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(Bloomberg) — A key Chinese lithium mine run by Contemporary Amperex Technology Co. Ltd. is preparing to reopen as soon as early next month.
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The battery maker has formulated a preliminary plan to restart its Jianxiawo mine by early December, according to people familiar with the matter, who declined to be named as they aren’t authorized to speak publicly. The company has asked suppliers and partners to ready equipment, chemicals and workers, they said, as well as notifying the refiners that draw feedstock from the mine.
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CATL’s preparations aren’t a guarantee that the mine will get regulatory approval. The people said the company’s schedule could be subject to change, and that they’re still awaiting sign-off from the authorities.
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CATL didn’t immediately respond to requests for comments. Calls to the natural resources departments of both Yichun city and Jiangxi province, where the mine is situated, went unanswered.
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The fate of Jianxiawo, owned by the world’s biggest maker of batteries for electric vehicles, has fixated the industry in recent months. Production at the mine was suspended in August after CATL failed to get an extension on an expired permit.
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The mine is expected to account for about 3% of global lithium production. The supply uncertainty, at a time of tighter government scrutiny of the sector, has fueled heightened volatility in prices of the battery metal. Earlier this month, CATL was told how much it should pay for the mining rights, a crucial step in the process that would allow Jianxiawo to restart.
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The lithium industry has struggled with a global glut, exacerbated by slowing demand for EVs, although prices have been boosted in recent weeks as the market becomes more confident in demand prospects from the energy storage sector.
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The most-active lithium carbonate contract on the Guangzhou Futures Exchange has jumped over 10% this month, topping 100,000 yuan ($14,000) a ton earlier this week. Bullish sentiment intensified after Ganfeng Lithium Group Co.’s chairman predicted prices could reach as much as 200,000 yuan next year, if demand grows more than 30%.
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