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    002466   CNE100000T32

TIANQI LITHIUM CORPORATION

(002466)
  Report
End-of-day quote Shenzhen Stock Exchange  -  2022-12-01
88.43 CNY   -1.48%
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Tianqi Lithium : China's Tianqi Lithium inches nearer to Australian stake sale close

06/21/2021 | 12:03pm EST

(Reuters) - China's Tianqi Lithium said on Monday it would close the sale of a stake in its Australian operations by June 30 after winning conditional approval on restructuring from Canberra and agreeing to split a possible tax bill with buyer IGO Ltd.

Heavily indebted Tianqi, one of the world's top producers of lithium chemicals used in electric-vehicle batteries, is pocketing a much-needed $1.4 billion from the sale, agreed in December, of 25% in the Greenbushes mine and 49% in the Kwinana processing plant in Western Australia.

The company said in a filing on Monday it had on June 9 received a so-called no objection notification from Australia's Foreign Investment Review Board on the internal transfer of Kwinana to Tianqi Lithium Energy Australia (TLEA), provided this complies with tax regulations.

Given the Australian Taxation Office may need a long time to decide whether the transfer is exempt from capital gains tax, however, Tianqi and Perth-based IGO - which is taking 49% in TLEA - have signed a tax-sharing agreement that will allow them to complete their transaction by June 30, Tianqi said.

Under the agreement, IGO will shoulder 49% of any tax bill up to a stipulated maximum amount, Tianqi said, without giving a value.

(Reporting by Tom Daly; Editing by Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
IGO LIMITED -0.49% 16.26 Delayed Quote.42.46%
TIANQI LITHIUM CORPORATION -1.48% 88.43 End-of-day quote.-17.36%
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Analyst Recommendations on TIANQI LITHIUM CORPORATION
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Financials
Sales 2022 36 879 M 5 254 M 5 254 M
Net income 2022 21 379 M 3 046 M 3 046 M
Net cash 2022 8 876 M 1 265 M 1 265 M
P/E ratio 2022 6,52x
Yield 2022 0,06%
Capitalization 140 B 19 963 M 19 963 M
EV / Sales 2022 3,56x
EV / Sales 2023 2,47x
Nbr of Employees 1 773
Free-Float 60,4%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 88,43 CNY
Average target price 133,55 CNY
Spread / Average Target 51,0%
EPS Revisions
Managers and Directors
Jun Zou Chief Financial Officer & Director
Wei Ping Jiang Chairman
Jin Yan Chairman-Supervisory Board
Ying Pan Independent Non-Executive Director
Chuan Xiang Independent Non-Executive Director
Sector and Competitors