Lithium miners surge after China's Zangge Mining told to halt production
Make us a preferred source
Make us a preferred source on Google
The news: Lithium miners were among the biggest gainers on the ASX 200, tracking an increase in spodumene prices overnight after Chinese authorities told local producer Zangge Mining to halt mining activity.
The numbers: At 12:47pm AEST Pilbara Minerals’ shares had lifted 7.8% to $1.70.
Shares in Liontown Resources (7.1%), Mineral Resources (5.7%) and IGO (2.8%) also climbed.
Overnight the Platts Australia lithium spodumene price lifted by 2.2% to hit USD700 per tonne.
The context: Concerns regarding an ongoing oversupply of lithium eased overnight after Zangge Mining said one of its units had received a notice from the local Haixi government in the western Chinese province of Qinghai to halt non-compliant mining activities.
