HONG KONG -- Lithium is a necessary component for batteries to power everything from smartphones to electric vehicles. Even though China is ahead of the curve in this key sector, Tianqi Lithium, one of the largest global lithium producers in China, is on the brink of defaulting on a loan worth $1.884 billion.
China debt crunch
Acquisitive Chinese miner Tianqi Lithium faces debt crunch
Creditors brace for possible $1.9bn default after buying binge
Among Tianqi Lithium's most valuable assets is its holdings in Chilean lithium miner SQM. Chile has the world's largest lithium reserves. (Photo by Nozomu Ogawa)
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