Lithium in Salt Lake: A Capital Game That Is Warmly Chased

Securities Times reporter Cao Yu

This year, to 002,460 Gan Feng Li industry, attending shares, Tian Qi Li industry 002,466, clinic shares, Accor Group 002 497, diagnosed shares represented by the "Lithium Three Musketeers" rapid gains. In September, news about the government's promotion of new energy vehicles and plans to ban fuel vehicles has boosted market expectations for lithium materials.

In this context, "Lithium Salt Lake" concept was again mentioned in the past, Salt Lake shares 000792, attending shares, holding 000,408 Tibetan grid, attending shares, for a long time I Hi-Tech 300 631, diagnostic and other stocks is considered Lithium Salt Lake Star Company In particular, the Salt Lake shares are the most obvious, and they have won various capital competitions.

However, similar to the early days of the birth, the salt lake lithium is still controversial. So, when did the salt lake extract lithium come from? At present, what are the companies that operate lithium salt technology in Salt Lake in China? What is the production capacity of lithium in the salt lake? Recently, the Securities Times Road e company reporter interviewed some salt lake lithium companies, battery manufacturers and other industry players.

Lithium price hikes to promote lithium in salt lakes

In recent years, the promotion of new energy vehicles and the planned ban on fuel vehicles have formed a global trend. It is reported that the United Kingdom and France will set a total ban on the sale of traditional diesel gasoline vehicles in 2040, Germany and India are scheduled for 2030, the Netherlands and Norway are expected to be 2025.

In early September, Xin Guobin, deputy minister of the Ministry of Industry and Information Technology, revealed that China has begun to study and formulate a timetable for the ban on the sale of traditional fuel vehicles. According to another report, Geely Automobile has set a goal of increasing the sales ratio of new energy vehicles to 90% by 2020.

The high-speed benign development of new energy vehicles has driven the rapid growth of the upstream power battery and battery materials industries in the industry chain. Among them, the application of lithium batteries is the most extensive and mature. In general, the cost structure of a lithium battery includes a positive electrode material, a negative electrode material, a separator, an electrolyte, and the like, and the proportions are 30%, 15%, 25%, 15%, and 15%, respectively. This year, lithium prices continue to be arrogant, reflecting the strong demand downstream.

It is understood that in the 1980s, global lithium carbonate production capacity and production were once based on the extraction of lithium from ore. The lithium extraction from the salt lake began in the 1970s. In the 1990s, foreign companies made breakthroughs in the technology of lithium extraction from brine. The production cost of lithium carbonate was much lower than that of lithium extraction. Lithium extraction from brine has become an inevitable trend in the future. In China, the concept of lithium extraction in salt lakes was proposed by people seven or eight years ago. It has the advantage of low extraction cost, but the technology of industrial mass production has not broken through and has not faltered.

Zhuo Chuang Information Lithium Battery analyst Zhou Tianyu said that the current domestic production of lithium carbonate is 106,000 tons. Among them, 60%-80% are lithium extracted from ore. At present, the more mature lithium extraction technology in China is lithium extraction from ore, lithium extraction from salt lake and lithium recovery.

Lithium extraction from salt lakes and lithium extraction from ore belong to different technical routes. The usual steps for producing lithium carbonate from the ore extraction lithium producer represented by Tianqi Lithium Industry and Yanfeng Lithium Industry are roasting, differentiation roasting, leaching, and impurity removal to obtain carbonic acid. lithium. In terms of lithium extraction from salt lakes, although the lithium reserves in China's salt lakes are abundant, the lithium content per unit is low, and the ratio of magnesium to lithium is high, which has formed technical and capacity constraints to a certain extent. As for the recovery of lithium, the output has been small and negligible.

According to Shen Wanhong source 000166, shares research clinic, the global lithium carbonate demand probably around 12 million tons per year, when all the lithium carbonate demand of about 200,000 tons in the next five years, will maintain an annual growth of 10% -15%.

With the attention of the capital market to the lithium extraction technology of the salt lake, the domestic lithium salt extraction technology has made great breakthroughs. At present, there are five technical methods for lithium extraction in salt lakes in China: the first is the precipitation method adopted by Yanfeng Lithium Industry. In particular, in the brine containing high lithium, a precipitant is added to separate lithium from other salts; Shanghai Hanson species are melt extraction method employed; third is security 000,839 CFH, diagnostic taken calcined leach stocks; fourth Qinghai lithium taken electrodialysis membrane separation technology; fifth industry is using lithium LandTek Ion exchange method.

Listed companies get together in Qinghai Salt Lake

At present, the domestic salt lakes are mainly concentrated in Qinghai and Tibet. The salt lake resources in Qinghai Province are large in reserves, high in grade, full in type and good in resource combination. The reserves of lithium chloride have been initially proved to be 20.18 million tons, and the reserves rank first in the country, accounting for more than 90% of the proven reserves in the country, accounting for more than 90% of the country's proven reserves. One-third of the salt lake lithium resource reserves. Qinghai Salt Lake is mainly concentrated in the Dongtai, Xitai and Chaerhan areas of Golmud. Because of its vast lithium resources, Qinghai Salt Lake has become a region where listed companies get together.

000762 Tibet mining, plant diagnosis Unit located Zabuye Salt Lake lithium content rich, magnesium is generally low, can be obtained by salt ted solid mineral containing a lithium salt, since salt lakes are at high altitude, in remote areas, water barrier, Electricity, roads, mining difficulties, high costs. Deep processing of lithium metal. At present, Tibet Mining is a major supplier of lithium metal, butyl lithium and lithium fluoride in China.

CITIC Guoan built a 30,000-ton/year lithium carbonate production plant in Ge'er Lake in Ge'ermu, Golmud. Because of the calcination process, a large amount of hydrochloric acid was produced in the production process, causing serious corrosion and environmental pollution of the equipment.

Lanke Lithium, a subsidiary of Salt Lake, has been producing lithium carbonate by ion adsorption since 2007. The biggest advantage of this technical method is that it has great advantages in economy and environmental protection, and the process is simple, the recovery rate is high, and the selectivity is good. At present, the capacity of 10,000 tons of Lanke Lithium Industry has been put into production.

Previously, the profitability of Lanke Lithium Industry has been poor. Due to strong market demand and rising prices, Lanke Lithium's performance has improved significantly in recent years, and plans to further increase production. According to statistics, as of June 30, 2017, Lanke Lithium produced a total of 2,323 tons of lithium carbonate. Lanke Lithium has implemented a 10,000-ton lithium carbonate plant filling and filling project this year. The natural gas pipeline is introduced into the production facility, which can achieve full It does not produce intermittently in the year, and plans to produce 7,000 tons per year. In 2018, it will reach 10,000 tons of equipment.

In addition to Lanke Lithium Industry, Qinghai Dongtai Jiiner Lithium Resources Co., Ltd. was formerly known as Qinghai Lithium Industry Co., Ltd. It was jointly established by Western Mining 601168, Diagnostic Unit (27%), Taifeng Xianxing (25%), Peking University First (24.5%), CITIC Guoan (22.5%) and local SASAC. At present, multi-stage membrane dialysis is used to carry out lithium extraction from brine. However, multi-stage membrane dialysis is a technology that has not been effectively broken internationally. The raw material requires that the total salt content of the brine is less than 100 g/L, and the lithium content is at least 2 g/L higher than that of the metal lithium. The current lithium carbonate capacity of Jinel Lithium Resources is 5,000 tons/year, and 10,000 tons of equipment is being built.

Dahua Company is located in Dachaidan Salt Lake, and its mining rights are half of this salt lake. The original extraction method produces 5,000 tons of lithium carbonate, and is currently expanding 10,000 tons of equipment. The cost of the extraction method can be controlled at about 20,000. The disadvantage is that the equipment is seriously corroded, the separation of materials is difficult, and a large amount of hydrochloric acid acidification is required. Therefore, an acid production facility is required.

Capital market chasing salt lake to raise lithium

Wang Jinzhuang, an analyst in the chemical industry, told reporters that the lithium resources sector, as a growth sector in listed companies, has long been favored by the market. This sector has been growing since last year. Especially in the first half of this year, Tianqi Lithium Industry rose by 233%, and Lifeng Lithium Industry rose by 113%, including the new lithium resource company Yahua Group. After the announcement of lithium resources, the market also gave a 190% increase. The capital market's enthusiasm for the lithium industry began with the recommendation of the new energy enterprise car's exceeding expectations. The funds began to extend in some directions downstream. The concept of lithium extraction in the salt lake was also re-raised in this context.

March 2017, BYD 002594, clinics shares announced that the company's Salt Lake lithium adsorbent preparation technology has made a major breakthrough, mastered the technology for preparing lithium adsorbent extracting lithium from salt lake brine, the salt lake research breakthrough The key to commercialization of lithium. As a result, BYD and Salt Lake jointly established the “Qinghai Salt Lake BYD Resource Development Co., Ltd.”. This can be seen as the starting point for this year's "Lithium Salt Lake" theme.

At the beginning of September, due to the government's statement that the fuel vehicle exit schedule will be formulated, the concept of new energy vehicles will be strong, and new energy vehicles and lithium battery sectors will suddenly emerge. The unexpected development of new energy vehicles has led to the lithium in the salt lakes becoming a hot topic in the capital market. As the largest salt lake lithium producer in the current production, Salt Lake has given a 62% monthly increase in the market in mid-September. As an important producer of lithium batteries, BYD has also achieved a 40% monthly increase. The share price of Salt Lake has risen from 9.45 yuan in July this year to 18.92 yuan on September 30, which has more than doubled.

On September 27th, Salt Lake Co., Ltd. issued a notice on the production and operation, saying that it has been concerned about the recent sharp rise in the stock price of the company's A shares. Salt Lake shares explained the production situation of lithium carbonate in the subsidiary Lanke Lithium Industry and the expansion plan, and said that the company is facing a large pressure on performance losses, and investors are required to invest rationally.

In December 2015, Salt Lake shares increased by 267 million shares at a price of 18.36 yuan per share, raising a net amount of 4.85 billion yuan. The subscription targets include Great Wall Asset Management, TEDA Manulife, Shenwan Lingxin, Penghua, Caitong, Everbright Prudential, Golden Eagle, Tianhong and so on. Since then, the net profit of Salt Lake has continued to decline sharply until the net profit in the first half of 2017 turned negative, with a huge loss of 523 million yuan. Salt Lake's semi-annual results in 2017 suffered losses. As of now, the company still faces pressure from large performance losses.

Although the main business of Salt Lake Co., Ltd. is at a loss, the operating performance of its subsidiary, Lanke Lithium, has continued to improve. According to media data, in 2013, 2014 and 2015, the lithium carbonate project of Lanke Lithium Industry lost 130 million, 92 million and 33.45 million respectively, and by 2016 the net profit became 140 million yuan. . In the first half of 2017, Lanke Lithium continued to achieve profitability with a net profit of 88.523 million yuan. This is one of the reasons why the capital market favors Salt Lake shares. With the concept of “salt in salt lakes”, the share price of Salt Lake shares has more than doubled in two months. As a result, the batch of additional subscribers in December 2015 was able to smoothly unpack.

At the end of September, the hot effect of the concept of “salt in salt lakes” continued. On September 29, Zongge Holdings announced the Voluntary Information Disclosure Notice on Salt Lake Extraction of Lithium Carbonate Technology. According to the announcement, the subsidiary company Lige Lithium Industry is engaged in the production and sales of lithium carbonate based on the right to use the “Advanced Technology for Lithium Extraction and Preparation of Lithium Carbonate Products” from Xianfeng New Energy to achieve high efficiency and low cost. Lithium, and cut into the lithium industry. The company made it clear that entering the salt lake to raise lithium "is objectively beneficial to the major shareholders to obtain financing."

Is the lithium salt in the salt lake reliable?

Since September, the Salt Lake Lithium concept stock headed by Salt Lake has been speculated as the market leader. So, is this technology for salt lakes reliable? Is it possible to carry out large-scale expansion?

Zhou Tianyu, an analyst at Zhuo Chuang Information Lithium Battery, believes that the current Lanke Lithium industry under the Salt Lake Company mainly uses old halogen to produce lithium carbonate. However, the old halogen concentration of this company is not high enough, although it has a capacity of 10,000 tons, it is still subject to technical restrictions. Not fully released. The main reason for this is that in the past, Salt Lake shares use the brine in the salt lake to make potash, and the by-products are brines containing magnesium and lithium. These brines form old brine after several years of precipitation. In the past, the market did not expect such high demand for lithium in the salt lake, and the equipment and technology for producing lithium also increased in recent years.

"At present, the concentration of lithium carbonate is divided into industrial grade and battery grade. The concentration of industrial grade is 70%, and the grade of battery is 99%." Zhou Tianyu believes that the bottleneck problem of lithium extraction technology in salt lake needs to be solved: the first is to solve the problem of old halogen The problem of too low a medium concentration, and the second is how to increase the separation of lithium and magnesium more quickly. He believes that the salt lake has been lithium for a period of time from concept to technology maturity and mass production. This time should be at least 2-3 years.

An analyst of Essence Securities said in an interview with the Securities Times that "the breakthrough in lithium technology in Salt Lake has been completed from 0 to 1, but it has not yet been from 1 to 100. It is foreseeable that the domestic lithium material market The proportion of lithium extracted from ore is decreasing, and the proportion of lithium in salt lakes is increasing.” He said that the market has a higher valuation of the lithium salt concept in the salt lake some time ago, and the actual production capacity of several factories is not enough to support the continued rise of the stock price. . He believes that this requires "reconstruction of time."

The analyst believes that "the lithium production in Salt Lake will increase significantly after 2019." Essence Securities recently reported that the production of Qinghai Salt Lake in 2017 and 2018 is expected to be 25,000 tons and 34,000 tons respectively, with an annual increase of less than 10,000 tons. The increase in the overall supply and demand of the lithium carbonate market is relatively limited. In 2019, the production of Qinghai Salt Lake is expected to be 56,000 tons and 76,000 tons respectively, with an annual increase of more than 20,000 tons. The increase is significant. The rapid growth of production was attributed to the gradual commissioning of construction in progress in the previous period and the smooth progress of technological upgrading of enterprises. The production capacity and expansion of Lithium Resources Co., Ltd., Zangge and Lanke Lithium will significantly increase the supply of lithium carbonate in the salt lake area of ​​Qinghai.

So is the theme of salt lake lithium still suitable for buying? A senior industry source said that since September, Salt Lake shares and Tibetan potash fertilizers have increased by 62% and 30% respectively. This wave of rise has seriously exceeded expectations. This is because after the sharp rise of Haofeng Lithium Industry, Tianqi Lithium Industry and Yahua Group, the market should continue to look for landmarks with lithium resources. The main products of Yanhu shares and Tibetan potash fertilizers are potassium fertilizer. The first quarter of each year is the off-season of potash fertilizer enterprises. From the market conditions, the current potash fertilizer price is already at the bottom, so the stock price has a risk of correction, and it is not recommended to chase high.

The veteran said that Lanke Lithium has already broken through the winter production capacity, so the increase in production capacity is inevitable. He believes that for the Lanke Lithium industry, the bottleneck of capacity expansion is not technical but production equipment. He predicted that the output of Lanke Lithium Industry and the lithium production in Qinghai Salt Lake Region will have a breakthrough in two or three years, but the current capital market has been too quick and quick to raise lithium in the salt lake, and it is too optimistic about its expansion. An optimistic mood has turned the salt lake into a game of capital chasing.

Lithium battery companies: lithium in the salt lake will have a big breakthrough in the next two years

At present, how do domestic lithium battery companies view salt lakes? A purchasing manager of Fujian Ningde Times New Energy Technology Co., Ltd. told Securities Times that the proportion of lithium in salt lakes that they currently purchase is not very large.

Kennedy can Ruiwo 300,116, diagnosed shares owned by OPTIMUM company is the production of automotive batteries professional manufacturers, according to estimates, in the first half of this year about 4G wh OPTIMUM point of view of production, the annual output is expected to exceed 10Gwh. An executive of Kenrui Woneng said that some of the lithium raw materials that the company currently produces are from lithium in the salt lake. But the company is also very optimistic about the direction of ore extraction. In November 2016, Jianruiwo signed a subscription and cooperation agreement with Australia's Altura Mining and acquired 19.9% ​​of Altura's shares, becoming the company's largest shareholder. The mine is expected to begin commissioning and production in the fourth quarter of 2017.

A lithium resources involved in the acquisition of executives of listed companies to the Securities Times reporter, said, Foshan Lighting 000541, attending a party held stocks imported from Russia Salt Lake Lithium technology, and after the Salt Lake Lanke Lithium Industry shares of a joint venture, the two sides Disagreement, the subsequent transfer of all the shares held by it to Keda Jie Neng 600499, the diagnosis of shares . At present, Yanhu shares account for 51%. It is said that Lanke lithium battery grade lithium carbonate will be available this year, but this statement has not been confirmed by Lanke Lithium.

According to the above-mentioned industry insiders, the problem facing Lishui Lake in Qinghai is “large design capacity and low actual production capacity”. He estimates that the current actual production capacity can reach 20% of the designed production capacity. The main reason is that the domestic lithium extraction technology is affiliated with the technology of making potash, and the technical reserves are insufficient. According to their participation in the scientific research conference of the domestic salt lake lithium industry, domestic scientific research institutions and enterprises will greatly increase the investment in lithium extraction from salt lakes. The five methods for extracting lithium from salt lakes are developing rapidly in China, and it is estimated that in the future. There will be a big breakthrough in a year or two. Such a technological breakthrough will allow the salt lake to raise lithium to achieve substantial capacity growth in two or three years.

At the same time, due to the increase in the use of lithium batteries for new energy vehicles, large foreign lithium mines are also trying to increase production capacity, such as mines in Australia and South America. He estimates that in the next year or two, the production of lithium from ore will have a capacity expansion of 50-100%.

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