Lithium miner SQM's profit triples on soaring demand from the EV sector
by 2025 to boost its production capacity to 210,000 tonnes of lithium carbonate equivalent a year, from current levels of 180,000tpa.
Total revenues for the year hit $10.7 billion compared to the almost $2.9 billion reported for the twelve months ended December 31, 2021. SQM noted it would invest $1.4 billion from the total planned for the 2023-2025, period this year, as it continues expanding its capacity in Chile. The copper-rich country currently generates about 29% of the world’s supply, but it plans to double production by 2025 to about 250,000 tonnes of lithium carbonate equivalent. SQM remains bullish on the long-term outlook for the lithium market. It now forecasts demand to reach almost 1.5 million tonnes by 2025.
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