Lanxiao Technology terminates the $25 million salt lake lithium extraction contract, which is expected to have no significant impact on its operations.

Xi’an Lanxiao Technology New Materials Co., Ltd. (Stock Code: 300487, Stock Name: Lanxiao Technology) announced on March 16 that the company has signed a “Termination Agreement” with HANACOLLA S.A. (hereinafter referred to as “HANACOLLA”) to terminate the previously signed “3,000-ton Battery-Grade Lithium Carbonate Lithium Extraction Equipment Sales Contract.” The original contract amount was USD 25 million, approximately RMB 182 million (based on current exchange rates).

According to the announcement, the sales contract was signed on June 15, 2023. Lanxiao Technology originally planned to sell salt lake lithium extraction system equipment to HANACOLLA. Due to changes in the overall project plan, both parties agreed to terminate the original contract through friendly negotiations. Under the “Termination Agreement,” HANACOLLA will pay the company USD 1.5 million within three working days of signing the agreement and will waive the right to request a refund of the USD 2.5 million prepayment already paid. Both parties agree to waive any claims or rights against each other under the original contract and the termination agreement.

Lanxiao Technology stated that the termination of this contract will not have a significant impact on the company’s current operating performance and financial condition, nor will it harm the interests of the company and all shareholders. The company emphasizes that during the implementation of the agreement, both parties maintained good cooperation and partnership based on high-quality project operation. After the contract is terminated, the company will continue to communicate with HANACOLLA, follow up on the latest project progress, and explore potential cooperation opportunities.

Data shows that Lanxiao Technology is a well-known provider of adsorption separation materials and system solutions in China, with multiple core technologies in the salt lake lithium extraction field. The termination of this contract is a normal business activity in the company’s daily operations. Investors should view it rationally and pay attention to investment risks.

Click to view the original announcement>>

Disclaimer: The market carries risks; investment should be cautious. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s views. All information appearing in this article is for reference only and does not constitute personal investment advice. Please refer to the actual announcement for any discrepancies. If you have questions, please contact biz@staff.sina.com.cn.