Chinese players in the lithium ore hunting field

On July 4, 2018, a white -haired man walked out of the gate of Qingpu Prison in the western suburbs of Shanghai. He was Ho Shitai, the chief representative of Rio Tinto, a global mining giant in Shanghai.

On the morning of 8 years ago, Hu Shitai was arrested in his own villa, and then the case handler searched his office in Xintiandi, and found the procurement plan, inventory cycle, production arrangement of dozens of Chinese steel companies in the computer ... … Even the minutes of the internal meeting of the Chinese negotiating group [2].

The secrets were confidentially transported by Hu Shitai to Lito's iron ore negotiating team, and then transformed into a "advantage" on the negotiating table. In the age of the soaring resources, this "advantage" allowed China The additional hundreds of billions of losses have also been undertaken, and Rio Tinto, who is seeing the cards, earn a lot of money.

Interestingly, after Ho Shitai and three colleagues pleaded guilty, Rio quickly fired them and hired a Feng Shui division to redo the Shanghai office to continue making money in China.

At that time, Lang Xianping, who had not yet turned over the car, rely on the Chinese Iron and Steel Factory's dependence on imported iron ore compared to addiction to opium [2]. The passive situation of iron ore negotiations made many steel mills realize that "there is a mine is uncle". After 2009, domestic steel plants in China began to collect mines collectively abroad, but it was too late.

Hu Shitai was released after 8 years of sentence in prison and disappeared from the public vision. But in the past 8 years, China's demand for resource products has continued to soar. To this day, we import $ 25 billion in oil, $ 180 billion in iron ore, $ 60 billion in copper ore, $ 50 billion in natural gas, and countless resources.

In the wave of half of the Menjiev cycle table in China, it is finally the turn of lithium.

As a large consumer electronics and automobile manufacturing country, China needs to import the lithium ore every year. The emotional big V Ren Zeping moved out of the previous car on Weibo: "Global lithium resources are mainly distributed in South America, Australia and other places, which may lead to domestic money and money. They have been earned by foreign miners, and we have eaten this loss in the iron ore era. "

In the iron ore era, China has missed good opportunities many times. A long -term research expert with overseas mining and "Yuanchuan Automobile Review" recalled: "We have the opportunity to invest in BHP in 1992 (the predecessor of Bipyito). In 2005 In 2009, China Aluminum had the opportunity to invest in Lituo, but in the end, they ended in failure. "

The soft constraints of upstream resources have been affected to now. Last year, the net profit of all the listed steel companies in China added 119.2 billion yuan, an increase of 80%year -on -year, creating historical records, and such a reflux performance was not as good as the same period of the same period of the same period of the same period of Tamsui River Valley (224 One hundred million U.S. dollars).

Standing at the government and folk levels, China will never want the electric vehicle industry to repeat the same mistakes of the steel industry. One of the purpose of developing new energy vehicles is to change the situation of 70%of China's oil dependencies. Then the "curve overtaking" will become a slogan of limited meaning, and even make a wedding dress for others.

But at the reality level, it is extremely difficult to try to break the constraints with high upstream discourse industries.

In the first half of this year, China's new energy vehicle output exceeded 2.6 million vehicles, accounting for 60 % of the world's global, but no domestic electric vehicle company could be profitable except BYD. At the industry summit, he said that he was working for the Ningde era, but who did the Ningde era work?

Touring the source, the complaint of the car company was caused by the helplessness of the battery plant to the upstream lithium carbonate price increase. In the past year, Australian company Pilbara auctioned eight lithium concentrates, and the price increased from $ 1250 per ton to $ 6,350. It has risen 500%, but even so, the spot of lithium carbonate is still difficult to find, and even the slag has taken lithium lifting.

As the lightest metal on the planet, lithium is never as important as it is now. In this historical drama of lithium -seeking, the Chinese were not absent and even rushed to the front, but just like Columbus looking for the new continent. This process was full of stormy waves and twists and turns. Pity.

01

Pioneer: Anti -Passenger -based Sichuan native

GreenBushes is a small town in the southwestern Australian corner, with a population of only 365 in 2021.

Driving north for half an hour here is PERTH, known as "the world's most lonely city". Although this place has beautiful coastline and beaches, and the warm and dry Mediterranean climate in winter, it is the sea to the west. To the east is the desert, there are no big cities within 2,000 kilometers around, like a remote and quiet, no disturbance corner on the earth.

However, under the area of ​​GreenBushes town, a giant Weijing rock mining bed formed 2.5 billion years ago and 3 kilometers ago. There is no one of the highest galmel mines, and its output of spale pyrone once accounted for 60%of the world.

High -grade pyroex needs to be crushed, separated, concentrated, deepened, floating, thickening, and filtering, and finally obtained chemical lithium concentrates. In the GreenBushes mining area, the two processing plants and tailings of the processing factories and tailings built in 1985 and 2017 continued to operate to transport high -quality lithium concentrates to the world. The third larger processing plant is under construction. Its owner and the largest customer are a Chinese company called Tianqi Lithium.

Not only that, in the Kwinana district in the southern suburbs of Perth, a world -class lithium hydroxide factory belonging to Tianqi Lithium has also been basically completed. The lithium concentrate produced by GreenBushes mining area is continuously delivered to this 7/24 hours of full automatic factory, and then processed into a lithium hydroxide directly purchased by a battery company. The annual production capacity is as high as 48,000 tons. The processing cost is expected It is the lowest in the world.

There are many players who dare to risk global adventure. In the iron ore era, Hunan Hua Ling Iron and Steel invested 950 million US dollars in 2009 to copy Australian mining companies FMG, holding 17.4%, and then FMG rose to the world's fourth largest iron ore producer, Hua Ling was generous. In the lithium script, Tianqi Lithium in Sichuan and his head Jiang Weiping became a new "masterpiece".

Jiang Weiping, a native of Suining, Sichuan, was admitted to the Sichuan Academy of Agricultural Machinery (now Xihua University) in 1977. After graduation, he worked in a state -owned machinery factory and system. In 1997, Jiang Weiping, 43, started a business and started a mineral import and export business. Among his customers, he included a state -owned lithium processing plant in Sichuan Hanghong.

The business of Boss Jiang is essentially moving resources, and the only source of handling is Tailison, Australia, which has GreenBushes lithium mines and will make him dream in the future.

In 2004, Jiang Weiping acquired a poorly operated Shijiahong Lithium Processing Factory and was renamed Tianqi Lithium Industry. At that time, the factory was in a bad situation. Fortunately, with the penetration rate of 3C lithium batteries increased, Tianqi Lithium quickly turned to profit and landed on the A -share small and medium -sized board in 2010.

After listing, Tianqi can only be counted as small companies in A shares, with income of 30 to 400 million and profit of 40 million. This kind of life seems to be quiet. Until the early morning of August 23, 2012, Jiang Weiping saw the news of Lockewd, the world's second largest lithium resource company in the world to acquire Tylesen. Essence

Rockwood has a number of lithium resources around the world, including the Atacama Salt Lake in Chile, and the latter is the highest quality and minimum salt lake in the world. Once the acquisition is successful, Lockewood's right to speak has suddenly increased, and it may even "snow collection" GreenBushes mine in the lithium industry's trough period, the shrinkage supply for price increase.

Zou Jun, the CFO of Tianqi Lithium, later recalled to the reporter of "Caixin" [6]: "We judge that Lockewood will not be out of stock immediately after the acquisition of successfully, but it will definitely make you uncomfortable."

Rockwood is confident for this acquisition. On the one hand, Tyriseon's company is more than enough each year. On the other hand, the quotation of $ 6.5 per share is 53%from the previous trading day. Essence

Jiang Weiping and Tylesen dealt with each other all year round, knowing each other well. When Tyllison was about to be sold in February 2012, he originally planned to buy stocks in installments [6], hoping to obtain control step by step through this steady "civilization" method, but Americans' "lightning war" played Jiang Weiping was caught off guard.

And Rockwood is the most jealous of Jiang Weiping. At that time, Tianqi was the largest customer of Tylesen, accounting for 40%of the total revenue. Therefore, before the invitation of mergers and acquisitions, Lockewood executives went around in China and visited almost all large lithium companies. Only Tianqi [5] was worried about leaking the wind.

At the moment of life and death, Jiang Weiping quickly set up the determination of "interception" and formed a consultant team for the first time. Tianqi hired the Australian investment bank Redbridge Grant Samuel, while Rockwood, opposite, hired a well -known investment bank Lazard. Tylerson had Macquarie Capital to serve.

All three parties opened the posture and played each other, and the biggest problem in front of Jiang Weiping was lacking money.

If you want to intercept Hu's success, Tianqi Lithium must prepare at least 5 billion cash, which is equivalent to one -tenth of Suining's GDP, and the time left for him was only three months. The annual revenue is only 400 million, and the total assets of the entire group are only 3 billion.

The external environment is not optimistic. At that time, China's new energy vehicle sales were only 12,000. The value of lithium was not fully valued. When the industry prospects were very unknown, where did Jiang Weiping find so much money? At the beginning, Tian Qi set her sights on overseas PE, but because the trading terms were very harsh and helplessly gave up.

At this time, a company named Leader Investment appeared. It was named unknown. The registered capital in the country was only 100,000 yuan, but its only shareholder was the famous: China Investment.

02

Evaphien: The child who fell into the pond

If you search for "CIC International" in the enterprise check or Tianyan, you will find that it has more than 30 100%holding subsidiaries.

The names of these subsidiaries have both Chinese and Western characteristics, such as "Sisyro", "Aurian", "Zhelian", "Sinking", etc., and few people have heard their names in the domestic investment circle. In fact, they are all products after China Investment's "separate" reform in 2011. Each company may play the role of the funding platform in certain transactions.

And at the critical moment to help Jiang Weiping is one of them. In fact, CIC Overseas Energy Team has been in MAPPING for a long time for the global mineral resources, and has previously investigated the GreenBushes lithium ore. However, because of identity, it seems that it is a better choice for CIC to acquire Terrison alone.

So he received the top -level support Tianqi Lithium, and began a shocking "snake swallowing" operation.

In order to avoid grass and snakes, Tianqi Group set up a grandson company "WindField Holding" in Australia through a subsidiary in Australia, and then started in the secondary market every day from the National Day in 2012. Buy a small amount of Terrison's shares until it holds 19.99%.

On the other side, Tianqi Lithium actively communicated with departments at all levels to strive for a series of customs clearance documents required for multinational mergers and acquisitions [7]. After reporting to the relevant departments, Tianqi Lithium industry got the "small road" of the Sichuan Development and Reform Commission for more than a week, and then got the "big road" of the National Development and Reform Commission in November.

Immediately after the board of directors, Tian Qi denied Lockewood's acquisition plan with 19.9%of the shares, and then turned to throw a higher price. At this time, Lockewood, who was wealthy, insisted on the original offer. In the end, Tian Qi's plan was recognized by the Board of Directors and successfully acquisitions.

After this battle, Tianqi occupied a place on the global lithium resource map, and the boss Jiang would no longer be troubled by the nightmare of "stuck neck".

The significance of this acquisition has not yet shown its importance. In 2013, China's new energy vehicle industry did not improve compared to the previous year. The sales volume was only 17,000 units. Although Tianqi won the Tylesen, the lithium price has basically not risen. Although Jiang Weiping has mastered the core assets, at the same time With heavy debt.

Rockwood also seemed to see Tian Qi's difficulties. In 2013, the chairman of Lockewood met Jiang Weiping in Singapore [8]. When the wine was happy, the other party proposed to buy 49%of the shares of Tylesen in a premium. This offer made it difficult for Jiang Weiping A considerable amount of debt can also allow CIC to withdraw smoothly, which can be described as two arrows.

"In addition to selling 49%of the equity to Lockewood at that time, Tianqi also mortgaged another 51%of the equity to the other party for re -financing. If Tesla entered China in 2014, it refreshed the domestic market's knowledge of electric vehicles. After driving the entire market, Tylesen may be 100%American. "A person familiar with the matter revealed.

CIC used this opportunity to withdraw the list of shareholders.

Standing now, the significance of Tianqi's transaction to the Chinese automobile industry is not as good as Geely swallowed Volvo, because technology and brands can settle through time, but mineral competition is a 100 % zero -sum game. In the current geographical environment, this world -class resource acquisition has almost no longer possible.

Boss Jiang became more brave, and soon put his eyes on another lithium resource giant, Chile SQM. SQM has the ATACAMA Salt Lake in Chile. It is one of the "three lakes and one mine" in the lithium resource industry. Lithium carbonate equivalent exceeds 45 million tons [9]. The reserves and mining costs are superior to GreenBushes lithium mines.

There are two ways to obtain lithium compounds, one is lithium raising from the ore, and the other is lithium lifting from the salt lake. The former is mainly concentrated in Australia, and the latter is mainly concentrated in South America. SQM's Atacama Salt Lake is the largest lithium salt lake in the world. It is known as the "diamond on the crown" and will naturally be remembered by Boss Jiang.

In May 2018, while selling SQM's major shareholders, Tianqi increased its holdings of 23.7%of SQM companies on the basis of the original 2.1%equity, becoming the second largest shareholder, with a total transaction price of US $ 4.266 billion. Tianqi carried a huge debt of $ 3.5 billion for this, and the annual interest exceeded 1.5 billion yuan.

Jiang Weiping, the founder of Tianqi Lithium, and Wu Wei, former president, 2019

This is the huge debt, which almost made Jiang Weiping's hard work for half a life.

As we all know, when any industry, when the Chinese people pour in crazy, it means that the excess is not far from the excess capacity. Because the upstream expansion is too fierce, and the demand for downstream electric vehicles is sluggish, the price of lithium carbonate global lithium carbonate has been diarrhea after 2018, from a maximum of 180,000 yuan per ton to more than 40,000 yuan before the epidemic in 2020. Many miners and lithium salt factories fall The bankruptcy closed, Tianqi Lithium lost 5.98 billion yuan a year, and there was nothing left in the bottom of the pants.

The sluggish market also completely disrupted Jiang Weiping's plan. When the SQM was first acquired, Jiang Weiping planned to repay debts through the listing of Hong Kong stocks, but because of the lower lithium prices affecting the company's valuation, Jiang Weiping had to recruit Talison in 2012 when he acquired Talison in 2012 In the same way, I embarked on a trip around, but unfortunately, this time, there was no "white knight" in China that he was willing to pull the sky. When Tianqi was in trouble, it was also the time when the global lithium mine resources were "squat" on the eve of the outbreak. What is sighing is that only few people seize the opportunity to get on the car.

03

Missing: How to get wasting the opportunity to get on the car

It is also called "strong gambling". Ningde's Zeng Yuqun and Tian Qi's Jiang Weiping dare to gamble, but at least Zeng Yuqun did not have the willingness to bet at the time of the latter.

In 2020, Tianqi Lithium, who was in a huge loss, originally hoped to find a suitable strategic investor, so that there was no need to change the seller's property. According to legend, Jiang Weiping has negotiated with many giants, including medium -colored groups, Ministry of Field Group, Sichuan capable, and the world's largest lithium resource demand in Fang Ningde [10], but it has no following.

No one is willing to help in China. In fact, Jiang Weiping's style of "gambling is too strong" has scared a lot of potential investors, and he has left a "high -level reduction, low position increase" in the A -share market. One of the conditions for the giant is that Jiang Weiping must go out.

In Ningde's era, it may be related to its attitude towards lithium. In the Ningde era, the price increase was only a short -term phenomenon, and the lithium that was recycled for a long time was enough. In 2022 after the lithium price skyrocketed, Zeng Yuqun was still emphasizing at the Global Power Battery Conference: "Mineral resources are not the bottleneck of industrial development."

A person close to the Ningde era revealed: "There was only one person responsible for mineral investment in Ningde Times in 2017, and there was no subordinate, and the main concern was cobalt with less reserves." However, the current cobalt price is the peak of 2018 at the peak of 2018 Half of the period, but the price of lithium carbonate was three times the peak in 2018.

In the absence of no one, Jiang Weiping could only play the last card: put the baby's Greenbushes lithium mines on the shelf, and sell some of the equity of Tylesen.

At the end of 2020, Jiang Weiping, who had run out of strategic shares, A -share fixed increase, debt financing, etc., was forced to sell assets to Australian miners IGO, and the latter gave Tianqi $ 1.4 billion for debt repayment, and obtained Tali Tali to obtain Tali Mori Company's 24.99%equity and 49%stake in Western Australian lithium hydroxide factories.

Through this transaction, Tianqi avoided bankruptcy. After all, fat and water flowed to outsiders, which made many people in the industry feel a pity. A senior lithium mine expert said to "Yuanchuan Automobile Review": "This is like a child falling into the park water, but no one is willing to save him and watch him drowned."

The story similar to Tylerson was picked up by foreigners.

At the end of 2019, the price of lithium carbonate fell to 50,000 per ton. Many mines were suspended from emergency. Australian company Lake Resources could not afford the salary of dozens of miners. Some head lithium battery companies want to sell themselves, but there is no following.

In the end, Lake Resources contacted a domestic aluminum giant and proposed that $ 5 million in $ 18%of the equity. From now on, this is a rare opportunity for a thousand years, because Lake Resources has a salt lake in Argentina. 10,000 tons, the market value of tens of billions.

However, this transaction was rejected by the leader after a week. Three months later, the peak circuit turned, and Lake's technical supplier received a $ 20 million investment from the Gates Foundation and other institutions. After that, the price of lithium carbonate was heated back. Gradually got out of the ICU and got the long -term order of Ford Motor earlier this year.

In just two years, Lake Resources' stock price increased from 2.5 Australian per share per share to the highest time, up to $ 10,000, which was enough to regret the Chinese personnel who had participated in the negotiations.

In this round of lithium prices from 2018 to 2020, a large number of miners are in trouble. In August 2019, Alita's debt defaults and bankruptcy reorganization owned by the Bald Hills mine in the "Four Lakes and Seven Mines"; in October 2019, the Wodgina Mine under Yaibao announced the shutdown and maintenance, only two years since the production.

By October 2020, Altura, which owns the Pilgangora mine in the "Four Lakes and Seven Mines", was taken over. At this time, the lithium price rebounded was almost at hand. This fierce clearing, left gold in the deep valley of the cycle, but there are very few people who dare to pick up these blood chips.

When the lithium price started the super bull market a few months later, the person who failed to shot left a sorry for tears.

04

Follow the wind: Africa's "Gambling Stone" game

On June 17 this year, a CICC analyst live broadcast the Bikita Lithium Mine at the scene in Zimbabwe. This 4 and a half -hour online video conference attracted hundreds of investors. For another half a month, some media broke the BYD and bought 6 lithium mines in Africa. China Mining Resources $ 180 million to win Bikita Lithium Mine in Zimbabwe

For a while, Africa seemed to be a hot land for lithium ore gold gold, which was very different from the situation a few years ago.

In May 2016, in order to develop the Arcardia Lithium Mine in Zimbabwe in the Australian Lithium Corporation (PSC), they sent someone to find money in China. The person in charge of the company and other companies was rejected without exception.

"At the beginning, 20 million US dollars did not ask for it. When Arcardi wanted to sell in January last year, it had risen to $ 150 million. After that, the price was rising every week. In the end, it was sold to a friend who knew the mine at a price of $ 422 million. "A person familiar with the matter revealed.

After the second half of 2020, the price of lithium carbonate in China has recovered, and it has been accelerated crazy since 2021, which has made people in the domestic lithium batteries disturbing. Since then, the willingness to buy and mines in sea has become particularly strong, but when people open it, when people open it When the world map wants to find a mine, the geographical situation is no longer the same as before.

After 2020, the global situation has changed, and Australia's supervision of foreign investment has also become extremely strict, and the lithium resources of the three South America (Chile, Argentina and Bolivia) are almost divided by China, Japan, South Korea, and South Korea. To nationalize lithium resources, the three countries in South America must form a "lithium Park" news.

Looking at it, there are only African virgins that have not yet reclaimed.

Pei Zhenhua, the founder of Tianhua Chaoping, was the earliest person to "gambling stones" in Africa. The mysterious investor who entered the Ningde era in 2015 made a lot of money after the listing of Ningde, and in 2018 and Ningde Times A joint venture set up a "Tianyi Lithium Industry" for lithium carbonate to enter the upper reaches of lithium battery.

At the end of 2019, Tianhua Chaojing wanted to invest in Australian listed companies AVZ mining, but was rejected by the Australian regulatory authorities, but Pei Zhenhua did not give up. In early 2020, when the global epidemic was sluggish, AVZ's stock price fell to 4 Australian Australia. At the time, Pei Zhenhua successfully obtained a 9%of the listed company AVZ at the price of A $ 10.87 million, while the latter owns Africa's largest lithium mines Manono.

Two years ago, Manono, which reserves 400 million tons and lithium carbonate equivalent exceeding 15 million tons, did not ask for problems because of backward infrastructure and difficulty in transportation. The beloved fragrant, Gan Feng, Shengxin, Tianyi, and even Ningde era were shedding coins to grab the goods.

But for these hungry Chinese companies, Manono is not a stable happiness.

"Some Chinese people innocently think that MANONO's lithium can't be dug for 100 years. In fact, this is not the case. This mine is located in the inland of Africa and the transportation conditions are very poor. Building a 2 million tons of minerals per year is built next to the current price at least 200 million US dollars. Floating should be used for water, and electricity should be re -selected. These are all constraints. "The above -mentioned lithium mine experts said.

In addition, Manono was involved in a multinational equity lawsuit. The three parties were Chinese Zijin Mining, Australia's AVZ, and COMINIERERERERERERERERERE. Conclusion, but arbitration results may affect the production and sales agreement of the mines.

In addition to Manono, some large African lithium mines are also famous in the past two years, and almost all of them are clear Chinese backgrounds. Ganfeng won half of the shares of GOULAMINA. Bikita, Huayou Cobalt took over the ARCADIA in Zimbabwe, and Cumida invested in the Marili Bougouni, but in these mines, in addition to Bikita have been put into production, the fastest will be next year.

"Companies like BYD, Yahua and Shengxin come to Africa to engage in mineral conditions, but some insurance companies that can't hit the eight poles of lithium battery come to insert a kick, which is purely followed. It takes at least 3-5 years out of mines, and no one dares to guarantee whether lithium carbonate at that time can maintain the current high price. "The person in charge of a domestic mining consulting company told me.

On the road to buying lithium out of the sea, Tianqi is a vanguard. Ganfeng, Watma, and Jiangte Electric are the first batch of vanguard. The times are the main force followed by the main force. They are the protagonists of this drama, but not all.

At the edge of this curtain, there are many gold rushists who have dreamed of wealth overnight. For them, small mines scattered in the deep mountains of Africa are good opportunities to make fast money.

In March of this year, an investor spent 5 million yuan to buy a small mine in Nigeria. The quality of lithium is not inferior to Australia, much higher than China, about 3%to 6%. Double, after buying, I did not build a mining plant next to it. Because it took money to consume money, it directly hired local people to minimize, and then shipped directly to the port through motorcycles or small cars. In half a year, through this extremely primitive mining and transportation method, the investor has transported 4,000 tons of spindle pyroxia to return to China. At a price of about 8,000 tons, it has earned more than 300 million yuan. Cost, at least 10 million yuan in net profit.

In the past year, such a wealthy story has been continuously staged on this wild land. Many Chinese people come to Africa with millions or tens of millions of miles away. Workers, find ports, and find funds. In the fastest case, they can return the book one month. If there is a legal license, "ten times a year" is not a problem.

In some people's opinion, this kind of mining method that walks in the gray area is the same as picking up cornography twenty years ago, but in these golden rush guests, lithium is a white gold that symbolizes wealth. And this is also the most valuable lesson in the lithium battery industry from history.

05

end

A new energy vehicle requires about 30 to 60 kg of lithium carbonate or lithium hydroxide.

Lithium, a silver -white metal under this pure state, the content in the crust is 0.0065%. It used to be "Industrial MSG", and now it is "white oil". According to China's manufacturing capabilities in the field of new energy vehicles, China will inevitably consume most lithium mine resources around the world in the next decades.

Although China has 7%of the world's lithium resources, its quality is low, and basically it is located in remote areas such as Tibet and Qinghai. The basic supporting facilities are poor, the mining is difficult, and the ecology is fragile. For example, the largest spindle ore lying in Asia, located in Sichuan, has not yet achieved large -scale development for various reasons.

Going out to find lithium is an inevitable, and the future will be a normal state.

In the process, private adventurers made money by the "king of lithium ore", and individual bosses also made money. Players at the front desk were very lively, while the power behind the scenes was observed calmly, silently, silently, silently, silently, silent Land contribution. The interests of everyone are the same as the interests of the industry, and eventually the outbreak of amazing energy.

An industry constrained by resources, constantly trying to break free of restraints, start from low -end processing, accumulate profits, seize core resources along the industrial chain, or go down to the product research and development. In the end, you can have the first echelon in all links. Players, this is undoubtedly the most needed example to try to "change their lives".

China ’s lithium searching, wrapping the dreams and reality, suffering and desire, greed and struggle of each participant. It is an old thing and a new thing. It is also all narratives that this industry should have.

Reference

[1] Revelation of Rio Tinto: Recognize the spies around you, Xinmin Weekly

[2] Why is the blood of Chinese steel companies squeezed out of the mining giant? Nishimoto Shinkansen

[3] Rio Tuo's case caused China to lose 700 billion yuan, and the State Constitution Bureau

[4] Australian iron ore Fengyun recorded, Chinese entrepreneurs

[5] The business "lithium" thought of Jiang Weiping, the head of Tianqi Lithium,

[6] Tianqi intercept the acquisition war, Caixin.com

[7] Tianqi Lithium Overseas M & A project analysis and summary of the Cases Project Case, Zhonglun Vision

[8] The war of lithium, building a car review

[9] Tianqi "Gambling" Chile Lithium Mine, Caixin.com

[10] The embarrassment of "Lithium King", Caixin.com

Edit: Boss Dai

Visual design: Shu Rui

Editor in charge: Li Motian

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