SQM’s new goal is to achieve 180,000 tonnes of lithium carbonate and 30,000 tonnes of lithium hydroxide in Chile by the top of 2022.
The Santiago-based firm additionally plans to develop a 50,000-tonne lithium hydroxide three way partnership undertaking in Australia as demand for the electrical automobile battery steel soars.
Gross sales volumes jumped 180% within the first quarter on rising demand from the EV sector, prompting SQM to fast-track present enlargement plans within the lithium-rich Atacama salt flat
“We noticed sturdy demand progress for electrical autos throughout the first quarter, greater than double in comparison with final yr, making us consider that annual demand for lithium chemical compounds might develop greater than 30%,” chief govt Ricardo Ramos mentioned in the company’s first-quarter earnings statement.
Hovering demand for lithium is fuelling costs for the commodity. MINING.COM’s EV Steel Index exhibits the steel use was up 12% in March, when in comparison with the identical month final yr, whereas complete materials deployed was up a formidable 94% month on month.
Lithium costs continued to recuperate, topping $10,000 per tonne in March for the primary time since August 2019, and SQM mentioned expects prices to keep climbing through the end of the year.
The Chilean firm mentioned its lithium gross sales volumes in the primary quarter had jumped 180%, in comparison with the identical interval final yr, on rising demand from the electrical automobile (EV) business.
The miner famous it’s anticipated that demand progress to spice up its gross sales of lithium carbonate equal to greater than 85,000 tonnes this yr, in comparison with a 30% enhance in 2020.
SQM shares are 14% down for the reason that starting of the yr, however the inventory has climbed greater than 76% within the final 12 months, leaving the miner with a market capitalization of $12.2 billion.
