Chile´s Miner SQM Boosts Lithium Sales Even as Profits Plunge, Promises Further Expansion by 2023

The world´s number 2 lithium miner, SQM said it continued to boost sales of lithium even as low prices battered profits, prompting the world’s No. 2 producer of the electric vehicle battery metal to announce a further expansion by 2023.

RIO DE JANEIRO, BRAZIL - SQM said it had sold 17,700 tonnes of lithium in the third quarter, up 56% from the same period the previous year.

The company said in a statement announcing its quarterly results that it would likely sell 30% more lithium in 2020 than in 2019, and promised a similar jump in sales in 2021.

Lithium miners boosted output last year in anticipation of a demand rush from carmakers going into 2020, but the COVID-19 pandemic slammed the brakes on the electric vehicle revolution, denting profits and forcing many companies to shelve expansion plans.

SQM . . .

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