Lithium Demand Drives Chilean Company's Profits

Record Profits

• $178.4 million in the last quarter
• Up from $131.4 million last year
• Total revenue up 8.9% to $1.17 billion

Lithium Boom

• $603.7 million from lithium and related products
• 21.4% increase from previous year
• CEO Ricardo Ramos predicts strong demand due to electric vehicles and energy storage systems

Beyond Lithium

• Also produces fertilizers and industrial chemicals
• Lithium remains a key revenue driver

Market Challenges

• Prices peaked in 2022 but have since cooled
• Supply exceeds demand, pressuring companies like SQM and Albemarle

Future Outlook

• Growing demand for lithium due to electric vehicles and battery storage
• Major project with Codelco to increase lithium extraction in Atacama salt flat
• Final approval pending from Chile's comptroller