Shanghai-listed lithium upstream A-share company Tibet Summit Resources announced its net profit estimate for 2021 will contain an over 2,000% surge in net profit attributable to shareholders of the listed company. 

Tibet Summit predicts its net profit attributable to shareholders of the listed company for year 2021 will be CNY 700-900 million ($109.79-141.16m), an on-year increase of 2,188.76%-2,842.69%. 

According to its forecast, during the reporting period, the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be CNY 720-920m, showing an on-year increase of 8,597.02%-11,012.86%.

In 2021, the company is expected to realise operating income of CNY 2.007 billion, an increase of 77.22% from 2020's figure. Its operating income after deducting non-major and non-commercial business income will be CNY 2.005 billion.

Tibet Summit stated that, during the reporting period, the prices of lead, zinc, and copper in the non-ferrous metal industry increased compared with the same period of the previous year. Its subsidiary Tajik-Sino Mining also resumed production within schedule, Kallanish notes. 

However, its stock has been quite sluggish. Its two largest shareholders have been frozen by the legislature and shares of its largest shareholder will be transferred at judicial auction. 

Tibet Summit also has plans to raise funds for project construction, including salt lake lithium extraction in Argentina.