In Q1 2024, Chilean lithium producer SQM reported a $869.5m net loss due to an oversupply causing a 75% drop in lithium sales prices.

Chilean lithium producer SQM reported a net loss of $869.5m for Q1 2024, due to an oversupply of lithium that dragged down prices. Despite a 34% increase in lithium sales volumes, revenues more than halved to $1.09bn. CEO Ricardo Ramos attributed the quarter's performance to a 75% drop in average lithium sales prices to $12,600/ton. SQM's lithium sales volumes grew 34%, but revenues fell 67% from a year earlier.

May 23, 2024
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