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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Tianqi Lithium Corporation    002466   CNE100000T32

TIANQI LITHIUM CORPORATION

(002466)
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Tianqi Lithium says no cash flow improvement as debt clock ticks

11/13/2020 | 06:44am EST

(Reuters) - China's Tianqi Lithium Corp said on Friday its financial situation has not improved in recent weeks as a major repayment deadline on a $3.5 billion loan looms and its application to adjust the terms is still under review.

Chengdu-based Tianqi Lithium, one of the world's biggest producers of the commodity used in electric-vehicle batteries, is due to make a $1.88 billion payment at the end of November on a syndicated loan led by China Ciitic Bank, which was taken out to buy a stake in Chile's SQM in 2018.

"Although the company has formally submitted an application for adjusting the structure of the loan terms to the syndicate, it is currently still under review," Tianqi said in a Shenzhen Stock Exchange filing.

China Citic Bank did not immediately respond to a request for comment.

Tianqi has posted losses for five consecutive quarters following a slump in lithium prices <AM-995C-LTCB> and warned in late September there was a risk it could default.

Six weeks on, Tianqi said its cash flow and tight liquidity have "not substantially improved", and reiterated its earlier warning that its production and operations could be severely impacted if it cannot repay on time.

It also said it was still working on bringing in strategic investors to ease its liquidity problem but nothing binding has been signed.

A collapse of Tianqi, which has a stake in Australia's Greenbushes mine and counts battery makers LG Chem and Northvolt AG among its customers, would rock a lithium sector that has already seen Australia's Altura Mining go into administration this quarter.

The Perth-based producer was hit by persistent low lithium prices amid oversupply, exacerbated by a drop in demand brought about by the coronavirus pandemic.

(Reporting by Tom Daly, additional reporting by Leng Cheng; editing by Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTURA MINING LIMITED 0.00% 0.07 End-of-day quote.0.00%
CHINA CITIC BANK CORPORATION LIMITED 2.34% 3.5 End-of-day quote.6.38%
CITIC LIMITED -0.99% 5.98 End-of-day quote.8.93%
CITIC SECURITIES COMPANY LIMITED -0.07% 30.18 End-of-day quote.2.65%
LG CHEM, LTD. -3.07% 979000 End-of-day quote.18.81%
LG CORP. -2.30% 106000 End-of-day quote.21.14%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.30% 2477.41 Real-time Quote.1.63%
SOCIEDAD QUÍMICA Y MINERA DE CHILE S.A. 0.76% 34259 End-of-day quote.35.70%
TIANQI LITHIUM CORPORATION 9.99% 59.76 End-of-day quote.52.18%
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Financials
Sales 2020 3 164 M 488 M 488 M
Net income 2020 -1 389 M -214 M -214 M
Net Debt 2020 24 844 M 3 834 M 3 834 M
P/E ratio 2020 -65,8x
Yield 2020 -
Capitalization 88 271 M 13 623 M 13 622 M
EV / Sales 2020 35,8x
EV / Sales 2021 27,1x
Nbr of Employees 1 851
Free-Float 58,8%
Chart TIANQI LITHIUM CORPORATION
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Technical analysis trends TIANQI LITHIUM CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 32,25 CNY
Last Close Price 59,76 CNY
Spread / Highest target -24,7%
Spread / Average Target -46,0%
Spread / Lowest Target -79,3%
EPS Revisions
Managers and Directors
NameTitle
Wei Ping Jiang Chairman & President
Jin Yan Chairman-Supervisory Board
Jun Zou Chief Financial Officer & Director
Qing Yang Member-Supervisory Board
Shi Fu She Member-Supervisory Board
Sector and Competitors