The world’s largest battery maker CATL said it was suspending operations at a lithium mine in China, sending shares of other producers soaring on speculation that Beijing is moving to tackle industrial overproduction.

Chinese battery giant Contemporary Amperex Technology said on Monday it had suspended production at a major lithium mine after its license expired, sparking a surge in lithium futures and miners' share prices.

SINGAPORE] Battery giant Contemporary Amperex Technology Co Limited (CATL) has suspended production at a major lithium mine in China’s Jiangxi province for at least three months, according to sources familiar with the matter.