Q3 2025 lithium carbonate production is approximately 8,300 tons, a 2% decrease from the previous quarter, with a total production of about 24,000 tons for the first three quarters of 2025 [1]. - Q2 2025 total shipments were approximately 7,775 tons, reflecting a 10% decrease quarter-over-quarter [2]. Operating Costs - The unit total cash cost for lithium carbonate in Q3 2025 is $6,514 per ton, a 2% increase from the previous quarter [3]. Pricing - The average realized price for lithium carbonate in Q3 2025 is approximately $7,522 per ton, with market prices reflecting a recovery since July [4]. Expansion Plans - The Cauchari-Olaroz project is advancing a Phase II expansion plan, considering an increase of 45,000 tons/year in lithium carbonate capacity [10]. - The PPG project has a proven and probable resource of 15.1 million tons of LCE, positioning it among the largest undeveloped lithium brine resources [8]. Financial Performance - As of September 30, 2025, the company holds $64 million in cash and cash equivalents, with total assets of $1,078.7 million and total liabilities of $251.7 million [14][15].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Core View of the Report - The current supply and demand of lithium carbonate are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent, and the production of lithium carbonate remains high. High prices have intensified the wait - and - see sentiment among downstream players. The peak of power demand may be approaching. If the weakening of demand is verified, there is still room for the price to decline. It is expected that the lithium price will fluctuate widely. The report suggests investors to take a wait - and - see approach [1] 3. Summary by Relevant Information 3.1 Lithium Carbonate Futures Market - **Prices**: On November 7, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures all increased compared to the previous period. For example, the near - month contract closing price was 80,460 yuan/ton, up 2,580 yuan from the previous period [1] - **Trading Volume and Open Interest**: The trading volume of the active contract of lithium carbonate futures was 810,655 hands (+228,622), and the open interest was 490,951 hands (+18,968) [1] - **Inventory**: The inventory was 27,332 tons, an increase of 912 tons [1] - **Spreads**: The spread between near - month and continuous - one contracts was - 1,700 yuan, up 780 yuan; the spread between continuous - one and continuous - two contracts was 60 yuan, down 60 yuan; the spread between continuous - two and continuous - three contracts was 0 yuan, up 300 yuan; the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 1,900 yuan, down 1,800 yuan [1] 3.2 Lithium - Related Raw Material Prices - **Lithium Ore**: The average prices of lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li2O: 6% - 7%), and phospho - lithium - aluminum stone (Li2O: 7% - 8%) all increased [1] - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and some types of lithium hydroxide changed slightly. The price of battery - grade lithium hydroxide decreased by 100 yuan compared to the previous period, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 4,820 yuan, down 100 yuan [1] - **Other Materials**: The prices of some materials such as ternary precursors, ternary materials, and lithium iron phosphate changed little, while the price of cobalt metal increased [1] 3.3 Lithium Carbonate Inventory - The total SMM lithium carbonate inventory was 123,953 tons, a decrease of 3,405 tons compared to the previous period. The inventories of smelters, downstream, and other sectors all decreased [1] 3.4 Industry News - Australian listed company Clean TeQ Water signed a contract worth about 12.5 million US dollars (about 19.2 million Australian dollars) with Rio Tinto's subsidiary Rincon Mining to provide engineering design, procurement, and supply services for the Rancoin project in Argentina. The project will use Clean TeQ's patented CLEAN - IX mobile lithium ion exchange (MBIX) technology, which is expected to be completed in three years [1] 3.5 Supply and Demand Analysis - **Supply**: The production of lithium carbonate increased last week, and the production of lithium carbonate from various raw materials all rose [1] - **Demand**: The production of lithium carbonate products, ternary materials, and power batteries increased last week. In November, the production of cobalt - lithium products increased, while the production of lithium carbonate decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments were average, and the production of energy - storage batteries increased in November [1]