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Energy Storage

Lithium prices drive big profits for SQM

by Matt Blois
March 12, 2023 | A version of this story appeared in Volume 101, Issue 9
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Benefiting from high prices and strong demand for lithium chemicals, SQM reported $3.9 billion in net income for 2022, about seven times as much as for the year earlier. The Chilean firm’s lithium revenue was up 771% for the full year. SQM hopes to take advantage of the high prices by adding 30,000 metric tons of lithium hydroxide capacity at a refinery in China this year. Other lithium chemical firms, including Albemarle and Livent, also reported monumental profits for 2022.

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