The following is a summary of the Sociedad Química Y Minera De Chile S.A. (SQM) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sociedad Química Y Minera De Chile S.A. (SQM) announced total revenues of $1.1 billion with an adjusted EBITDA exceeding $400 million for Q1 2024.
SQM experienced a one-time tax impact of $1.1 billion in Q1 2024 due to a dispute over the interpretation of lithium mining tax. The impact of this tax in Q1 was around $8 million, which will be booked as tax expenses moving forward.
The cost for planned expansion at the Carmen complex is expected to be around $70 million. This is factored into the reiterated CapEx figure of $1.3 billion for 2024.
Business Progress:
The company showed strong growth across all major business lines, with record-high quarterly sales volumes in the iodine business, positive sales volume recovery in the fertilizer business, and a 30% increase in lithium sales volumes compared to the same time last year.
SQM has enhanced its position in the global hard rock lithium market with the commencement of production at the Mount Holland lithium project and the acquisition of Azure Minerals in Australia.
The company has increased its lithium carbonate capacity to 210,000 metric tons and aims to expand this to 240,000 metric tons by the end of 2024.
An increase in production is planned at the Carmen complex, targeting an additional 30,000 tons by 2025, to be achieved via higher recovery and lower capital investment.
More details: Sociedad Quimica Y Minera De Chile IR
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