Tianqi Lithium Plunges Into the Red on Falling Prices, Troubled Chile Investment

The reversal in fortunes for Tianqi Lithium Corp. continues with it swinging into loss in the first quarter, with the major Chinese producer of the material used in electric vehicle batteries blaming the result on falling prices of the metal and a beleaguered investment in a Chilean miner that has proven costly and is at risk of being nationalized.

Shenzhen-listed Tianqi said it swung to a net loss attributable to shareholders of 3.9 billion yuan ($538.5 million) in the first three months of this year compared with a 4.9 billion yuan profit for the same time last year, as revenue plunged 77.4% year-on-year to 2.6 billion yuan, according to its earnings report released Tuesday.