Group 1 - Australian lithium mining companies experienced significant stock price declines due to a combined loss of $1.2 billion in the first half of the year attributed to price crashes [1] - IGO's stock fell by up to 8.4%, while Mineral Resources dropped by up to 6.1%, with other companies like Pilbara Minerals and Liontown Resources also facing declines [1] - The lithium industry is facing challenges from oversupply and declining electric vehicle demand, leading to asset impairments and cost control issues, with prices down 86% from historical highs at the end of 2022 [1] Group 2 - Mineral Resources reported an annual net loss of 904 million AUD (approximately 588 million USD) for the period ending June 30, compared to a profit of 125 million AUD in the same period last year [1] - IGO reported a net loss of 954.6 million AUD and fully impaired its Kwinana lithium hydroxide refining plant assets [1] - UBS raised its lithium spodumene price forecast by 9% due to anticipated supply disruptions in China, and increased IGO's target price by 20% [2] Group 3 - UBS indicated a higher likelihood of supply disruptions in China by 2026, potentially leading to a market supply shortage, although supply is expected to recover later [2] - IGO's CEO acknowledged challenges for the long-term operation of the Kwinana lithium hydroxide refining plant but expressed a positive outlook on market fundamentals [2]

Report Overview - Date: August 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Report Type: Carbonate Lithium Futures Daily Report [1] Industry Investment Rating - Not provided Core View - The short - term carbonate lithium futures are expected to stop falling and recover, with attention on the 77,000 support level. The current high supply pressure persists, but the inventory inflection point is looming as the downstream peak season approaches and social inventories have been decreasing for two weeks [9]. Summary by Section 1. Market Review and Operation Suggestion - Market performance: Carbonate lithium first rose and then fell. The main contract of carbonate lithium futures once rose above 81,000 due to market speculation about the suspension of Yifeng mines, but then declined as market risk preference dropped in the afternoon. Total trading volume increased while total open interest decreased, indicating a strong sentiment of capital leaving the market [9]. - Spot and futures: The spot price of electric - carbon decreased by 100 to 81,600. The spot premium over the 09 contract was 2,540, slightly higher than the previous day. As the 09 contract approaches the delivery month, the futures and spot prices are expected to converge [9]. - Raw material prices and production profits: The prices of Australian ore and lithium mica ore remained flat. The production profit of salt plants using purchased lithium spodumene narrowed to 1,988, and the production loss of salt plants using purchased lithium mica widened to 2,946. Despite this, salt - plant production enthusiasm remains high, and high supply pressure persists [9]. - Downstream product prices: The price of 5 - series power ternary materials remained flat, while the price of lithium iron phosphate decreased by 30. The upstream and downstream of the industrial chain showed resistance to price drops [9]. 2. Industry News - Energy innovation achievements: During the "High - quality Completion of the 14th Five - Year Plan" press conference, the National Energy Administration stated that during the 14th Five - Year Plan, new energy patents accounted for over 40% globally, and new energy technologies set new world records. New energy models and formats are booming, and new tracks are emerging, becoming an important source of new - quality productivity development [12]. - Company development: Del股份 is deeply involved in oxide solid - state battery technology, has built a sample trial - production line in Shanghai, and is accelerating the construction of a pilot line in Huzhou. Its products have obtained international certification, and it is promoting cooperation with automobile manufacturers and the implementation of diversified application scenarios [12]

Group 1 - UBS reported that a significant and prolonged supply disruption in China's lithium industry could impact up to 15% of global lithium production, leading to a surge in stock prices for major lithium producers, including Albemarle Corporation (ALB.US), which rose by 7.5% [1] - Other lithium producers also experienced stock price increases, with Sigma Lithium (SGML.US) up 11.4%, Lithium Americas (LAC.US) up 3.6%, and Sociedad Química y Minera de Chile (SQM.US) up 2.8% [1] - UBS analysts forecast that lithium spodumene prices will increase by at least 9% and potentially up to 32% between 2025 and 2028, while lithium chemical product prices are expected to rise between 4% and 17% [1] Group 2 - UBS upgraded Albemarle's rating from "Sell" to "Neutral" and set a target price of $89, indicating that potential future actions in China's lithium supply chain could challenge previous views of long-term low-price pressure on Albemarle [2] - The report highlighted several key events impacting lithium supply, including the suspension of production by Zangge Mining on July 14, the shutdown of the Jiangxiawo lithium mine by CATL on August 10, and potential production risks for seven lithium mica mines in Yichun after September 30 [1]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The short - term lithium carbonate market may fluctuate widely within the current range. The contraction expectation caused by CATL's production suspension on the supply side is being partially offset by the increase in salt - lake lithium extraction and the recovery of imports. Although the downstream is in the peak season, the procurement rhythm has become cautious due to previous stockpiling, and the continuous pressure on cathode material prices weakens demand elasticity. Lithium carbonate futures may continue to fluctuate within the high - level range [3]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary a. Lithium Carbonate Futures Market Data Changes Analysis - On August 26, the main contract of lithium carbonate closed at 79,020 yuan/ton, a slight decline of 0.45% from the previous trading day. The basis continued to weaken, dropping from 3,320 yuan/ton on the 25th to 2,680 yuan/ton, and the futures discount to the spot increased, indicating that the market's expectation of future supply pressure has increased [1]. - The trading volume of the main contract shrank by 10.7% to 559,599 lots, and the open interest decreased by 19,171 lots. The trading activity of funds cooled down, and some long - positions left the market for risk - avoidance [1]. b. Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply side**: There are both short - term disturbances and long - term adjustments. The suspension of CATL's Jiangxi Jianxiawo lithium mica mining area since August 10 has supported the spot market. However, the expansion projects of salt - lake lithium extraction are advancing, and the capacity utilization rate of lithium carbonate has increased by 2.49 percentage points week - on - week to 66.41%, so the overall supply has increased marginally. In July, the import volume of lithium carbonate decreased by 22% month - on - month to 13,845 tons, but Chile's exports to China increased by 33% month - on - month, and the seasonal recovery of overseas supply may ease the tight domestic resource situation [2]. - **Demand side**: The demand in the peak season remains resilient but has limited upward momentum. From August 1 to 17, the retail penetration rate of new energy passenger vehicles reached 58%, and the demand has improved marginally. The production of cathode materials has remained at a high level, but the prices of power - type lithium iron phosphate and ternary materials have declined slightly, and the downstream cost transfer is under pressure. The overall cell prices are stable, and only the square lithium iron phosphate cells have risen slightly by 0.62%. The rigid demand on the demand side still exists, but the momentum for new orders is insufficient [2]. - **Inventory and warehouse receipts**: The lithium carbonate inventory decreased by 713 tons week - on - week to 141,543 tons, with a destocking rate of 0.5%, indicating that the supply - demand tight - balance pattern continues. There is no significant change in warehouse receipts, and the low - inventory environment still supports the price bottom [2]. c. Market Summary - The short - term lithium carbonate market may fluctuate widely within the current range. The lithium carbonate futures may continue to fluctuate within the high - level range, and attention should be paid to the unexpected disturbances to the supply caused by the production reduction or suspension events of lithium mica smelters due to cost inversion [3]. 2. Industrial Chain Price Monitoring - On August 26, the main contract of lithium carbonate was 79,020 yuan/ton, a decrease of 0.45% from August 25. The basis was 2,680 yuan/ton, a decrease of 19.28% from the previous day. The open interest of the main contract decreased by 5.20% to 349,496 lots, and the trading volume decreased by 10.74% to 559,599 lots. The market price of battery - grade lithium carbonate was 81,700 yuan/ton, a decrease of 1.21% [5]. - From August 15 to August 22, the capacity utilization rate of lithium carbonate increased from 63.92% to 66.41%, and the inventory decreased by 0.50% to 141,543 tons. Among the cells, the price of 523 cylindrical ternary cells increased by 0.23%, the price of cobalt - acid lithium cells increased by 3.60%, and the price of square lithium iron phosphate cells increased by 0.62% [5]. 3. Industry Dynamics and Interpretations a. Spot Market Quotations - On August 26, the SMM battery - grade lithium carbonate index price was 81,739 yuan/ton, a decrease of 780 yuan/ton from the previous working day. The downstream procurement and pricing activities increased slightly compared with the previous day, but some manufacturers reduced their procurement volume this week compared with last week. The overall downstream procurement attitude has become cautious, and they are generally waiting for further price cuts. In the short term, the spot price of lithium carbonate is expected to remain relatively high and continue to fluctuate within the range [6]. b. Downstream Consumption Situation - From August 1 to 17, the retail volume of the new energy passenger vehicle market was 502,000 units, a year - on - year increase of 9% and a month - on - month increase of 12%. The retail penetration rate was 58.0%, and the cumulative retail volume this year was 6.958 million units, a year - on - year increase of 28%. The wholesale volume of new energy passenger vehicles was 474,000 units, a year - on - year increase of 18% and a month - on - month increase of 10%. The wholesale penetration rate was 56.4%, and the cumulative wholesale volume this year was 8.108 million units, a year - on - year increase of 34% [7]. c. Industry News - Since the official suspension of CATL's Jiangxi Yichun Jianxiawo mining area on August 10, the "butterfly effect" has spread throughout the industrial chain [8]. - On August 18, Lanxiao Technology won the bid for the adsorption system of the expansion and renovation project of the comprehensive utilization of old brine for lithium extraction from the Lop Nur Salt Lake of Guotou Xinjiang Lithium Industry Co., Ltd., with a bid amount of 35.7712 million yuan, which will have a positive impact on the company's development in the salt - lake lithium extraction industry [9]. - On August 15, CATL's Jianxiawo mining area suspended production due to the expiration of the mining license, which will directly affect the price of lithium carbonate. Yichun local mines are required to re - apply before September 30 this year [9]. 4. Industrial Chain Data Charts - The content mainly lists the names of various data charts, including the main contract and basis of lithium carbonate futures, lithium concentrate prices, etc., without specific data descriptions [10][13][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's performance in the first half of 2025 was impacted by a decline in lithium prices, leading to a decrease in revenue and profit. However, cost optimization efforts have helped mitigate some of the pressure [4][5] - The company received government subsidies of nearly 60 million yuan, which contributed to a quarter-on-quarter increase in net profit for Q2 2025 [4] - The report anticipates a gradual recovery in profits from 2025 to 2027, with projected net profits of 908 million yuan, 1.085 billion yuan, and 1.495 billion yuan respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.693 billion yuan, a year-on-year decrease of 18%. The net profit attributable to the parent company was 401 million yuan, down 48% year-on-year [4] - The average selling price of lithium carbonate for the first half of 2025 was approximately 71,600 yuan per ton, reflecting a 32% year-on-year decline [5] - The company's lithium business revenue was 862 million yuan, a decrease of 41% year-on-year, with a gross profit of 257 million yuan, down 47% year-on-year, resulting in a gross margin of 30% [5] Business Segment Analysis - The special steel segment reported revenue of 2.831 billion yuan in the first half of 2025, down 6% year-on-year, with a gross profit of 326 million yuan and a gross margin of 11.52% [6] - The company has been optimizing its product structure, leading to increased sales of high-value-added products such as nuclear power steel and automotive high-purity steel, which has improved market share [6] Profit Forecast and Investment Recommendations - The report forecasts net profits for 2025, 2026, and 2027 at 908 million yuan, 1.085 billion yuan, and 1.495 billion yuan respectively, reflecting a downward adjustment in lithium price expectations [6] - Earnings per share (EPS) are projected to be 1.68 yuan, 2.01 yuan, and 2.77 yuan for the years 2025, 2026, and 2027 respectively [6]

南华期货碳酸锂企业风险管理日报 2025年08月27日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强压力位：90000 | 42.2% | 73.5% | source： 南华研究,同花顺 碳酸锂企业风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 推荐比例 | | --- | --- | --- | --- | --- | --- | | 库存 | 产品库存偏高，担心库存 | 为防止库存减值，可以根据库存情况，做空碳酸锂 期货来锁定成品利润 | LC2511 | 卖出 | 60% | | 管理 | 有减值风险 | 卖出看涨期权 | 场外/场内期权 | 卖出 | 40% | | | | 买入虚值看跌期权 | 场内/场外期权 | 买入 | | | 采购 ...

智通财经APP获悉，里昂发布研报称，赣锋锂业(01772)次季业绩符合预期，净亏损为1.75亿元人民币。 虽然毛利率9.6%未达预期，但该行预期市场将更关注管理层对锂价前景的展望，而管理层则表示短期 内价格水平有望更趋理性。该行上调锂价预测及对其盈利预估，并改以市盈率为估值基础，延展至2027 年，以目标市盈率15倍计，H股目标价由25港元升至35港元，赣锋A股(002460.SZ)目标价由37元人民币 升至45元人民币，A/H股评级均由"持有"上调至"跑赢大市"。 ...

该行将赣锋2025年经常性盈利预测下调28%，以反映氢氧化锂实现平均售价低于预期，以及上半年锂销 量减少，但将2026至27年经常性盈利上调12%至44%，因部分项目生产成本较预期低等因素。 智通财经APP获悉，高盛发布研报称，赣锋锂业(01772)上半年净亏损5.36亿元人民币(下同)，较去年同 期亏损7.59亿元有所收窄。若剔除一次性项目，经常性净亏损为4.42亿元，而去年同期则录得经常性盈 利。该行指业绩逊于预期，主要因锂化学品利润低于预期。公司今年亦未有宣派中期股息。该行维持赣 锋H股"中性"评级，目标价由19港元升至28港元，维持赣锋A股(002460.SZ)"沽售"评级，目标价由21.4 元人民币升至30.5元人民币。 ...

Group 1: Market Review and Operational Suggestions - The lithium carbonate futures rebounded after hitting the bottom, with total positions and trading volume continuing to decline, and market trading sentiment weakening. The market remained in a back structure. As the delivery month approached, the September contract continued to trade at a discount to the spot price. The spot price of electric carbon dropped by 800 to 81,700, and the discount narrowed to 2,440. Downstream procurement and price - fixing activities increased slightly compared to the previous day, but the procurement volume of some manufacturers this week decreased compared to last week. Downstream procurement sentiment turned cautious, with most players waiting for further price cuts [8]. - Australian ore prices remained stable at 920, while the price of lithium mica ore dropped by 25 to 1,970. The production losses of salt plants using purchased lithium spodumene and lithium mica narrowed to 2,021 and 2,848 respectively. Considering the hedging profits provided by the futures market, salt plants still had high production enthusiasm, and the high supply pressure was difficult to ease in the short term [8]. - The prices of 5 - series power ternary materials and lithium iron phosphate dropped by 125 and 190 respectively, and the downstream prices followed suit. Short - term downstream demand is gradually entering the peak season, and downstream consumption is supported. Moreover, there are signs of a turning point in the social inventory of lithium carbonate. It is expected that the lithium carbonate futures will stop falling in the short term, and attention should be paid to the support level of 77,000 [8]. Group 2: Industry News - Guotou Xinjiang Lithium Industry Co., Ltd. (affiliated to Guotou Luojia) plans to invest approximately 800 million yuan to expand its annual lithium carbonate production capacity in Xinjiang's Lop Nur from 5,000 tons to 10,000 tons. Jiwu High - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement for this expansion project [11]. - Ganfeng Lithium Battery is leading the drafting of the "Non - ferrous Metal Industry Standard of the People's Republic of China: Battery - grade Lithium Sulfide", which has entered the approval stage. On August 22, 2025, Ganfeng Lithium Battery's semi - annual report announced its upstream - downstream integrated layout of solid - state batteries. In addition, three "Electronic Industry Standards of the People's Republic of China" have completed multiple rounds of expert discussions, laying a solid foundation for the standardization of subsequent solid - state electrolyte products [11][12]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In Q2 2025, the overall supply of overseas lithium mines was stable with regional differentiation. The shipment volume of projects in Western Australia and North America increased quarter-on-quarter, while some projects in South America and Africa controlled market supply due to low prices. With the rebound of lithium prices in Q3, it is expected that overseas mines will release supply. The resource output of the three major production areas of Western Australia, South America, and Africa in the second half of the year is expected to be significantly higher than that in the first half, which can alleviate the gap caused by the shutdown of large domestic mines. Subsequently, attention should be paid to the operational continuity of regions such as Jiangxi, Qinghai, and Mali in the resource end [1]. Summary by Directory Australia - In Q2 2025, the shipment volume of Australian mines was about 1.007 million tons, a quarter-on-quarter increase of 16.9%. Greenbushes and Pilbara contributed the main increments. In the 2025 fiscal year (July 2024 - June 2025), the lithium concentrate output of the five major Australian mines was about 3.551 million tons, and it is expected to increase by about 10% in the 2026 fiscal year. The supply of Holland in the 2025 calendar year will double compared with the expectation. It is estimated that the average quarterly shipment volume of Australian mines in the next four quarters will be about 1 - 1.05 million tons, a year-on-year increase of about 10% [3]. - Greenbushes produced 340,000 tons of lithium concentrate in Q2 2025, basically flat quarter-on-quarter and a 2% year-on-year increase. The sales volume was 412,000 tons, a 13% quarter-on-quarter increase and a 22% year-on-year decrease. The average sales price was 725 US dollars/ton (FOB), a quarter-on-quarter decrease of 8%. The cash production cost increased by 7% quarter-on-quarter to 366 Australian dollars/ton, a year-on-year increase of 8%. In the 2025 fiscal year, the production volume was 1.479 million tons, and the unit cash production cost was 325 Australian dollars/ton, meeting the production and cost guidelines. It is expected that CGP3 will produce the first batch of ore around the end of 2025. The production and cash cost guidelines for the 2026 fiscal year are 1.5 - 1.65 million tons and 310 - 360 Australian dollars/ton respectively [4]. - In Q2 2025, the lithium concentrate output of Pilbara was 221,300 tons (SC5.1), a 77% quarter-on-quarter increase and a 2% year-on-year decrease. The sales volume was 216,000 tons (SC5.1), a 72% quarter-on-quarter increase and an 8% year-on-year decrease. The average sales price of spodumene concentrate was 703 US dollars/ton (China CIF, SC6; SC5.1 was 599 US dollars/ton), a 17% quarter-on-quarter decrease. The unit operating cost (including freight and royalties) was 462 US dollars/ton, a 7% quarter-on-quarter decrease and a 4% year-on-year decrease. It is expected that the lithium concentrate output in the 2026 fiscal year will be 820,000 - 870,000 tons, and the unit operating cost (FOB) will drop to 560 - 600 Australian dollars/ton [6]. - In Q2 2025, the total lithium concentrate output of Mt Marion was 124,000 tons, a 11% quarter-on-quarter and 30% year-on-year decrease. The shipment volume was 134,000 tons (SC4.6), a 3% quarter-on-quarter decrease and a 29% year-on-year decrease. The average sales price of lithium concentrate (SC6) was 607 US dollars/ton, a 28% quarter-on-quarter decrease. The cost was 717 Australian dollars/ton (SC6, FOB). In June 2025, its two shareholders will each inject up to 150 million Australian dollars into the project [7][8]. - Wodgina produced 166,000 tons of lithium concentrate in Q2 2025, a 32% increase both year-on-year and quarter-on-quarter. The sales volume was 136,000 tons, a 15% quarter-on-quarter increase and a 10% year-on-year increase. The average Li2O grade was 5.4%. The average realized price of lithium concentrate (SC6) was 674 US dollars/ton, a 20% quarter-on-quarter decrease. The cost was 641 Australian dollars/ton (SC6, FOB), a 17% quarter-on-quarter decrease. In the 2025 fiscal year, the cost was 849 Australian dollars/ton, meeting the cost guideline, and the production volume was 502,000 tons, higher than the guideline [9]. - In Q2 2025, the lithium concentrate output of Kathleen Valley was 85,892 tons, a 10% quarter-on-quarter increase. The sales volume was 97,330 tons, a 4% quarter-on-quarter increase. The average sales price was 740 US dollars/ton (SC6, SC5.2 was 633 US dollars/ton), a 9% quarter-on-quarter decrease. The unit operating cost was 576 US dollars/ton (FOB), a 31% quarter-on-quarter increase. The full sustaining cost (AISC) was 786 US dollars/ton (SC6.0, FOB), a 35% quarter-on-quarter increase. The 2026 fiscal year production guideline is 365,000 - 450,000 tons, a 24 - 53% year-on-year increase [10]. - Mt Holland's lithium salt sales volume in Q2 2025 was about 1,300 tons. The annual sales volume guideline for 2025 is expected to reach 20,000 tons LCE (50% equity), doubling the previous plan. The Quinana refinery in Australia has completed construction and produced the first batch of commercially - compliant products in July. It is expected to reach the nameplate capacity of 50,000 tons of lithium hydroxide by the end of 2026 (SQM accounts for 25,000 tons) [10]. South America - South American projects changed little this quarter. In Q2, companies such as SQM and Sigma controlled the shipment volume due to low lithium prices. It is expected that the sales volume in the second half of the year will have a large increase compared with the first half. The Argentine Chamber of Mining Companies expects that the Argentine lithium carbonate production in 2025 will increase by 75% year-on-year to 130,000 tons. SQM in Chile has a 20,000 - ton increase (+10%) in the Atacama Salt Lake. Brazilian hard - rock projects have cost advantages, and Grota do Cirilo and AMG lithium mines are operating at full capacity [13]. - In Q2 2025, SQM's lithium salt sales volume in Chile was 51,700 tons, a 1.1% quarter-on-quarter decrease. The total sales volume in the first half of the year was 108,100 tons. The average sales price was 9,144 US dollars/ton, a 27% year-on-year decrease. The unit sales cost was 7,038 US dollars/ton, an 18% year-on-year decrease and a 4% quarter-on-quarter increase. The company expects a significant increase in lithium sales in the second half of the year. The sales volume of SQM's Atacama Salt Lake business in Chile is expected to increase by 10% year-on-year in 2025, with an expected sales volume of about 220,000 tons [14][15]. - The Fenix project of Arcadium Lithium had problems with the transportation system in April and energy interruption due to snowfall in May. The total quarterly production of lithium resources was about 15,000 tons LCE (100% equity), a 29% quarter-on-quarter decrease. The production problems have been solved. The Fenix expansion project with a nameplate capacity of 10,000 tons of lithium carbonate is expected to be put into production in 2026 [16]. - The first - phase factory of Rincon lithium project produced the first batch of lithium products in December 2024, and the final system testing and commissioning were completed in Q2 2025. The construction of the 57,000 - ton expansion factory will start in Q3, and the first production is expected to be in 2028, reaching full - load production within three years [17]. - The first - phase 25,000 - ton/year lithium hydroxide factory of Hombre Muerto was completed in October 2024, and the second - phase is planned to be completed in the second half of 2025. The first - phase of Sal de Oro has a design capacity of 25,000 tons/year and started shipping products in September 2024, expected to reach full production in April 2025. The lithium carbonate production in 2024 was about 4,000 tons LCE, and about 16,000 tons LCE in 2025. The second - phase with a design capacity of 25,000 tons/year is planned to start construction in June 2025 and be put into production in 2026 [18]. - In Q2 2025, the total production of Caucharí - Olaroz was about 8,500 tons of lithium carbonate, a 18% quarter-on-quarter increase. The shipment volume was about 8,635 tons, a 21% quarter-on-quarter increase. The unit cash operating cost was 6,098 US dollars/ton, a quarter-on-quarter decrease of about 8%, and the unit total cash cost was 6,366 US dollars/ton, a quarter-on-quarter decrease of about 7%. The unit average realized price was about 7,400 US dollars/ton. The annual production target for 2025 is 30,000 - 35,000 tons. The company is promoting a new 40,000 - ton/year lithium carbonate capacity and evaluating the possibility of producing up to 150,000 tons of lithium carbonate using direct lithium extraction technology [19]. - The production of Centenario - Ratones in Q2 was about 270 tons of lithium carbonate, and the sales volume was 480 tons LCE. Due to technical problems in equipment commissioning in the first half of the year, the production target for 2025 is 4,000 - 7,000 tons, significantly lower than the previous guideline [20]. - The first - phase of Zijin Mining's 3Q lithium salt lake in Argentina is in industrial commissioning and optimization, and it is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. - In Q2 2025, the lithium concentrate output of Grota do Cirilo was 68,368 tons, a 38% year-on-year increase and flat quarter-on-quarter. The company controlled the shipment volume at low lithium prices. The sales volume was 40,350 tons, a 23% year-on-year and 34% quarter-on-quarter decrease. The single - ton sales cost was 584 US dollars, a 3% year-on-year and 5% quarter-on-quarter increase. The cash operating cost (China CIF) was 442 US dollars/ton, a 14% year-on-year and 3% quarter-on-quarter decrease. The unit total sustaining cost (AISC) was 594 US dollars/ton, a 24% year-on-year and 4% quarter-on-quarter decrease. The company expects the 2025 fiscal year production to reach 270,000 tons. The second - phase expansion is expected to increase the capacity by 250,000 tons/year in 2026 [22][23]. Africa - Six projects in Zimbabwe and Mali have completed capacity ramping up, but the shipment volume growth was limited in the first half of the year due to low lithium prices, maintenance, and technological transformation. The import of African lithium concentrate by China in the first seven months decreased by 13.7% year-on-year. The recovery of lithium prices may drive the supply increment in Zimbabwe, while the production and shipment rhythm of Chinese - funded lithium mines in Mali may be affected by local political changes [24]. - In the first half of 2025, Zhongkuang Resources' self - supplied raw materials achieved lithium salt sales of 17,869 tons, a year-on-year increase of about 6.37%. It directly sold 34,834 tons of self - produced spodumene concentrate [25]. - The original ore production scale of Sabi Star in Zimbabwe is 990,000 tons/year, and it can produce about 290,000 tons of lithium concentrate per year. The mine suspended production in Q1 for technological transformation and facility construction and resumed production in April. The supporting power plant was completed and put into operation in June [26]. - The lithium ore processing capacity of Yahua Group's Kamativi lithium mine project in Zimbabwe is 2.3 million tons/year, and the nameplate capacity of lithium concentrate is 350,000 tons/year. It is expected to produce about 280,000 tons of lithium concentrate in 2025 and reach full production in 2026 [27]. - Ganfeng Lithium completed the acquisition of 100% equity of Mali Lithium on July 2. The first batch of lithium concentrate was shipped from the mine in May and completed loading in late June, expected to arrive at Chinese ports in early August [28]. - The Bougouni mining area in Mali has a lithium ore mining and processing capacity of 1 million tons, with an expected annual output of more than 125,000 tons of spodumene concentrate. As of mid - August, more than 45,000 tons of lithium concentrate have been produced. The mine team is promoting the acquisition of export licenses from the Malian government [29]. North America - In Q2 2025, North American Lithium (NAL) produced 58,533 tons of lithium concentrate, a 35% quarter-on-quarter increase. The sales volume was 66,980 tons, a 148% quarter-on-quarter increase. The average sales price (FOB) dropped 8% to 1,054 Australian dollars/dry metric ton (682 US dollars/dry ton, a 4% decrease). The unit sales operating cost decreased 10% quarter-on-quarter to 1,232 Australian dollars/ton (FOB), a 5% quarter-on-quarter decrease in US dollars. The 2025 production target is 190,000 - 210,000 tons [30].