HK Movers | Lithium Mining Stocks Rise; Tianqi Lithium up 4%; Zijin Mining and Ganfeng Lithium up 3%
HK lithium mining stocks rose in the morning trading on Friday.
Tianqi Lithium rose 4%; Zijin Mining and Ganfeng Lithium rose 3%.
Lithium prices jumped 4% to three-month highs on Thursday after China's Zangge Mining said it suspended lithium production at its facility in Qinghai province following directives from local government officials.
Zangge, which is majority owned by ZIJIN MINING, received a notice from Haixi prefecture authorities demanding an immediate stop to non-compliant mining activities, according to the report, citing a Shenzhen exchange filing that did not disclose the specific reasons for non-compliance.
Production, which was forecast to hit 11K metric tons of lithium carbonate this year, can only resume with local government approval.
"Since it is not yet possible to determine the specific time of Zangge Lithium's resumption of production, the impact on the company cannot be predicted for the time being," the miner said.
The uncertainty has contributed to volatility in the lithium market, lifting the most actively traded lithium carbonate futures contract on the Guangzhou futures exchange to nearly a three-month high following news of the production halt.
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