Tianqi Lithium Corporation (09696.HK) announced on October 30th that from July to October 2024, after reviewing the project budget and progress, the board of directors of Wealthfield intends to adjust the overall budget of the Talison Phase III chemical-grade lithium concentrate expansion project to 0.8813 billion Australian dollars (equivalent to approximately 4.127 billion yuan based on the RMB exchange rate published by the China Foreign Exchange Trading Center on October 30, 2024).
According to calculations, the total investment amount of this transaction reached the board's approval standard over the twelve consecutive months. On October 30, 2024, the 17th meeting of the 6th Board of Directors was held, and it passed the resolution "Regarding Approval of the Motion to Increase Investment in the Talison Phase III Chemical-Grade Lithium Concentrate Expansion Plan", agreeing for Wealthfield to increase its investment in the Talison Phase III chemical-grade lithium concentrate expansion project.
As of the end of September 2024, approximately 0.611 billion Australian dollars have been invested in the Talison Phase III chemical-grade lithium concentrate expansion project. By the date of this announcement, the dry section of the Talison Phase III chemical-grade lithium concentrate expansion project is nearing completion, the structural steel installation in the wet section is in progress, and subsequent machinery, pipeline, and other installation works will follow.
Currently, the chemical-grade lithium concentrate required for the company's lithium chemical products production bases both domestically and internationally is sourced from Talison, a wholly-owned subsidiary of Wealthfield's controlling subsidiary, Greencastle Lithium Spodumene Mine. Wealthfield's increased investment in the Talison Phase III chemical-grade lithium concentrate expansion project will provide continuous and adequate raw material guarantees for the company's lithium chemical products production bases globally, helping to achieve efficient matching of production capacity and resources, enhance synergy in the industry chain upstream and downstream, and is expected to further increase the company's profitability.