Xiamen Tungsten’s XTC New Energy to invest 723M yuan in 40,000-ton lithium iron phosphate project

The detail worth noting is the chemistry: lithium iron manganese phosphate rather than plain LFP, a manganese-doped variant that Chinese producers have been scaling to improve energy density at lower cost. This is a midstream capacity bet by a tungsten specialist's battery arm, sized modestly relative to the sector's largest players, so it reads more as incremental positioning in Sichuan's clustering than a market-moving commitment. The 18-month build to a 2028 start means the real test is whether LMFP demand has materialized by then; whether cathode buyers adopt manganese-blended formulations at scale is the open question.