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SQM to invest US$2.1B to boost production amid expected lithium demand increase

Sociedad Quimica y Minera de Chile SA, or SQM, will invest about US$2.1 billion over the next five years to boost production as the company expects an increase in lithium demand, Reuters reported Sept. 11, quoting CEO Ricardo Ramos.

Ramos said that about US$1.33 billion of the investment would be for lithium operations, with further amounts put towards growing its nitrates and iodine capacity and maintenance between 2019 to 2023.

The company is expecting lithium sales volume to reach 173,000 tonnes by 2025 through the company's operations in Chile and Australia.

Ramos said that opportunities for growth in the lithium industry could mean a gross profit contribution of about US$1 billion by 2025.

In August, SQM reported a net income drop to US$70.2 million in the second quarter, from US$133.9 million a year ago.