HONG KONG -- Struggling Chinese miner Tianqi Lithium has abruptly canceled its plan to issue up to $2.45 billion in new shares to its top stakeholder after the Shenzhen Stock Exchange queried the move.
Although lithium is a key ingredient for batteries used to power everything from smartphones to electric vehicles, Tianqi Lithium has strained to pay off bills from a string of global acquisitions because of a steep fall in prices for the strategic mineral since the deals were signed.
