Bloomberg reported an increase in lithium prices after the closure of a large mine in China

Lithium prices have risen sharply after Chinese battery manufacturer Modern Amperex Technology Company Limited (CATL) suspended operations at a large mine. This was reported by Bloomberg on August 11.

It is noted that the shares of Tianqi Lithium Corp. In Hong Kong, jumped by 19%, Ganfeng Lithium Group Co. — by 21% after CATL confirmed the information about the closure of the mine in Jiangxi province.

According to Bank of America Corp., this mine accounts for about 6% of global production, while other mines in the region account for at least another 5%.

Bloomberg clarifies that the mine in Jiangxi will be closed for at least three months. The company's mining license expired in the region on August 9.

Critical Vulnerability: Beijing has hit the US defense industry

China has restricted the supply of minerals to Western defense companies

The day before, the Bild newspaper reported that German companies plan to suspend the production of weapons due to the delay in the supply of raw materials from China. It was noted that China's share in the global production of rare earth metals reaches about 90%.

All important news is on the Izvestia channel in the MAX messenger.