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China debt crunch

China's struggling Tianqi Lithium to get $1.4bn from Australian deal

Company sells almost half its stake in world's largest mine for EV material

A lithium mine operated by SQM in Chile. Tianqi Lithium has been under pressure from a heavy debt load since acquiring a minority stake in SQM two years ago. (Photo by Nozomu Ogawa)

HONG KONG -- Tianqi Lithium, a Chinese lithium producer struggling to meet heavy debt repayment obligations, said it had reached agreement to sell almost half of its interest in the world's largest mine for the mineral now prized by electric vehicle producers.

The Shenzhen-listed company is selling a 49% stake in the investment vehicle holding its stake in the mine at Greenbushes, Western Australia for $1.4 billion to IGO Ltd.

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