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Lithium aims for $1 billion HK IPO as it looks to repay SQM debt","tianqi-lithium-aims-for-1-billion-hk-ipo-as-it-looks-to-repay-sqm-debt","article/tianqi-lithium-aims-for-1-billion-hk-ipo-as-it-looks-to-repay-sqm-debt",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":655,"featured":51,"reporter":656,"_editable":660,"component":661,"seo_title":553,"categories":662,"visibility":668,"author_company":49,"featured_image":669,"seo_description":655,"author_full_name":49,"author_job_title":49,"formattedDate":674,"formattedArticleDate":675},"145869e7-5c10-43a6-bd79-93fe46bf0558","2022-06-21 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":571,"content":572},"doc",[573,580,585,590,595,600,605,610,615,620,627,632,641,646],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"Chinese lithium producer Tianqi Lithium is looking to raise $1 billion in a Hong Kong listing, as it looks to capitalise on strong lithium pricing to repay $1.13 billion of debt taken on to acquire a stake in rival SQM.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"The Chengdu-based producer got approval for its listing from the Hong Kong stock exchange this week, according to a notice on the exchange’s website.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"The listing will help Tianqi repay the remaining debt used to fund its $4 billion purchase of a 23% stake in SQM in 2018, and also allow it to build a lithium carbonate plant in Suining in Sichuan province, according to the listing prospectus.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"Tianqi borrowed $3.5 billion from banks led by China’s Citic Bank to pay for the acquisition, leaving it struggling to pay its debts as lithium prices fell the following year.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"Last year Tianqi sold a 25% stake in the Greenbushes lithium mine to Australian miner IGO, as well as a 49% stake in its Kwinana lithium hydroxide processing operations.",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":579},"In May Tianqi secured and then drew down a RMB 600 million ($90 million) credit line for repayment of the SQM debt, backed by shares and its exploration rights for the Yajiang Cuola lithium mine.",{"type":574,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":579},"The total remaining debt is $1.13 billion under the facility, which is expected to be fully repaid by the IPO, Tianqi said.",{"type":574,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":579},"Tianqi defended the SQM purchase in its IPO document, however, calling it “strategic.”",{"type":574,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":579},"“From a strategic perspective, we believe that our investment in SQM will strengthen our ability to capitalize on the strong growth prospects of the lithium-ion battery and EV markets,” it said.",{"type":621,"attrs":622,"content":624},"heading",{"level":623,"textAlign":49},4,[625],{"text":626,"type":579},"High lithium prices",{"type":574,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":579},"The listing comes after Chinese battery-grade lithium carbonate prices rose over 400% over the past year. In the first quarter of the year Tianqi reported that its net profit rose by 1,443% from a year earlier to 3.3 billion RMB.",{"type":574,"attrs":633,"content":634},{"textAlign":49},[635,637,639],{"text":636,"type":579},"Tianqi supplies “",{"text":638,"type":579},"three of the five ",{"text":640,"type":579},"largest manufacturers of large-cell lithium-ion batteries in the world,” according to its IPO prospectus. ",{"type":574,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":579},"The IPO will allow Tianqi to progress on its lithium carbonate plant in Anju district in Suining after years of delay. The plant is expected to have a capacity of 20,000 tonnes a year of lithium carbonate. In May the mayor of Suining visited the site of the project to inspect progress.",{"type":574,"attrs":647,"content":648},{"textAlign":49},[649,651,653],{"text":650,"type":579},"Along with expansion ",{"text":652,"type":579}," at its ",{"text":654,"type":579},"Tongliang plant in Chongqing, Tianqi aims to be able to produce over 110,000 tonnes a year of lithium compounds, it said. ","Chinese lithium producer Tianqi Lithium is looking to raise $1 billion in a Hong Kong listing, as it looks to capitalise on strong lithium pricing to repay $1.13 billion of debt taken on to acquire a stake in rival SQM. The Chengdu-based producer got approval for its listing from the Hong Kong stock exchange this […]",[657],{"slug":562,"name":563,"content":658},{"job_title":565,"image":659,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"145869e7-5c10-43a6-bd79-93fe46bf0558\", \"id\": \"\"}-->","article",[663,666],{"slug":664,"name":665},"critical-minerals","Critical Minerals",{"slug":667,"name":8},"lithium","private",{"id":49,"alt":670,"name":670,"focus":670,"title":670,"source":670,"filename":671,"copyright":670,"fieldtype":672,"meta_data":673,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/0adcd12239/bm-greenbushes-e1655831404108.jpg","asset",{"alt":670,"title":670,"source":670,"copyright":670},"Jun 21, 2022","21st June 2022",[],[],1792773926107]