Chinese firm's project with Argentina on lithium carbonate faces uncertainties

Chinese firm's project with Argentina on lithium carbonate faces uncertainties

China's Tibet Summit Resources Co, which inked a contract for battery-grade lithium carbonate with the provincial government of Salta, Argentina, said on Thursday that the project is facing great uncertainties and the company has not kicked off production yet.

According to an announcement by Tibet Summit Resources Co, there is no clear plan to raise funds for the project so far, online outlet stcn.com reported.

The project has not entered production stage and whether it can raise the necessary funds to start production or earn profits is uncertain.

On Tuesday, Tibet Summit Resources Co inked a contract for battery-grade lithium carbonate with the provincial government of Salta. The Chinese company will invest in the project in Salta with an annual output of over 100,000 tons, Xinhua News Agency reported.

The deal was the largest made at the 14th China-Latin America and the Caribbean region Business Summit, held in Southwest China's Chongqing Municipality.

On Thursday, the company's shares went up 10 percent at the Shanghai stock by market closing.

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