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Energy Storage
Lower lithium prices drag down SQM’s profits
by Matt Blois
November 23, 2023
| A version of this story appeared in
Volume 101, Issue 39
After high prices fueled huge profits for lithium producers last year, a steep decline in lithium prices has dragged down SQM’s earnings by about 34% for the first three quarters of 2023 compared with the same period in 2022. But executives say the growing battery industry makes them optimistic about lithium’s long-term prospects. Separately, the firm has invested in Adionics, which is developing a direct lithium extraction (DLE) technology that chemically removes lithium from brine. SQM hopes to use DLE to increase lithium production at its operations in Chile.
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