Galan Lithium

Galan’s HMW Project Phase 1 & 2 Unaffected by Provincial Court Ruling

Galan Lithium Limited (ASX:GLN) (Galan or the Company) wishes to provide a response to speculation about any impact of the recent court ruling at its 100% owned Hombre Muerto West (HMW) lithium brine project, with lithium chloride production expected in H1 2025. Galan continues its steady progress in advancing its low cost, high grade HMW project to production in a timely manner.


  • A recent court ruling by the Court of Justice in the Province of Catamarca has temporarily halted the issuance of new environmental permits and authorizations for the Los Patos River area until the provincial government completes an environmental impact assessment that takes into consideration the cumulative impact of all projects in the area.
  • The resolution relates to the use of fresh water in the south-east part of the Hombre Muerto Salar, where the Los Patos River runs. The ruling has no impact on Galan’s existing and granted Phase 1 HMW permits and Environmental Impact Assessments (EIAs). Phase 1 construction continues.
  • The resolution is also not expected to have any impact on Galan’s HMW Phase 2 development plans or permitting process, as Galan is not planning to source water from the Los Patos River. Galan is confident that the Phase 2 permitting application process remains on track with continued strong support from both local communities and government.
  • Galan’s proposed HMW production process to produce a high grade lithium chloride concentrate (6% Li or 32% LCE) uses very little fresh water and considerably less water than the subsequent conversion to lithium carbonate or hydroxide, underpinning the low environmental impact of Galan’s chloride strategy. Furthermore, water for the HMW Project is to be sourced directly from in situ dedicated non-potable water wells.

As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H1 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The very positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).

Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, stated:

“We wish to confirm that a recent ruling by the Court of Justice in the Province of Catamarca, Argentina will have no impact on Galan's Phase 1 project and no expected impact on our Phase 2 development plans at Hombre Muerto West. We are not located in the area under dispute and there is no river running close by to Hombre Muerto West, that could be affected by similar rulings in the future. We are confident that this is a localised issue which may potentially impact some other projects operating on the Hombre Muerto Salar but has no impact on Galan.”


Click here for the full ASX Release

This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

News Provided by PR Newswire via QuoteMedia

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