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Investing.com -- Shares of Chinese lithium producers rose sharply on Monday after Contemporary Amperex Technology (SZSE:300750), the world’s largest maker of batteries for electric vehicles, suspended a major mining project.
CATL announced that its license for a mine in Yichun, Jiangxi, had expired on August 9, leading to a production suspension at the site.
The company stated it will resume operations after its license is renewed and assured there would be no material impact on its overall operations.
The news sparked expectations of reduced lithium supply and potential price increases, driving lithium producers’ shares higher in Hong Kong trading.
Ganfeng Lithium (HK:1772) surged 20% by midday, while Tianqi Lithium shares jumped 15%. In Shenzhen, Chengxin Lithium Group saw its shares climb 10%.
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