HK Stock Market Move | Tianqi Lithium Corporation (09696) falls over 8% again as Chile advances nationalization of lithium mines, company may see decreased profits from SQM.

Tianqi Lithium Corporation(09696) falls by over 8%, as of the time of publication, it has dropped by 8.44% to HK$50.45, with a turnover of HK$135 million. In terms of news, Tianqi Lithium Corporation lost in the lawsuit regarding the strategic partnership between SQM and the Chilean National Copper Corporation. The core lithium business of the Atacama Salt Flats will be majority owned by the Chilean National Copper Corporation, and will be consolidated by the Chilean National Copper Corporation from 2031. The nationalization of SQM will significantly reduce the profits that Tianqi Lithium Corporation receives from SQM. Tianqi Lithium Corporation stated in its announcement that once the above joint venture becomes effective, the future profits of SQM may decrease, which in turn may affect the investment returns and dividends that Tianqi Lithium Corporation receives from SQM, potentially leading to the need for the company to make impairment provisions for this investment.