China's Youngy to build lithium plant as part of $200 mln investment in Sichuan [Reuters]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Reuters
China's Youngy to build lithium plant as part of $200 mln investment in Sichuan BEIJING, Jan 2 (Reuters) - Chinese lithium firm Youngy Co has signed a framework agreement to build a lithium ore processing plant in Sichuan province, part of a 1.4 billion yuan ($201.1 million) investment in an industrial zone there, it said on Thursday. According to a filing to the Shenzhen Stock Exchange, the deal stipulates that Youngy should process at least 1.05 million tonnes a year of spodumene from its Jiajika mine in Sichuan, China’s largest deposit of the mineral. Spodumene is mined for its lithium content and can be converted into lithium carbonate, a key ingredient in lithium batteries for electric vehicles. Youngy parent Youngy Investment Holding Group has an 8.97% stake in Chinese battery and electric vehicle maker BYD Co , according to Refinitiv Eikon data. If Youngy fails to reach the agreed processing volume, it will have to make up the shortfall in taxes and fees to the local government
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