CATL sees progress in bid to restart key Chinese lithium mine
Contemporary Amperex Technology has been told how much it should pay for the rights to its key lithium mine in China, another sign of progress in the battery maker’s bid to restart the operation halted since August.
The Chinese company is required to pay 247-million yuan ($35-million) for the transfer of mining rights at its Jianxiawo project in Yichun city, according to the website of Jiangxi province’s Department of Natural Resources, which shows a valuation report submitted by a government-appointed asset appraisal company.
The levy is necessary for CATL to get its mining license approved and is a precondition for Jianxiawo to restart, analysts at UBS Group said in a note. The bank also said the fee is much lower than expected.
CATL didn’t immediately respond to a request for comment.
Production at the mine has been suspended since CATL failed to get an extension on a permit that expired August 9., creating a swirl of uncertainty in the lithium market at a time when Chinese authorities are scrutinizing supply chains for the battery mineral. CATL is the world’s biggest battery supplier for electric vehicles, with Jianxiawo forecast to account for about 3% of global lithium production.
CATL has already won approval on its reserves submission for Jianxiawo, another key step to getting a mining permit.
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