|Bid||134.75 x 800|
|Ask||133.65 x 900|
|Day's Range||125.50 - 128.50|
|52 Week Range||48.89 - 130.21|
|Beta (5Y Monthly)||1.31|
|PE Ratio (TTM)||37.34|
|Earnings Date||Feb 17, 2021 - Feb 22, 2021|
|Forward Dividend & Yield||1.54 (1.20%)|
|Ex-Dividend Date||Dec 10, 2020|
|1y Target Est||97.75|
(Bloomberg) -- SQM, the biggest lithium producer after Albemarle Corp., is moving ahead with plans to more than double capacity in a bet that accelerating electric-vehicle demand will tighten a currently oversupplied market for the battery metal.Reporting lower-than-expected third-quarter earnings, the Santiago-based company said its board approved an expansion as part of a $1.3 billion investment plan through 2024. Signs from China indicate that prices may have bottomed out and will improve next year, Pablo Altimiras, head of lithium and iodine, said on a call with analysts.SQM is looking past the current lithium supply glut that has pushed down prices. In what BMO Capital Markets calls a volume-over-price strategy, the company wants to grow its market share and capitalize on a recovery when demand growth outpaces supply of the key rechargeable battery ingredient as part of a global energy transformation.Soc. Quimica & Minera de Chile SA, as the company is known formally, expects lithium sales of 60,000 metric tons this year to increase by 30% next year, it said in an earnings statement late Wednesday.In terms of lithium carbonate capacity, SQM will expand to 120,000 tons from 70,000 tons by the end of next year, while its hydroxide capacity will increase to 21,500 tons. Its board approved taking carbonate to 180,000 tons and hydroxide to 30,000 tons by 2023. Right now, it’s producing at a rate of 75,000 tons a year.As part of the investment plan through 2024, SQM will also boost mining capacity for iodine nitrates, develop a seawater pipeline and introduce sustainability measures to halve its use of brine and reduce water use by 40% by 2030.The company’s shares rose as much as 2.3% in New York on Thursday, extending a year-to-date gain to 73%. (Adds outlook in second paragraph and share price in last)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will serve as a founding member of ZETA, a first-of-its-kind U.S.-based coalition committed to achieving 100 percent electric vehicle (EV) sales by 2030.
U.S.-based Albemarle Corp, the world's largest lithium producer, has accused its top rival, Chilean miner SQM, and local regulators of seeking to keep secret a coveted report about the environmental impact of lithium mining in Chile's Salar de Atacama, according to a filing made by its lawyers. Chilean regulator Corfo, which oversees lithium mining in the Atacama, in August denied a request from Albemarle to review the long-awaited report, according to filings obtained by Reuters under Chile's Transparency Act. In the filings, Corfo told Albemarle it was unable to provide the report because it was still under review and contained confidential business information.