SQM - SQM to spend $900M this year to boost lithium capacity

Sociedad Química y Minera de Chile (NYSE:SQM) said Tuesday it plans to spend $900M in 2022 as part of its plan to increase lithium carbonate and hydroxide production capacity, Reuters reports. SQM (SQM) expects to complete its original program to increase lithium carbonate production capacity to 180K metric tons/year over the next few months, while working towards 210K tons/year by early 2023, outgoing board Chairman Alberto Salas said Tuesday at a shareholders' meeting. The company also plans to increase lithium hydroxide production capacity to 40K tons/year by early next year. SQM also said it is advancing the Mt. Holland lithium project in Western Australia in its 50-50 partnership with Wesfarmers. Seeking Alpha contributor Steven Cress last month named SQM as one of his two best clean energy stock ideas for 2022.

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SQM to spend $900M this year to boost lithium capacity