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The company’s decision to branch out from iron ore to lithium comes as prices for the latter have roughly doubled so far in 2021, amid a strong rebound in demand and projections of looming shortages following a three-year downturn.

Record-high iron ore prices in the first six months of 2021 saw Hainan Mining’s January-June net profit surge almost 3,000% year-on-year.

“Hainan province is closer to Australia, the main source of spodumene raw material for the project,” the company said in a filing to the Shanghai Stock Exchange, referring to the lithium-bearing mineral that can be converted into battery chemicals.

The island “has obvious maritime logistics advantages compared to Jiangxi and Sichuan, the main producers of lithium hydroxide in the mainland,” it said, adding that construction of the project would take 18 months.

China’s landlocked Jiangxi and Sichuan provinces are home to Ganfeng Lithium and Tianqi Lithium respectively, two of the world’s top lithium producers.

Hainan Mining noted that the lithium market was highly competitive, given the rising popularity of battery materials.

Chinese battery maker EVE Energy was another company to recently venture into lithium production, announcing a 1.8 billion yuan joint venture last month.

Chinese iron ore miner seeks diversification with $164m investment in lithium production

Iron ore miner Hainan Mining Co. announced a $164m injection into a battery-grade lithium hydroxide plant.

The plant will be situated in southern China and will produce 20,000t of the EV battery ingredient.

Lithium prices have roughly doubled in 2021, with looming shortages expected and increasing demand caused by the booming electrification of the auto industry.

Hainan benefited from record high iron ore prices, with net profits of c. 3,000% year-on-year.

The project is expected to be completed in 18 months, and the company has stated its recognition of the competitive nature of the industry as Ganfeng Lithium and Tianqi Lithium have been looking to boost output

Chinese lithium carbonate prices rise to all-time high at Yuan 115,000/mt
Now does anyone think that we won't be involved in a bidding war for our supply?

I have never ever seen my buys as a sell? Maybe they are too big?

When Alexi dumped his shares and it dropped to 14p ish my guess caught some people out. They want back in at that price. That half an hour was sickening. Bounce is coming I'd say around there.

Surprised so far as to the lack of actual hard facts and figures not being bounded around. Almost as if this Lithium play is being kept under wrap?
This is so far down the line compared to others.
Licence will unlock its potential.

I'm trying my hardest.

Added another £12.7k as I feel the longer this goes on holding at this level the greater the rise on licence and jv. Boom times are a coming!

I just heard the scribbling of a pen on paper..

I think sentiment will push this further than 1p.
I'll take 4p

At least you spelt it correctly.

Wasn't that Ghostbusters? Lol

Better still learn more about these so called Islamizts??

If China's mining industry is rolling out the infrastructure imminently. I guess that is good enough for me.

I also might add, being dropped on from the yanks constantly.

No doubt here. My share holding speaks for itself.

Well I was looking at the Princess F45. I will put that on hold for now then.

Are we thinking we can get the hop on the licence being granted before an official RNS? Feels like Russia. Lol

All done and dusted? Big Monday coming?

Just getting ready for the Lithium Boom!