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(Bloomberg) — Top lithium producer SQM said it sees world demand for the battery metal growing about 25% this year, after reporting record quarterly sales volume as the industry emerges from a global glut.
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The operator of the world’s richest brine deposit said volumes in the fourth quarter rose to over 66,000 metric tons, more than 50% from the same period the previous year, according to an earnings report. Demand for lithium will be led by electric vehicles and energy storage systems, the company said.
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It’s the first earnings report since SQM brought Chile’s state copper behemoth Codelco as a partner in the Atacama operations. The firms are targeting a roughly 30% production increase in the coming years at the sprawling complex.
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Called Nova Andino Litio SpA, the SQM-Codelco venture aims to capture double-digit growth in global lithium consumption as large-scale battery storage adds to demand from electric vehicles. The expansion could pressure higher-cost rivals as the industry emerges from a prolonged period of oversupply that dragged down prices.
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To be sure, while spot prices have more than doubled from a June low, they’re still more than 70% below a 2022 peak.
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The Atacama operation employs an evaporation technique that uses less water, chemicals and energy than hard-rock mining, as practiced in top-producer Australia. NovAndino is preparing to submit a proposal to regulators to introduce new techniques such as direct extraction, which could further lift output.
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—With assistance from Yi Wei Wong and Jose Orozco.
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