Welcome to the world of China’s lithium auctions, where vast numbers of bids are placed, firms end up spending over a thousand times the opening price, and buyers promising hundreds of millions of dollars have walked without paying. China is the biggest producer of electric vehicles and lithium is a…
Welcome to the world of China’s lithium auctions, where vast numbers of bids are placed, firms end up spending over a thousand times the opening price, and buyers promising hundreds of millions of dollars have walked without paying.
The auctions will be closely watched after heated competition drove up the price of two mines in neighboring Sichuan in August. A unit of Inner Mongolia Dazhong Mining Co. won the rights to the province’s Barkam mine with a winning bid of 4.2 billion yuan , which was over 1,300 times the starting price. The auction drew more than 11,000 bids.
But even if some of the drama surrounding the auctions seems concocted, it shouldn’t mask Beijing’s serious intent when it comes to marshaling the resources necessary to feed its world-leading electric car and battery industries. Some Chinese firms that have expanded their global footprint— snapping up resources from Argentina to Zimbabwe—have started to meet setbacks due to political tensions and resource nationalism. In recent weeks, Ganfeng Lithium Group Co.’s joint venture in Mali was ordered to suspend some operations while nine of its lithium concessions were canceled by Mexico. Last year, Canada ordered three Chinese companies to divest stakes in firms listed in Toronto under tougher rules for foreign investment.
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