In this piece, we will take a look at the top 5 lithium mining companies in the world. For more countries, head on over to the top 10 lithium mining companies in the world.
5. Pilbara Minerals
2023 Annual Revenue: $4.1 billion
Pilbara is one of multiple Australian companies in our list, and owns the Pilgangoora Project which consists of two processing plants and expansion is currently underway to increase capacity by 100,000 dmt per year.
4. Tianqi Lithium
2023 Annual Revenue: $5.6 billion
There are several Chinese companies among the biggest lithium corporations, with Tianqi ranking third in the world. Tianqi’s executive stated that he expects the trend of consolidations in the lithium industry to continue, with its own ventures in this area being a $94 million takeover of Essential Metals in January 2023.
3. Jiangxi Ganfeng Lithium Co. Ltd
2022 Annual Revenue: $6.7 billion
Jiangxi Ganfeng Lithium is considered to be an absolute giant of the lithium industries and one of the most influential companies in the industry, though its 2023 H1 net profit declined by 19% as compared to the previous year. In 2023, the company spent 15 billion yuan for the purchase of two factories which will result in annual capacity of 100 GWh. However, in July 2023, Ganfeng Lithium announced that the first phase of the new battery plant will cost around $834 million, leading to a drop in its share price.
2. Albemarle Corporation (NYSE:ALB)
2023 Annual Revenue: $9.6 billion
The biggest lithium company in the U.S., Albemarle Corporation (NYSE:ALB) has seen its share price drop by 5.5% YTD. Albemarle Corporation (NYSE:ALB) is currently attempting to purchase Liontown Resources for $5.5 billion, even though the latter rejected the offer even as it continues to build its mine in Kathleen Valley. Meanwhile, the company has also agreed to double capacity at its lithium hydroxide plant in Kemerton, and is also building a $140 million accommodation for its employees near the site.
1. Sociedad Química y Minera de Chile S.A. (NYSE:SQM)
2023 Annual Revenue: $10.7 billion
Topping the list of the top 10 lithium mining companies in the world is Sociedad Química y Minera de Chile S.A. (NYSE:SQM). Despite a strong 2023 for the stock market and also despite strong fundamentals for the company, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) has still seen its share price slide by 16% YTD 2023.
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