China Minmetals Corp (CHMM) will take control of a province-backed lithium company to advance development in China’s northwest. The company will hold a 53% stake in the newly formed China Salt Lake Group, taking over Qinghai Salt Lake Industry Co. This strategic move by China’s central government is designed to enhance the domestic lithium sector, particularly in regions rich with lithium-bearing salt lakes. Shares of Qinghai Salt Lake surged by over 8% post-announcement, reflecting market optimism about the restructuring. The aggressive push comes amid fluctuations in global lithium prices, with an expectation of increased production to meet future battery demands. The remainder of the China Salt Lake Group will be owned by local Qinghai government entities.

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