Sociedad Quimica y Minera - SQM STOCK NEWS

LiTHOS Group (CBOE CA: LITS) has provided a Q3 corporate and operational update, highlighting significant advances in their AcQUA™ and TiERRA™ technologies for sustainable lithium production. The company has successfully validated its AcQUA™ technology in collaboration with Sociedad Quimica y Minera de Chile (SQM), demonstrating high-purity lithium recovery while removing impurities. LiTHOS is also in advanced discussions with other major lithium producers and DLE technology companies.

The company's TiERRA™ technology, a post-DLE solution for responsible brine re-injection, has garnered interest from two large customers under contract. LiTHOS has secured Phase II funding through the U.S. Department of Energy's FASTRACK program and is pursuing a multi-million-dollar Phase III 'Commercialization' grant. The company has also filed a special petition to expedite the issuance of a fundamental process patent for their electro-pressure membrane method.

SQM reported net loss of US$655.9 million for the six months ended June 30, 2024, compared to net income of US$1,330.1 million in the same period last year. Total revenues decreased 44.9% to US$2,378.1 million. The company saw strong sales volume growth in lithium, iodine, and fertilizer businesses, with record-high quarterly sales volumes in lithium and iodine. However, significantly lower average realized lithium prices offset the volume growth. SQM signed a partnership agreement with Codelco for lithium operations in Salar de Atacama until 2060 and launched SQM International Lithium to develop business outside Chile. The company expects the downward pricing trend to continue in the second half of 2024, potentially impacting realized prices.

LiTHOS Group (CBOE CA: LITS) (OTCQB: LITSF) has announced successful laboratory-scale tests of its AcQUA™ pre-treatment technology on lithium brine from SQM's Salar de Atacama. The tests demonstrated high lithium yield recovery and effective impurity removal, including magnesium, boric acid, calcium, and sulfates. AcQUA™ uses a patent-pending hybrid electropressure membrane process that increases lithium concentration without freshwater or harmful chemicals. This technology eliminates the need for evaporation ponds, reducing the environmental footprint of lithium mining. LiTHOS operates two processing facilities in Denver, CO, and Bessemer, AL, and is working with strategic mineral resource owners in Chile, Argentina, and the United States.

SQM reported earnings for Q1 2024, revealing a net loss of $869.5 million ($3.04 per share), starkly down from a net income of $749.9 million ($2.63 per share) in Q1 2023. Total revenues plummeted 52.1% year-on-year to $1,084.5 million. Excluding one-time adjustments, net income was $228.1 million, showing a 69.6% decline. Despite revenue drops, SQM saw over 30% year-on-year growth in lithium sales volumes, hitting over 43,000 metric tons in Q1 2024. The company also reported record-high iodine sales of 3,700 metric tons. Key developments include the acquisition of the Andover lithium project in Australia and the completion of the Dixin lithium hydroxide facility ramp-up in China. The company has revised its FY2024 lithium sales volumes guidance upward.

SQM reports a decrease in net income and revenues for the twelve months ended December 31, 2023, compared to the previous year. The company achieved a record lithium sales volume in 2023 and commenced spodumene concentrate production. Despite challenges in the lithium market, SQM focuses on operational efficiency and capacity expansion. The CEO anticipates growth in the lithium market in 2024, with stable prices and increased sales volumes. SQM signed a Memorandum of Understanding with Codelco for sustainable operations. The company's total capital expenditure for 2024-2025 is expected to be approximately US$2.4 billion.

Adionics (ADIONICS) raises $27 million in Series B funding round, with SQM as a strategic investor. The eco-friendly liquid-liquid direct lithium extraction (DLE) process aims to revolutionize global lithium production, streamlining the value chain and reducing environmental footprint. Adionics plans to expand commercial reach and workforce, continuing R&D efforts for sustainability and innovation.

SQM Reported 34.3% Decrease in Net Income for the First Nine Months of 2023, Highlighting a 18.8% Decrease in Revenues. SQM Received IRMA 75 for Lithium Mining Operation. The Company Will Hold a Conference Call on November 16, 2023.

SQM reported net income of US$1,330.1 million for the six months ended June 30, 2023, a decrease of 20% compared to the same period last year. Revenues for the same period reached US$4,315.6 million, a decrease of 7%. SQM signed long-term lithium supply agreements with Ford Motor Company and LG Energy Solution. The company's total contribution to the Chilean treasury amounted to approximately US$1.7 billion for the six months ended June 30, 2023.