Lithium-ion battery maker Ganfeng plans to expand its ore production and processing capacity to reach 200,000mt of lithium carbonate equivalent (LCE) annually by 2025, the Chinese company reported in its semi-annual report on Monday.
The company indicated that it was optimistic about the long-term development of the market for this material, which will allow it to expand its capacity to 600,000mt LCE per year.
To this end, the firm reported, it will not only seek new sources of the mineral but will also strengthen its lithium battery recycling business by building new facilities that allow it to recycle up to 100,000mt of batteries per year. More recently, Ganfeng acquired a controlling stake in Bacanora’s lithium project to expand its reach in the market.
Ganfeng informed that its revenue for the first six months of 2021 increased by 69.5pc, to CNY4.02bn ($622mn) from CNY2.37bn in the same year-ago period. Its gross profit in H1 2021 increased to CNY1.41bn compared to CNY461.7mn in the same period last year, while its net profit improved to CNY1.46bn compared to CNY157.48mn during the same period.