Major News! Ganfeng Lithium Secures a Mega Overseas Lithium Mine

Editor/Liu Li Source/Tera Finance On the evening of November 10, Ganfeng Lithium (002460.SZ) issued a notice titled "Announcement on Progress Regarding the Joint Development of the PPGS Lithium Brine Project by Ganfeng Lithium and LAR." According to the notice, the Secretariat of Mining and Energy of Salta Province, Argentina, recently approved the Environmental Impact Assessment Report (hereinafter referred to as "DIA") for Phase I of the PPGS lithium brine project—marking a critical milestone for the project. Per the announcement, the PPGS lithium brine project plans to submit an application under Argentina’s Large-Scale Investment Promotion Regime (RIGI) to the Argentine government in the first half of 2026. Notably, the PPGS lithium brine project is actually a consolidated designation encompassing three separate brine projects: the PPG lithium brine project, the PG lithium brine project, and the Puna lithium brine project. Ganfeng International—the wholly owned subsidiary of Ganfeng Lithium—holds 100% equity in Lithea Inc., which owns the PPG lithium brine project. Located in Salta Province, Argentina, this project covers two salars: Pozuelos Salar (10,787 hectares) and Pastos Grandes (2,683 hectares). The Puna lithium brine project is owned by the Argentine local company Puna Argentina S.A.U. ("Puna"). Currently, Ganfeng International and LAR hold indirect stakes of 35% and 65%, respectively, in Puna. Due diligence reports indicate that the Puna project spans 10,952 hectares and possesses substantial lithium resource potential. Technical due diligence has been completed, but construction and operations have not yet commenced. The PG lithium brine project currently holds or has applied for mining and exploration licenses covering approximately 24,000 hectares. The project is wholly owned by Proyecto Pastos Grandes S.A. ("PGCO"). Ganfeng International holds an indirect 14.89% equity stake in PGCO. Given these highly complex ownership structures, Ganfeng Lithium and Lithium Argentina AG ("LAR") plan to integrate Millennial Lithium Corp. into a joint venture, injecting the PPG, PG, and Puna lithium brine assets into Millennial to jointly develop the Pozuelos–Pastos Grandes salar basin in Argentina.

Rules Change for Chinese Lithium Companies Going Global

Reporter/Wang Yajie An Argentine brine agreement signed at the end of August is still awaiting commencement of construction. In late August, Ganfeng Lithium—the industry leader in lithium production (002460.SZ)—disclosed that its subsidiary Ganfeng International had signed a series of definitive key agreements with overseas partner LAR (Lithium Argentina) concerning the integration of the PPGS lithium brine project (a consolidation of three Argentine brine projects). By merging the three brine projects onto a single platform, Ganfeng International will hold a 67% stake; the project is planned in three phases, with a total designed capacity of 150,000 tonnes per year of lithium carbonate equivalent (LCE). This agreement must clear the threshold to actual production—and the keys to unlock that door remain pending regulatory approvals and financing. At its mid-year earnings briefing on August 31, Ganfeng Lithium responded to investors, stating that project construction progress hinges on the successful closing of financing; once financing is secured, construction can commence immediately. Over the past month, Ganfeng Lithium has not been alone in expanding overseas. On August 24, Shengxin Lithium Energy (002240.SZ) announced that its board had approved proposals to invest in and build one 75,000-tonne-per-year lithium sulfate project each in Zimbabwe and Nigeria. Beyond expansion, on August 16, Hualian Holdings (000036.SZ) disclosed that its acquisition of the Arizaro brine project in Argentina had received a national security review notification from Canadian authorities. What is prompting enterprises to recommit is price dynamics and evolving regulatory frameworks. Lithium carbonate prices plunged below RMB 60,000 per tonne in 2025, rebounding to around RMB 150,000 per tonne in 2026. Meanwhile, Zimbabwe announced it would ban lithium concentrate exports effective January 1, 2027, mandating that companies establish lithium sulfate processing facilities within the country. Price recovery provides momentum; new regulations set higher entry barriers. A lithium enterprise executive currently advancing an overseas lithium project remarked: “Today, when selecting overseas lithium projects, we first assess whether they are feasible for implementation on the ground—only then do we evaluate resource quality.” From signing agreements to actual implementation, Chinese lithium companies’ overseas expansion is shifting gears. Overseas Expansion In late August, domestic lithium enterprises made consecutive overseas moves. According to preliminary research by the Economic Observer, on August 24 alone, two listed lithium companies disclosed overseas project developments: Ganfeng International—a wholly owned subsidiary of Ganfeng Lithium—signed a series of definitive key agreements with overseas partner LAR regarding the Argentine PPGS lithium brine project; Shengxin Lithium Energy disclosed plans to invest in and construct lithium sulfate projects in Zimbabwe and Nigeria, respectively. This round of overseas deployment is backed by rising lithium prices. In 2025, lithium carbonate prices briefly fell below RMB 60,000 per tonne, recovering to approximately RMB 150,000 per tonne by August 2026, and declining slightly to about RMB 140,000 per tonne since September. With prices rebounding, lithium enterprises’ financial performance has improved accordingly: Tianqi Lithium (002466.SZ) forecasted a first-half net profit attributable to shareholders of RMB 2.85 billion to RMB 4.25 billion; Ganfeng Lithium reported a first-half net profit attributable to shareholders of RMB 4.257 billion; and Shengxin Lithium Energy posted a corresponding net profit of RMB 1.012 billion. In the joint announcement with LAR, Ganfeng Lithium President Wang Xiaoshen stated that the two parties have collaborated in Argentina’s lithium sector for nearly a decade, cumulatively investing over USD 2 billion, with a shared vision to expand combined annual production capacity in Argentina to over 200,000 tonnes of lithium carbonate equivalent (including all projects already deployed by both parties in Argentina). Shengxin Lithium Energy’s strategy is to directly build smelting plants in resource-rich countries.

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