On June 12, Zhongke Electric announced its intention to terminate three integrated anode material projects. In detail, it includes the Ganmei Industrial Park project with an annual capacity of 130,000 tonnes of lithium battery anode materials (originally planned in 2022 and subsequently put on hold), the Lanzhou New Area project with an annual capacity of 100,000 tonnes of lithium battery anode materials (also planned in 2022 and put on hold), and the Morocco project with an annual capacity of 100,000 tonnes of lithium-ion battery anode materials (planned in 2024 and put on hold).
Only preliminary preparatory work has been carried out for the aforementioned projects, with no substantive construction having taken place. The upfront capital invested was relatively limited and has been fully provided for through sufficient impairment provisions. The termination of these investments will not affect the company's normal production and operations, nor will it have an adverse impact on its current financial position. This matter is still subject to approval by the company's shareholders' meeting.
Edited by Cassie Li, lixiangying@mysteel.com
