Group 1 - GFL International and Lithium Argentina have agreed to merge their interests in lithium projects in Argentina, specifically the PPG, PG, and Puna projects, into a joint venture, with GFL International holding 67% and Lithium Argentina holding 33% [1][2] - A new debt financing arrangement will provide Lithium Argentina with $130 million to support its funding needs, including the development of the merged projects [2][3] - The board believes that merging high-quality assets under a unified development plan will create a large-scale, efficient, and sustainable lithium product supply chain, enhancing the group's competitive edge and ultimately creating shareholder value [3] Group 2 - The feasibility study aims for a maximum annual production capacity of 150,000 tons of lithium carbonate equivalent (LCE), developed in three phases of 50,000 tons each [2] - GFL International will have the right to purchase all chemical products produced from the merged project in proportion to its ownership share, and Lithium Argentina will allocate up to 50% of its initial sales volume to GFL International at market prices [2][3] - The financial support provided to Lithium Argentina is a prerequisite for the asset merger, and it is expected to generate additional interest income for the group while not significantly impacting its working capital [3]

Core Viewpoint - Ganfeng Lithium (002460.SZ) announced a collaboration with LAR to jointly develop the Pozuelos-Pastos Grandes salt lake basin in Argentina by integrating their lithium salt lake projects into Millennial [1][2] Group 1: Project Integration - The integration involves Ganfeng's wholly-owned PPG lithium salt lake project, LAR's 85.11% stake in the PG lithium salt lake project, and Ganfeng's 35% stake in the Puna lithium salt lake project, collectively referred to as the PPGS lithium salt lake project [1] - After the integration, Ganfeng International and LAR will hold 67% and 33% stakes in Millennial, respectively, and will jointly own the PPGS lithium salt lake project [1] Group 2: Financial Support - As part of the transaction, Ganfeng or its subsidiaries will provide financial support of up to $130 million to LAR, secured by LAR's shares in the integrated Millennial [1] - The financial support is intended to meet LAR's funding needs, including the development of the PPGS lithium salt lake project [1] Group 3: Strategic Goals - The integration aims to create a global, large-scale, efficient, and sustainable lithium product production supply chain [2] - This strategy is expected to enhance project potential and value, improve resource utilization, accelerate project implementation, and increase capital efficiency, thereby strengthening the company's core competitiveness and creating value for shareholders [2]

Core Viewpoint - Ganfeng Lithium is integrating Millennial Lithium Corp with its subsidiary Ganfeng International and Lithium Argentina AG to develop lithium salt lake assets in Argentina, aiming to enhance its lithium production capabilities and overall competitiveness in the market [1][2]. Group 1: Company Developments - Ganfeng International and LAR will hold 67% and 33% of Millennial respectively, and Ganfeng Lithium will provide up to $130 million in financial support for the PPGS project development [1]. - The PPGS lithium salt lake project is planned to utilize advanced direct lithium extraction technology, with a target annual production of 150,000 tons of lithium carbonate equivalent (LCE) [2]. - Ganfeng Lithium has acquired 100% ownership of Mali Lithium, enhancing its resource base with the Goulamina lithium spodumene project expected to commence production by the end of 2024 [4]. Group 2: Financial Performance - In the first half of the year, Ganfeng Lithium reported a net loss of between 300 million to 550 million yuan, although this represents an improvement compared to the previous year [3]. - The decline in lithium and battery product prices has impacted overall financial performance, despite growth in battery production capacity and sales [3]. - The company anticipates a slowdown in capital expenditure due to the current low lithium price environment, while maintaining a positive outlook on the long-term growth of the lithium industry [4].

赣锋锂业表示，作为交易的一部分，同意公司或公司子公司以自有资金向LAR提供不超过1.3亿美元的 财务资助，LAR以其持有的整合后Millennial的股权作为担保，财务资助主要用于支持LAR的资金需 求，包括对整合后PPGS锂盐湖项目的建设开发或其他双方约定的用途。 编辑：胡晨曦 转自：新华财经 新华财经北京8月12日电 赣锋锂业8月12日公告称，公司全资子公司赣锋国际与LAR计划通过整合 Millennial作为合资公司，向Millennial注入PPG锂盐湖、PG锂盐湖以及Puna锂盐湖三块锂盐湖资产，共 同开发阿根廷Pozuelos-Pastos Grandes盐湖盆地。 公告显示，上述三块锂盐湖资产整合后统称"PPGS锂盐湖项目"。整合完成后，赣锋国际和LAR将分别 持有Millennial 67%和33%的股权，并按份额共同持有PPGS锂盐湖项目。PPGS锂盐湖项目整合完成后， Millennial将规划采用先进的直接提锂法技术工艺路线，分三期开发建设合计年产15万吨LCE锂产品的 产线。 ...

Core Viewpoint - Ganfeng Lithium plans to integrate Millennial Lithium Corp through its subsidiary Ganfeng International and Lithium Argentina AG, aiming to develop lithium salt lake assets in Argentina's Pozuelos-Pastos Grandes basin [1] Group 1: Company Actions - Ganfeng International and LAR will hold 67% and 33% stakes in Millennial, respectively, after the integration [1] - The company intends to provide financial support of up to $130 million to LAR, secured by LAR's equity in the integrated Millennial [1] Group 2: Project Development - The PPGS lithium salt lake project will utilize advanced direct lithium extraction technology, with a planned annual production capacity of 150,000 tons of LCE lithium products [1] - The integration aims to create a unified development system for high-quality assets, focusing on a global, scalable, efficient, and sustainable lithium product supply chain [1]

赣锋锂业8月12日晚间公告，公司全资子公司赣锋国际与LAR共同开发阿根廷Pozuelos-Pastos Grandes盐 湖盆地，整合公司全资持有的PPG锂盐湖项目、双方共同持有的PG锂盐湖项目（公司持有14.89%股 权，LAR持有85.11%）以及Puna锂盐湖项目（公司持有35%股权，LAR持有65%）至Millennial旗下，整 合后统称"PPGS锂盐湖项目"。整合完成后，赣锋国际和LAR将分别持有Millennial 67%和33%的股权， 并按份额共同持有PPGS锂盐湖项目。PPGS锂盐湖项目整合完成后，Millennial将规划采用先进的直接提 锂法技术工艺路线，分三期开发建设合计年产15万吨LCE锂产品的产线。 ...

赣锋锂业公告，江西赣锋锂业集团股份有限公司全资子公司GFL International Co.,Ltd与Lithium Argentina AG计划通过整合Millennial Lithium Corp作为合资公司，向Millennial注入PPG锂盐湖、PG锂盐 湖以及Puna锂盐湖三块锂盐湖资产，共同开发阿根廷Pozuelos-Pastos Grandes盐湖盆地。作为交易的一 部分，同意公司或公司子公司以自有资金向LAR 提供不超过1.3亿美元的财务资助，LAR以其持有的整 合后Millennial 的股权作为担保，财务资助主要用于支持LAR的资金需求，包括对 整合后PPGS锂盐湖 项目的建设开发或其他双方约定的用途。 本次交易尚需取得相关政府部门的审批，存在不能获批的风 险。 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The safety incident at Albemarle's lithium carbonate production line in Chile may lead to a decline in Chile's lithium carbonate exports in August and China's imports in September, and in the short - term, it will boost the upward sentiment of lithium carbonate prices, with the long - term price center running strongly around 85,000 yuan/ton [2][3]. 3. Summary According to Related Content Albemarle's Production Situation in Chile - Albemarle's lithium carbonate production line in Chile has suffered a safety incident, causing some production lines to suspend operations. The current lithium carbonate production capacity is approximately 80,000 tons, and the incident has had a phased impact on overall capacity utilization. The specific recovery time depends on safety assessment and rectification work [2]. - Albemarle has an 84,000 - ton/year capacity in the Atacama Salt Lake, with a 40,000 - ton/year expansion capacity contributing as scheduled. The total capacity of the La Negra Phase I to Phase IV projects is 84,000 tons/year, with Phase I and Phase II having a combined capacity of 44,000 tons/year LCE. Phase III and IV projects need to complete the expansion through the Salar production increase project, which achieved mechanical completion and entered the trial - operation stage in mid - 2023, and the capacity utilization reached 50% in 2024 [2]. Chile's Lithium Export Situation - In July, Chile's lithium export volume was 23,824 tons, of which lithium carbonate export volume was 20,930 tons, and the export volume to China was 13,633 tons. The export volume of lithium carbonate in May and June was low, and it increased in July with the rise in lithium carbonate prices [3].

8月11日，宁德时代在深交所互动易平台确认，枧下窝矿区采矿作业已暂停：因公司在宜春项目的采矿许可证于8月9日到期，目前正按相关规定尽快办理采 矿证延续申请，待获批后将尽早恢复生产。此前有报道称，宁德时代枧下窝矿区采矿端已于8月9日12时停产，且短期内无复产计划。 枧下窝矿位于宜春，是宁德时代最大的锂云母矿，在国内锂云母矿中规模也居首位。该矿区资源储量达96025万吨，伴生锂金属氧化物约266万吨，平均氧化 锂品位0.27%，折合碳酸锂当量约657万吨。2022年8月，宁德时代宣布取得枧下窝矿采矿权。其一期项目于2023年年中达产，年产碳酸锂约4.2万吨，占国内 锂云母产能的20%。不过，今年8月9日该采矿权到期。 按照规定，采矿证延续申请需在到期前30日向宜春市自然资源局提交。若期限内行政机关未作出是否准予延续的决定，则视为准予延续。宁德时代管理层在 7月30日的半年报业绩解读会上表示，公司已按规定向宜春市自然资源局提交了采矿权续期申请材料，省、市级相关部门确认收件，且认定材料要件齐全、 内容完整。 在申请材料齐全且符合规定的情况下，枧下窝矿区仍停产，这引发了广泛关注。 8月12日，经济观察报记者致电宜春市自 ...

Core Viewpoint - The recent developments in the lithium mining sector, particularly the suspension of operations at Ningde Times' lithium mine in Yichun, are seen as a significant signal of supply contraction in the context of the "anti-involution" campaign initiated by the government [2][5][8]. Industry Summary - On August 7, a statement from the China Nonferrous Metals Industry Association highlighted the dangers of "involution" competition, which triggered a surge in market interest and speculation regarding lithium supply [2][3]. - Following the announcement of the suspension of operations at Ningde Times' Yichun lithium mine due to the expiration of its mining license, lithium carbonate futures experienced a dramatic price increase, with a rise of 18.5% from August 7 to August 12, reaching a price of 82,520 yuan per ton [3][5]. - The Yichun mining operations are critical, with eight involved mining companies accounting for approximately 20% of China's monthly lithium production, and the suspension is viewed as a major indicator of potential supply issues [4][11]. - The market is currently engaged in a tug-of-war between bullish and bearish sentiments, with investors closely monitoring the situation as they speculate on the future of lithium prices and supply dynamics [6][10]. - The deadline of September 30 for the submission of resource verification reports by the eight mining companies is seen as a pivotal point for the market, with potential implications for future lithium supply and pricing [8][11]. Company Summary - Ningde Times' lithium mine in Yichun has been a focal point of market speculation, with the company expressing optimism about the renewal of its mining license prior to the suspension [6][7]. - Other companies involved in lithium mining, such as Guoxuan High-Tech and Keli Yuan, have reported that their operations remain normal and their mining licenses are still valid [11]. - Analysts suggest that if Ningde Times' mine resumes operations after three months and other mines remain unaffected, the overall impact on lithium supply may be limited to a reduction of approximately 30,000 to 35,000 tons [11].