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    002466   CNE100000T32

TIANQI LITHIUM CORPORATION

(002466)
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Tianqi Lithium : China's Tianqi Lithium settles dispute with Australian contractor

10/18/2021 | 09:56am EST

(Reuters) - China's Tianqi Lithium Corp on Monday said its subsidiary had signed an agreement with contractor MSP Engineering to end a long-running row over the delayed Kwinana plant in Western Australia.

Perth-based MSP was appointed lead contractor on the Kwinana project, which was billed as the world's largest plant to make lithium hydroxide for electric vehicle batteries. Commissioning was postponed in early 2020 as Tianqi ran into liquidity problems https://www.reuters.com/article/tianqilithium-australia-idUSL4N2BF0DE and MSP sought to recover missed payments.

Tianqi Lithium Kwinana (TLK) earlier this year paid A$38.9 million ($28.74 million) of arrears into an Australian court fund and had made a counterclaim seeking more than A$225 million in damages from MSP. The next hearing in the case was due on Nov. 10.

However, Tianqi said a filing on Monday that a "complete and final settlement" had been signed, which will see A$21.57 million plus associated interest from the court fund returned to TLK, A$12.37 million paid to MSP and the remainder jointly managed by both parties for the project.

MSP did not immediately respond to a request for comment outside normal business hours.

Kwinana, which now counts IGO Ltd as a 49% shareholder, produced its first batch of lithium hydroxide in August.

($1 = 1.3537 Australian dollars)

(Reporting by Tom Daly; Editing by Bernadette Baum)


ę Reuters 2021
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Analyst Recommendations on TIANQI LITHIUM CORPORATION
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Financials
Sales 2021 6 358 M 1 002 M 1 002 M
Net income 2021 928 M 146 M 146 M
Net Debt 2021 22 722 M 3 582 M 3 582 M
P/E ratio 2021 163x
Yield 2021 0,04%
Capitalization 163 B 25 522 M 25 616 M
EV / Sales 2021 29,1x
EV / Sales 2022 18,2x
Nbr of Employees 1 644
Free-Float 65,6%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 110,02 CNY
Average target price 140,71 CNY
Spread / Average Target 27,9%
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Managers and Directors
Wei Ping Jiang Chairman & President
Jun Zou Chief Financial Officer & Director
Jin Yan Chairman-Supervisory Board
Kun Lun Du Independent Director
Ying Pan Independent Director
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