Spiraling Sales and Prices Drive Lithium Giant to $101 Million Loss

Tianqi Lithium Corp., one of the world’s biggest lithium producers, recorded a net loss of 697 million yuan ($101.7 million) in the first half due to a steep fall in sales and prices, as well as the dire performance of the Chilean mining company in which it holds a stake.

Tianqi’s revenue dropped 27.44% to 1.88 billion yuan compared to the same period last year due to the Covid-19 fallout, swinging from a 193.4 million yuan profit in the first half of 2019 to a net loss of 696.6 million yuan, said an interim report filed to Shanghai Stock Exchange on Monday.