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Chile’s SQM Rakes in Massive $800M Q1 Profit Off the Back of Soaring Prices

Lithium producer SQM flags humongous $US800m profit for Q1 alone Marquee has kicked off drilling at the Kibby Lithium Project … Read More
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  • Lithium producer SQM flags humongous $US800m profit for Q1 alone
  • Marquee has kicked off drilling at the Kibby Lithium Project in Nevada
  • Critical Resources intersected more thick visual spodumene at Mavis Lakes

 All your ASX lithium news for Friday, May 20

 

Chilean lithium producer and miner Sociedad Química y Minera de Chile (NYSE:SQM) just released its Q1 profit and wowzers, it is huge.

The company saw an t4nfold increase in profit to $US800m which it put down to rising lithium prices and a 59% increase in sales volume.

Which led analysts to question how the company will spend all its cash in the coming year?

Word on the street (and by street I mean S&P Global) is that the company could be planning to further expand its operations to keep up with demand.

“I don’t want to announce a new increase in capacity every single quarter … At least give me a couple of quarters before announcing a new increase,” CEO Ricardo Ramos said in a conference call.

The company is currently ramping up production to 180,000 mt/year of lithium carbonate and 30,000 mt/year of lithium hydroxide from mid-2022.

That’s a threefold increase in output from 2018.

And the plan is to expand to 210,000 mt/year of lithium carbonate and 40,000 mt/year of lithium hydroxide from next year.

To put that in context, the global lithium market expected to grow by 30% this year and is expected to reach 1 million mt annually by 2025.

 

 

Ramos also said the company is pushing to double the capacity of its Mt Holland lithium hydroxide project, currently under construction in Western Australia, to 100,000 mt/year.

The company is also looking at possible joint ventures with South Korea’s LG to recycle lithium or produce battery components in Chile or abroad, with preliminary results expected next month – and would also consider acquisitions if it came across a project which made the right fit, Ramos said.

 

Here’s how ASX lithium stocks were tracking today:

Lithium stocks missing from our list? Shoot a friendly mail to [email protected]

 

Code Company Price % Month % Week % Today Market Cap
DAF Discovery Alaska Ltd 0.063 54% 54% 40% $10,045,561.41
LRD Lordresourceslimited 0.32 60% 16% 21% $8,157,924.57
EMS Eastern Metals 0.2 0% 29% 14% $6,230,000.00
MQR Marquee Resource Ltd 0.105 -19% 14% 12% $29,304,357.59
GSM Golden State Mining 0.07 -18% 9% 11% $6,540,323.08
SCN Scorpion Minerals 0.1 19% 20% 11% $29,864,807.28
SHH Shree Minerals Ltd 0.01 -33% 11% 11% $11,000,132.03
PLL Piedmont Lithium Inc 0.855 -13% 31% 11% $406,229,516.00
WML Woomera Mining Ltd 0.022 -12% 16% 10% $13,736,661.32
XTC Xantippe Res Ltd 0.011 -27% 10% 10% $76,830,568.99
FRS Forrestaniaresources 0.23 -34% -15% 10% $5,900,748.84
INR Ioneer Ltd 0.55 -24% 13% 9% $1,056,106,207.10
LRV Larvottoresources 0.325 -6% 12% 8% $12,362,250.00
ESS Essential Metals Ltd 0.56 -21% 18% 8% $127,822,622.72
CXO Core Lithium 1.335 -11% 19% 8% $2,148,117,873.76
CRR Critical Resources 0.086 1% 25% 8% $119,009,035.20
LPD Lepidico Ltd 0.029 -28% 12% 7% $173,059,644.56
SYA Sayona Mining Ltd 0.29 -24% 32% 7% $1,939,341,837.15
FFX Firefinch Ltd 0.955 -18% 16% 7% $1,051,306,466.69
PAM Pan Asia Metals 0.515 -13% 14% 7% $35,356,149.12
ENT Enterprise Metals 0.015 -25% 7% 7% $9,025,055.97
LTR Liontown Resources 1.31 -22% 13% 7% $2,685,475,867.55
MTM Mtmongerresources 0.155 -21% -9% 7% $5,257,704.79
AKE Allkem Limited 13.25 -2% 24% 7% $7,913,336,847.26
LKE Lake Resources 1.5 -34% 8% 7% $1,869,691,931.14
PGD Peregrine Gold 0.49 2% 23% 7% $17,611,867.74
RDT Red Dirt Metals Ltd 0.535 -7% 32% 6% $152,263,964.51
LEL Lithenergy 1.25 21% 12% 6% $53,277,000.00
G88 Golden Mile Res Ltd 0.055 -14% 12% 6% $10,594,095.93
NVA Nova Minerals Ltd 0.645 -23% 2% 6% $109,923,393.85
VUL Vulcan Energy 7.58 -17% 10% 6% $943,895,295.30
TYX Tyranna Res Ltd 0.0095 58% 58% 6% $11,811,246.00
IGO IGO Limited 11.7 -17% 7% 6% $8,398,100,046.17
AGY Argosy Minerals Ltd 0.405 -21% 16% 5% $521,581,376.47
AZL Arizona Lithium Ltd 0.1575 -19% 13% 5% $334,907,881.80
EVR Ev Resources Ltd 0.044 -32% 16% 5% $38,891,330.98
PLS Pilbara Min Ltd 2.86 -2% 17% 5% $8,126,757,346.89
TEM Tempest Minerals 0.066 -40% 2% 5% $31,783,973.07
M2R Miramar 0.12 -33% -4% 4% $7,347,642.68
CAI Calidus Resources 0.86 -20% -2% 4% $331,895,031.60
LIS Lisenergylimited 0.625 -11% 13% 4% $99,548,512.20
RGL Riversgold 0.05 -38% 25% 4% $27,429,412.51
AS2 Askarimetalslimited 0.535 -31% 9% 4% $21,413,493.49
MNS Magnis Energy Tech 0.41 -16% 6% 4% $381,761,704.96
CHR Charger Metals 0.58 -24% 5% 4% $18,245,379.60
AOU Auroch Minerals Ltd 0.089 -32% 1% 3% $31,071,954.71
TON Triton Min Ltd 0.03 -9% 15% 3% $36,504,741.13
MMG Monger Gold Ltd 0.305 -2% 2% 3% $7,375,000.00
KZR Kalamazoo Resources 0.35 -25% 3% 3% $49,366,087.16
VMC Venus Metals Cor Ltd 0.175 -8% -8% 3% $25,683,376.11
A8G Australasian Metals 0.36 -29% -1% 3% $14,409,672.90
GLN Galan Lithium Ltd 1.445 -29% 5% 3% $427,681,103.61
BNR Bulletin Res Ltd 0.185 -24% 28% 3% $52,216,240.86
NMT Neometals Ltd 1.335 -28% 9% 3% $712,889,314.80
EFE Eastern Resources 0.039 -20% 8% 3% $37,788,591.98
EUR European Lithium Ltd 0.081 -23% 0% 3% $109,250,177.24
AAJ Aruma Resources Ltd 0.082 -56% 8% 3% $12,556,920.24
RAG Ragnar Metals Ltd 0.042 -5% 14% 2% $15,280,080.45
GL1 Globallith 1.73 -24% 12% 2% $268,200,052.64
LIT Lithium Australia 0.088 -20% 4% 2% $89,024,209.26
AM7 Arcadia Minerals 0.225 -20% 0% 2% $7,698,350.00
NWM Norwest Minerals 0.046 -19% 0% 2% $8,127,332.42
ASN Anson Resources Ltd 0.1175 -19% 12% 2% $118,209,918.53
ZEO Zeotech Limited 0.053 -15% 0% 2% $79,295,604.44
LRS Latin Resources Ltd 0.1375 -29% 31% 2% $260,284,633.74
GT1 Greentechnology 0.85 -21% 8% 2% $113,753,720.00
LPI Lithium Pwr Int Ltd 0.59 -32% 3% 2% $202,504,011.84
RIO Rio Tinto Limited 108.28 -11% 5% 1% $39,627,330,844.50
KTA Krakatoa Resources 0.08 -33% 3% 1% $27,232,083.44
PNN PepinNini Minerals 0.575 -40% 6% 1% $35,022,101.88
MIN Mineral Resources. 59.52 -3% 12% 0% $11,225,311,171.11
1MC Morella Corporation 0.029 -12% 16% 0% $150,110,205.59
ADV Ardiden Ltd 0.012 -14% 0% 0% $32,020,024.27
AOA Ausmon Resorces 0.008 -33% 14% 0% $6,858,314.74
ARN Aldoro Resources 0.225 -27% 5% 0% $22,323,057.53
AVW Avira Resources Ltd 0.005 -17% 0% 0% $10,593,950.00
AVZ AVZ Minerals Ltd 0.78 -35% 0% 0% $2,752,409,203.44
BMM Balkanminingandmin 0.27 -26% -18% 0% $8,842,500.00
BYH Bryah Resources Ltd 0.045 -22% -6% 0% $10,179,322.88
CZL Cons Zinc Ltd 0.024 -17% 4% 0% $8,432,587.51
DRE Dreadnought Resources Ltd 0.039 -9% 5% 0% $110,708,658.49
EPM Eclipse Metals 0.026 -32% 0% 0% $49,949,286.74
FG1 Flynngold 0.145 -12% -3% 0% $9,288,852.25
GW1 Greenwing Resources 0.325 -21% -2% 0% $40,055,388.43
IMI Infinitymining 0.16 -11% 3% 0% $9,200,000.00
INF Infinity Lithium 0.13 -21% 0% 0% $53,927,827.33
IPT Impact Minerals 0.011 -24% 10% 0% $24,095,077.45
KAI Kairos Minerals Ltd 0.027 -10% 4% 0% $52,976,524.26
LSR Lodestar Minerals 0.01 -38% 0% 0% $17,384,373.48
MLS Metals Australia 0.11 -33% 36% 0% $47,850,269.06
MM1 Midasmineralsltd 0.305 -13% 17% 0% $16,603,628.13
MMC Mitremining 0.145 -24% 0% 0% $3,927,339.50
MRR Minrex Resources Ltd 0.055 -26% 12% 0% $55,479,353.00
MXR Maximus Resources 0.07 -16% 0% 0% $22,253,403.76
QPM Queensland Pacific 0.165 -13% 14% 0% $254,613,666.62
QXR Qx Resources Limited 0.048 -37% -4% 0% $41,249,391.41
RAS Ragusa Minerals Ltd 0.08 -11% -5% 0% $10,052,626.40
RLC Reedy Lagoon Corp. 0.027 -23% 8% 0% $14,805,645.21
RMX Red Mount Min Ltd 0.008 -11% 7% 0% $13,138,910.86
SRI Sipa Resources Ltd 0.04 -18% -2% 0% $8,200,992.12
SRZ Stellar Resources 0.022 -21% 5% 0% $18,464,657.77
TKL Traka Resources 0.008 -20% -11% 0% $5,510,196.49
VKA Viking Mines Ltd 0.009 -25% -10% 0% $9,227,325.88
WC8 Wildcat Resources 0.034 -6% 13% 0% $21,939,272.72
WMC Wiluna Mining Corp 0.565 -39% 0% 0% $119,392,943.93
ZNC Zenith Minerals Ltd 0.365 -19% 6% 0% $125,525,016.58
PSC Prospect Res Ltd 0.9475 5% 0% -1% $417,020,511.82
JRL Jindalee Resources 3.6 -25% 9% -1% $208,285,646.58
AZI Altamin Limited 0.096 4% -1% -1% $37,996,524.94
EMH European Metals Hldg 0.96 -24% -5% -1% $136,553,656.05
WR1 Winsome Resources 0.44 -12% 16% -2% $60,801,297.30
AML Aeon Metals Ltd. 0.037 -47% -3% -3% $35,824,837.74
KGD Kula Gold Limited 0.032 -38% -9% -3% $7,100,795.86
FTL Firetail Resources 0.315 -22% -6% -3% $20,079,312.50
ALY Alchemy Resource Ltd 0.027 17% 42% -4% $26,686,073.60
TMB Tambourahmetals 0.215 -22% -2% -4% $9,268,334.55
WCN White Cliff Min Ltd 0.021 -32% 5% -5% $14,379,273.96
AUN Aurumin 0.18 -5% 6% -5% $20,752,417.88
AX8 Accelerate Resources 0.036 -42% -8% -5% $10,011,438.16
STM Sunstone Metals Ltd 0.053 -33% 4% -5% $144,168,999.41
THR Thor Mining PLC 0.013 -19% 8% -7% $14,811,179.82
DTM Dart Mining NL 0.073 -6% 22% -8% $9,834,783.47
TSC Twenty Seven Co. Ltd 0.0035 -13% 0% -13% $10,643,255.62

A solid 70 stocks were in the green today, with 36 flatlining and 17 in the red.

 

Who’s got news out today?

MARQUEE RESOURCES (ASX:MQR)

MQR has kicked off its 2 stage, 3,000m drilling program at the Kibby Lithium Project in Nevada.

The objective of the drill program is to delineate a lithium-enriched brine aquifer deposit thats is amenable to mining, using wells to extract brine for processing to a saleable lithium hydroxide monohydrate product.

And the project is fully permitted for water extraction for the use of brine processing and production of lithium compounds should a large-scale brine and clay lithium deposit be identified.

 

CRITICAL RESOURCES (ASX:CRR)

The company continues to extend the Pegmatite 6 zone at its Mavis Lakes lithium project in Ontario after step-out drilling intersected more thick visual spodumene.

Hole 14 intersected 17.5m of spodumene from a down-hole depth of 143.25m while Hole 15 returning 9.7m of spodumene from 129.1m.

CRR has now extended the current 5,000m program to about 10,000m with 28 new targets identified – 11 of them ranked as “high priority”.

 

NOVA MINERALS (ASX:NVA)

Nova has received the first results from its first drill tests from the Grass River Pegmatite (GRP) dyke at its Snow Lake Lithium project in Canada, with hole GPR-003 returning 3.35% Li2O over three meters.

Current drilling will continue to focus on delineating the geometry of the GRP dyke and data from this drill campaign will be included in Snow Lake Lithium’s next resource update.

 

IGO (ASX:IGO)

The company hit a major milestone for its lithium joint venture with Tianqi Lithium Corporation, producing battery grade lithium hydroxide from its Kwinana refinery today.

“Vertical integration into downstream processing is a key plank in IGO’s strategy and we are proud to be involved in the first production of lithium hydroxide in commercial quantities in Australia,” IGO MD and CEO Peter Bradford says.

“The joint venture’s interest in both the upstream mining asset at Greenbushes and the downstream refinery at Kwinana is emerging as a globally significant, integrated lithium business.”

But it wasn’t a smooth road to get there, with Tianqi facing extensive cost blowouts and delays.

The next step in the plant’s ramp-up process is the product qualification process with offtake customers, which will be completed over the next four to eight months.

 


 

The post Eye on Lithium: Chile’s SQM rakes in massive $US800m Q1 profit off the back of soaring prices appeared first on Stockhead.

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