Ganfeng Lithium announced a plan to increase capital of USD600 million in GFL International Co., Ltd., its 100%-owned subsidiary, as the company seeks to secure more high-quality lithium resources and advance the development of its lithium ore projects overseas.

Ganfeng Lithium plans to achieve an annual production capacity of 600,000t of lithium carbonate equivalent (LCE) by 2030 to meet rising demand for lithium, according to the company's latest annual report.