Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Southern China’s iron ore miner Hainan Mining plans to invest $164mn in a new lithium hydroxide plant in Dongfang, Hainan. 


According to media reports, the plant will aim to produce 20,000mt of the material, supplying to the electric vehicle (EV) battery market, which continues to grow at a staggering pace. 


Hainan Mining stated that its proximity to Australia would be a key factor in procuring spodumene, an important lithium-rich raw material. Reports also detailed that Hainan had a logistical advantage over Jiangxi and Sichuan, the top lithium-producing provinces in China. The project’s construction will be completed within the next 18 months. 


In related news, the company’s operating profits increased by 3000pc in H1 2021, owing to record-high iron ore prices this year, due to production issues in Brazil. 

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