Six lithium mining companies release financial reports!

Although Chinese lithium enterprises have secured mining and operating rights to the majority of the world’s lithium resources, the upstream materials segment is the first to be impacted amid significant industry volatility, causing the financial performance of related companies to decline repeatedly. In 2024, lithium prices trended downward overall. Moreover, a new round of tariffs imposed this year has further chilled lithium mining firms, casting a shadow over an otherwise promising new-energy sector. Looking back on 2024, the financial health of leading lithium mining enterprises can be gleaned from their annual reports. 01 Analysis of Financial Reports from Six Lithium Companies Ganfeng Lithium Ganfeng Lithium’s 2024 annual report shows revenue of approximately RMB 18.9 billion, down about 42.6% year-on-year; it reported a loss of approximately RMB 2.07 billion, a decline of about 141.9% year-on-year, shifting from profit to loss. Ganfeng Lithium stated that the global lithium salt industry underwent profound adjustment in 2024. Changes in supply-demand dynamics and market volatility for lithium products led to falling sales prices for lithium salts and lithium-ion batteries, resulting in a year-on-year decline in operating performance. However, from the perspective of revenue composition, lithium battery-related business now accounts for 30% of total revenue. If the company can sustainably generate profits from lithium battery products, it may establish a second growth curve. Regarding projects: as of the date of the annual report’s disclosure, the Fengcheng lithium hydroxide project is ramping up production capacity; the Sichuan Ganfeng lithium salt project is nearing commissioning; the Qinghai Ganfeng metallic lithium project is also approaching commissioning; Phase I of the Goulamina spodumene project has officially commenced operations; the Cauchari-Olaroz brine project is steadily ramping up production capacity; and Phase I of the Mariana project began official operations in early 2025. Despite poor financial results, actual project execution remains unaffected. Tianqi Lithium Tianqi Lithium’s 2024 revenue totaled approximately RMB 13.06 billion, down about 7.7% year-on-year; it reported a loss of approximately RMB 7.9 billion, shifting from profit to loss. Tianqi Lithium attributed its performance changes to the following factors: (1) declining lithium product prices coupled with pricing mechanism mismatches; (2) reduced earnings from key associate Sociedad Química y Minera de Chile S.A. (SQM), along with the latest outcome of a tax litigation case, which decreased net profit; (3) increased asset impairment losses; and (4) increased foreign exchange losses. Tianqi Lithium has not expanded downstream but continues focusing on two core segments—lithium mining and lithium compounds & derivatives. Nevertheless, last year, sales volume in the chemical raw materials and chemical products manufacturing segment—which primarily includes lithium salts—rose 81.46% year-on-year to 102,800 metric tons, indicating robust underlying demand. Regarding projects, the Greenbushes lithium mine operated by its subsidiary Talison…

Minerals Technologies Inc. (MTX.US): Q4 2021 financial report shows revenue of USD 476.9 million

Minerals Technologies Inc. (MTX.US): Its Q4 2021 financial report shows revenue of USD 476.9 million, compared to USD 431.8 million in the prior period and an expected USD 488.9 million—2.45% below market expectations. Earnings per share (EPS) were USD 1.25, versus USD 1.08 in the prior period and an expected USD 1.21—3.31% above market expectations. Company profile of Minerals Technologies (MTX.US): Minerals Technologies is a resource- and technology-based company that develops, manufactures, and sells a broad range of mineral, mineral-based, and synthetic mineral products. It operates through four business segments: Performance Materials, Specialty Minerals, Refractories, and Energy Services. The Performance Materials segment supplies bentonite and bentonite-related products, chromite, and siderite. The Specialty Minerals segment produces and sells synthetic mineral products—including precipitated calcium carbonate—and processed mineral products such as quicklime; it also mines, processes, and sells natural mineral products, primarily limestone and talc.

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