Tianqi Lithium (SHE:002466, HKG:9696) has decided to cease the construction of a lithium hydroxide project in Australia, according to a Hong Kong stock exchange filing on Thursday.
This company expects a substantial asset impairment of approximately 1.41 billion yuan in 2024. This impairment will be attributed to the construction in progress and right-of-use assets related to the halted project.
The Australian lithium hydroxide project, launched in 2017, was designed to produce 24,000 tons of lithium hydroxide monohydrate annually. The estimated investment for the project was AU$328 million.
Both Tianqi's Hong Kong and Shenzhen shares fell over 1% in recent trade.
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