Lithium Demand Drives Chilean Company's Profits

Chile's SQM, a major player in the lithium industry, has seen its profits grow. This is due to a rise in lithium prices. The company made $178. 4 million in the last quarter. This is more than the $131. 4 million they made last year. Their total revenue also went up by 8. 9%. It reached $1. 17 billion. Lithium and its related products brought in $603. 7 million. This is a big jump of 21. 4%. The CEO, Ricardo Ramos, thinks this trend will keep going. He believes the demand for lithium will stay strong. This is because of electric vehicles and energy storage systems. SQM is not just about lithium. They also make fertilizers and industrial chemicals. But lithium is a big part of their business. Prices for lithium were very high in 2022. But they have cooled down since then. This is because there is more supply than demand. This puts pressure on companies like SQM and Albemarle. But the future looks bright. Demand for lithium is expected to grow. This is because of the rise in electric vehicles and battery storage. SQM is working on a big project. They are partnering with Codelco. This is to increase lithium extraction in the Atacama salt flat. They are waiting for final approval from Chile's comptroller.