# Talison's Greenbushes Phase III produced its first spodumene on January 30 as Tianqi's Q1 2026 profit hit 43 times its year-earlier result > Greenbushes in Western Australia is now the world's largest hard-rock lithium mine across three simultaneous production phases; Tianqi's Kwinana plant delivered 3,047 MT of lithium hydroxide in Q1 2026 and the company issued CNY 2.6 billion in convertible bonds **Meta:** type: story · date: 2026-01-30 · heads: 长远之局, 谁的钱 · 6 takes · 3 lenses · 6 regions ## Summary Talison Lithium's Greenbushes Chemical Grade Plant 3 (CGP3) in Western Australia produced its first spodumene on belt on January 30, 2026, completing a multi-year expansion that makes Greenbushes the world's largest hard-rock [Lithium](/zh/entity/lithium) mine with over 1.8 million tonnes per year of nameplate spodumene concentrate capacity across three simultaneous processing plants. [Tianqi Lithium](/zh/entity/tianqi) (51%) and [Albemarle](/zh/entity/albemarle) (49%) are Talison's joint venture owners. Tianqi's Kwinana lithium hydroxide plant in Western Australia produced 3,047 MT of lithium hydroxide in Q1 2026, the highest quarterly output since commissioning, as Kwinana reached full commercial throughput. Tianqi's Q1 2026 net profit was 43 times the year-earlier result, reflecting the combination of lithium price recovery from the 2024-2025 trough and Kwinana's operating leverage once fixed costs are covered. In January 2026, Tianqi issued CNY 2.6 billion in zero-coupon convertible bonds to refinance short-duration debt taken on during the trough and to fund downstream expansion capacity. ## The split Tianqi management and Chinese financial media present the Greenbushes expansion and Kwinana ramp as the culmination of a decade-long vertical integration strategy: mine to hydroxide to battery supply chain, with Chinese processing converting Australian spodumene. The 43x profit recovery is framed as vindication of the strategy's long-term logic despite the 2024-2025 trough. West Australian mining analysts note the structural irony: Greenbushes is majority-owned by a Chinese company, meaning most of the project's financial upside accrues in China, not Australia, despite the mine being Australia's most strategically significant critical minerals asset. The WA government has not moved to restrict Tianqi's stake or require domestic processing, unlike Indonesia's nickel export policy or the [Chilean state's Codelco JV mandate](/zh/n/chile-sqm-codelco-jv) for SQM. The CNY 2.6 billion convertible bond is read by bond analysts as confirming that Tianqi views 2026 as the cycle turning point: the zero-coupon refinancing locks in long-duration capital before the next price cycle fully reprices the company's creditworthiness. ## By the numbers - 1.8 million-plus tpa, Greenbushes total nameplate spodumene capacity across CGP1, CGP2, and CGP3. - January 30, 2026, CGP3 first ore on belt. - 3,047 MT, Kwinana Q1 2026 lithium hydroxide output. - 43x, Tianqi Q1 2026 net profit increase year-on-year. - CNY 2.6 billion, zero-coupon convertible bond issued January 2026. - 51%, Tianqi's stake in Talison Lithium. ## Why it matters Greenbushes at full three-plant output can supply over 20% of global spodumene concentrate demand, making Talison the single most important swing producer in hard-rock [Lithium](/zh/entity/lithium) supply. Phase III's completion means Greenbushes can expand output without further capital commitment for several years, capping the upside for competing spodumene projects in West Africa and Canada targeting the same demand window. Tianqi's vertical integration from Greenbushes spodumene through Kwinana hydroxide gives it the most integrated non-[GanFeng](/zh/n/ganfeng-solid-state-argentina-2026) supply chain in the industry, enabling cost optimisation that threatens the economics of competitors including [Albemarle's Kemerton](/zh/n/albemarle-kings-mountain-2026). The 43x profit recovery simultaneously signals that [Lithium](/zh/entity/lithium) price recovery is real and that Tianqi's trough-era cost cutting preserved the operating leverage needed to capture it fully. ## What to watch - Greenbushes three-plant concurrent throughput: how quickly CGP1, CGP2, and CGP3 reach simultaneous full output given shared infrastructure and logistics constraints. - Kwinana hydroxide volumes: whether Q2-Q3 2026 output sustains or exceeds Q1 3,047 MT, confirming full ramp completion. - Tianqi convertible bond maturity management: zero-coupon debt matures in 2029-2031; whether lithium prices sustain recovery to allow refinancing at par or below. - WA critical minerals policy: whether the Australian federal government or Western Australia state moves to require domestic processing equity conditions on Greenbushes, following Indonesian and Chilean precedents. ## Regional takes (batched by bias / lens) ### unlabelled - **Talison Lithium / Tianqi Lithium (ASX/SZSE Announcement)** (Australia / China, en) — Primary production milestone announcement: Greenbushes Chemical Grade Plant 3 (CGP3) achieved first ore on belt January 30, 2026. CGP3 adds approximately 520,000 tonnes per year of spodumene concentrate capacity, bringing Greenbushes total nameplate above 1.8 million tpa. Tianqi (51%) and Albemarle (49%) are Talison's joint venture owners. Source: https://www.tianqilithium.com/en/investor/announcements/2026/01/talison-greenbushes-cgp3-first-ore.html - **Tianqi Lithium (SZSE/HKEx Filing)** (China / Hong Kong, zh) — Q1 2026 results filing: net profit up 43x year-on-year as lithium prices recovered from the 2024-2025 trough. Kwinana lithium hydroxide plant in Western Australia produced 3,047 MT in Q1 2026. CNY 2.6 billion zero-coupon convertible bond issued in January 2026 to refinance shorter-duration debt taken on during the price trough and to fund downstream capacity. Source: https://www.tianqilithium.com/en/investor/announcements/2026/04/q1-2026-results.html - **Reuters** (Global, en) — Source: https://www.reuters.com/business/energy/tianqi-greenbushes-cgp3-kwinana-2026/ - **S&P Global Commodity Insights** (United States, en) — Source: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/013026-greenbushes-phase3-first-ore ### mining / capital markets - **Australian Financial Review** (Australia, en) — Documents CGP3 first ore as the completion of a multi-year expansion that makes Greenbushes the world's largest hard-rock lithium mine. Notes that simultaneous operation of three processing plants at the Bridgetown-Greenbushes site creates logistics complexity. Analyses the supply implication: Greenbushes at full output across all three plants can supply over 20% of global spodumene concentrate demand, capping the upside for competing West African and Canadian projects targeting the same demand window. > "Greenbushes CGP3 first ore makes Talison the world's largest hard-rock lithium mine; at full three-plant output it can supply over 20% of global spodumene concentrate demand." Source: https://www.afr.com/companies/mining/greenbushes-cgp3-first-ore-tianqi-talison-2026 ### Chinese financial media - **Caixin Global** (China, en) — Reports Tianqi's 43x Q1 profit surge with context: the 2024-2025 trough had pushed Tianqi to near-breakeven; the 2026 lithium price recovery combined with full Kwinana ramp creates significant operating leverage. Notes the CNY 2.6 billion zero-coupon convertible bond as debt management, refinancing shorter-duration liabilities taken on during the price trough into longer-duration capital at zero coupon. > "Tianqi's 43x Q1 profit surge reflects operating leverage from Kwinana ramp and lithium price recovery; the CNY 2.6bn bond refinanced trough-period liabilities into long-duration zero-coupon capital." Source: https://www.caixinglobal.com/2026-04-28/tianqi-lithium-q1-2026-profit-surge-43x-102284000.html ## Across the graph - Related: [[ganfeng-solid-state-argentina-2026]], [[albemarle-kings-mountain-2026]], [[lithium-market-2026-deficit]], [[chile-sqm-codelco-jv]] - Entities: Tianqi, Lithium --- Canonical: https://rbtfl.xyz/zh/n/tianqi-greenbushes-phase3-2026