Lithium bust spurs Ganfeng to delay project capex as losses hit

Battery-material giant Ganfeng Lithium Group said it would delay spending on projects that do not generate “significant” near-term returns after posting a first-half loss, as the industry faces a boom-to-bust slump.

The Chinese company — which reported a net loss of 760.4-million yuan from a profit a year earlier — will strictly control spending on future projects and optimize the efficiency of its capital usage, it said in a statement.