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CATL Resumes Operations at Jiangxi Lithium Mine, UBS Reports

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Chinese battery giant CATL (300750.SZ) is resuming production at its lithium lepidolite mine in Jiangxi province, according to a note from UBS published on Thursday. This comes four months after earlier reports of the mine’s closure sparked a surge in lithium mining stock prices.

UBS’s report indicates that mining operations have “currently resumed,” based on information from Shanghai Metals Market (SMM), though further details were not disclosed. UBS declined to comment further, and CATL did not immediately respond to Reuters’ request for more information.

Two anonymous battery metals traders confirmed that mining activities had indeed restarted at the Jiangxi mine. CATL’s mine in the southern province of Jiangxi has been an important contributor to China’s growing lithium supply, which is essential for the global battery market. When the mine was reportedly closed in September, lithium stocks saw a significant rally.

In response to queries, CATL had previously stated that it adjusted its lithium production in the Yichun area of Jiangxi province. Lepidolite mining is known to be more expensive than extracting lithium from brine, but UBS analysts believe the resumption is driven by low inventories and CATL’s ability to reduce costs by mixing production from this site with higher-grade ores.

On Friday, the most-traded November lithium carbonate futures contract on the Guangzhou Futures Exchange closed at 77,800 yuan ($10,675.81) per metric ton, showing a modest 0.3% increase from the previous day. However, prices are still down by 4.75% from a recent high reached on January 20. CATL’s share price closed at 261.28 yuan per share on Friday, marking a 3.2% increase from Thursday.

Chinese Vice Premier Zhang Guoqing to Attend Paris AI Summit

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Chinese Vice Premier Zhang Guoqing will visit France from February 10 to 12 as President Xi Jinping’s special representative at the AI Action Summit, the Chinese Foreign Ministry announced on Friday. The summit will bring together representatives from nearly 100 nations to discuss the safe and responsible development of artificial intelligence (AI).

Foreign Ministry spokesperson Lin Jian expressed China’s eagerness to enhance communication and collaboration with all attending nations. “China looks forward to strengthening communication and exchanges with all parties,” Lin said during a regular briefing. He also stated that China aims to build a consensus on AI cooperation and promote the implementation of the United Nations Global Digital Compact by participating in the summit.

The summit is expected to focus on strategies to manage AI development and foster international cooperation in AI technologies. The U.S. delegation, led by Vice President JD Vance, will also be attending, though it will not include technical staff from the AI Safety Institute

Sberbank Plans AI Collaboration with China Amid DeepSeek’s Rise

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Sberbank, Russia’s largest bank, is set to collaborate with Chinese researchers on artificial intelligence (AI) projects, a top executive revealed, following the groundbreaking success of China’s DeepSeek AI model. DeepSeek, which has created a highly cost-effective AI model, has shaken up the tech landscape, challenging the dominance of U.S. companies like Nvidia. This move reflects the growing collaboration between Russia and China, which share a “no limits” strategic partnership, particularly in the realm of AI.

Under CEO German Gref, Sberbank has transitioned from its bureaucratic past as a Soviet-era state savings bank into a leader in AI innovation. In 2023, the bank launched its own AI model, GigaChat, and is now focusing on joint research projects with China. Alexander Vedyakhin, Sberbank’s First Deputy CEO, confirmed the plans but refrained from naming specific Chinese research partners. The partnership is expected to strengthen the scientific ties between the two countries, in line with Russia’s broader push to expand cooperation with China in areas such as military AI applications.

DeepSeek’s innovative, low-cost AI models have caused a stir globally, with investors now viewing them as serious competition for U.S. tech giants. The potential Russia-China AI alliance could further disrupt the global AI sector, especially as the race between China and the U.S. for AI supremacy intensifies. The shared vision of Presidents Vladimir Putin and Xi Jinping, who view the West as in decline, could fuel further collaboration in emerging technologies like AI, quantum computing, and synthetic biology.

Despite facing sanctions, Russia is eager to build AI partnerships with China and other BRICS nations to counterbalance U.S. dominance. However, Russia’s own AI progress remains difficult to gauge, as some projects are classified. Additionally, both Russia and China struggle with limited domestic computing power due to sanctions, prompting efforts to seek alternative methods to stay competitive in the AI race.

Sberbank’s comparison of its GigaChat MAX model to DeepSeek’s offerings reveals that while DeepSeek excels in scientific tasks, GigaChat remains competitive in the banking sector. Vedyakhin acknowledged DeepSeek’s success as proof that quality AI models can be built without massive investments in infrastructure, such as the U.S. megaproject Stargate. Sberbank, like DeepSeek, has made most of its AI platforms publicly accessible, including its text-to-image model, Kandinsky, and GigaChat Lite, which reflects a more transparent approach than that of OpenAI, drawing a large community.