NEV battery demand surge leads to big expectations for lithium miners

Chinese lithium miners are expecting to officially report strong financial performances for the first half due to increasing demand and rising raw material prices.

Shenzhen-listed Tianqi Lithium, based in Chengdu, capital of Sichuan province, estimated its profit for the first six months would reach a range between 9.6 billion yuan ($1.4 billion) and 11.6 billion yuan, a year-on-year increase of 11,089.14 percent to 13,420.21 percent.

The company said the profit surge was due to the expansion of production capacity of lithium-ion battery manufacturers buoyed by the increasing demand for new energy vehicles on a global scale.