Excess capacity to keep pressure on lithium prices, says SQM
New York- and Santiago-listed Sociedad Química y Minera de Chile (SQM) has posted a sharp drop in full-year earnings, despite lithium volumes reaching new record levels as spodumene concentrate production started at Mt Holland, in Australia. The company’s earnings decreased by about 48.5%, from $3.9-billion to $2.01-billion, in the 12 months ended December 31. Revenue fell by 30% to $7.47-billion in the year under review.