- Write by:
-
Friday, May 20, 2022 - 12:43:53
-
468 Visit
-
Print
Mining News Pro - Chilean miner SQM, a major producer of lithium, on Wednesday reported a near twelve-fold rise in quarterly profit as it benefited from higher prices of the metal used in electric-vehicle batteries.
Net profit rose to $796 million in the first quarter ended March 31, while revenue nearly quadrupled to $2.02 billion.
The jump came on the back of a 59% surge in lithium sales volume and near seven-fold rise in prices, thanks to the global push towards electrification of vehicles.
SQM Chief Executive Ricardo Ramos had said in March the company hoped to hit production capacity of 180,000 tonnes of lithium in 2022 and the company said in its report that this year’s sales volume was expected to surpass 140,000 metric tonnes.
The head of SQM’s board announced in April the company planned to invest $900 million through 2022 to increase lithium carbonate and hydroxide production capacity. Read full story
Chile, the world’s largest producer of lithium, has profited from the rising global demand for electric vehicles. The country controls the lithium sector through mining rights, which it has awarded to some private companies.
President Gabriel Boric, who took office in March, has previously said Chile could create a national mining company, although officials from the Mining Ministry have recently shown themselves to be less optimistic of the prospect.
The state already controls top copper producer Codelco.
SQM and competitor Albemarle Corp. have major projects in Chile’s Atacam salt flats, which the companies use to extract lithium from below the surface via brine pools.
Short Link:
https://www.miningnews.ir/En/News/621382
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
India is in talks with several countries seeking partnerships for technical help on lithium processing, said four ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Chile’s state-run miner Codelco plans to select a partner for a future lithium project in one of the country’s top salt ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Lithium supplier Vulcan Energy on Wednesday announced the start of production of the first lithium chloride at its ...
A stuttering recovery in lithium prices is providing a fresh reminder of why the dramatic rally of recent years was ...
A US and European Union push to reach an accord on fostering critical mineral supply chains is set to miss another ...
No comments have been posted yet ...