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Latin Exercises Option to Acquire High-Grade Lithium Tenement in Bananal Valley

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has exercised its option, through its 100% wholly owned subsidiary Belo Lithium Mineracao Ltda. (“Belo”), to acquire the highly prospective tenement 830.691/2017 at the Company’s Salinas Lithium Project in Bananal Valley, Brazil (“Salinas” or the “Project”).


HIGHLIGHTS
  • Latin Resources exercises its option to acquire tenement 830.691/2017, in the highly prospective Bananal Valley district of the Salinas Lithium Project in eastern Brazil.
  • The option exercise is part of the Company expansion plan, with Latin’s lithium ground position now expanded to over 5,350 hectares, with multiple drill targets defined within the prospective ‘lithium corridor’.
  • The immediate consideration for the acquisition is USD $15,000 in cash and USD $15,000 in LRS ordinary shares, with an additional cash payment of USD $75,000 to take place 12 months after the option exercise.
  • Recent drilling on the acquired project area has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O.
  • Having recently completed a transformative placement of $35 million, Latin will continue with its aggressive resource definition drilling program comprising of 25,000m on the Salinas Lithium Project to fast track its next major milestone of a maiden JORC Resource.

This acquisition is part of the Company’s plan to expand its holding of highly prospective tenements in the region, with Latin’s strategic land package now expanded to over 5,350 hectares in the newly defined Salinas lithium corridor.

Latin Resources’ Managing Director, Chris Gale, commented

“We are very pleased to have exercised our option to acquire the Bananal 830.691/2017 tenement, securing 100% ownership of the area where we will be undertaking an extensive diamond drilling program. Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites. The next phase of drilling is aimed at providing sufficient data to enable the Company to undertake a JORC Mineral Resource Estimate should results continue to be favourable.”



Results from the Company’s maiden diamond drilling campaign on the acquired project area1 , has confirmed that the spodumene bearing pegmatites in the region contain high-tenor lithium, with the Company recently reporting a number of very high-grade results, including:


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This article includes content from Latin Resources Limited, 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 TWELVE MONTHS ENDED DECEMBER 31, 2023

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Highlights

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the twelve months ended December 31, 2023 , of US$2,012.7 million ( US$7.05 per ADR), a decrease of approximately 48.5% from US$3,906.3 million ( US$13.68 per ADR) for the twelve months ended December 31, 2022 .

Gross profit reached US$3,075.1 million (41.2% of revenues) for the twelve months ended December 31, 2023 , lower than US$5,736.6 million (53.6% of revenues) recorded for the twelve months ended December 31, 2022 . Revenues totaled US$7,467.5 million for the twelve months ended December 31, 2023 , representing a decrease of approximately 30.3% compared to US$10,710.6 million reported for the twelve months ended December 31, 2022 .

The Company also announced earnings for the fourth quarter of 2023 of US$203.2 million ( US$0.71 per share), a decrease of approximately 82.3% compared to US$1,151.0 million ( US$4.03 per share) for the fourth quarter of 2022. Gross profit for the fourth quarter of 2023 reached US$400.7 million , approximately 75.6% lower than the US$1,641.9 million reported for the fourth quarter 2022. Revenues totaled US$1,311.6 million for the fourth quarter of 2023, a decrease of approximately 58.1% compared to US$3,133.6 million for the fourth quarter of 2022.

SQM's Chief Executive Officer, Ricardo Ramos , stated: "Our fourth quarter 2023 results reflected record-high sales volumes in lithium business and increased sales volumes in iodine and potassium business lines when compared to the previous quarter and the same period last year. Despite a downturn in lithium market prices when compared to the previous year, our focus on operational efficiency and ability to successfully execute capacity expansion projects have facilitated notable production growth in lithium and iodine businesses over the past year. While we continue with our expansions in Chile and expect our lithium carbonate capacity to reach 210,000 metric tons during the first quarter of this year, we also celebrated first production of spodumene concentrate at our Mt. Holland operation site during the fourth quarter of 2023. In the iodine business, as a result of successful start-up of Pampa Blanca operation, record-high production volumes were achieved during the year, reconfirming SQM´s position as industry leader with ability to deliver growth ahead of competition."

He continued by saying: "As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials. However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance."

He finished by saying: "In December last year, we signed a Memorandum of Understanding with Codelco to jointly develop the Salar Futuro project and sustainably operate in the Salar de Atacama beyond 2030. Together with the communities, we are working on the definitive documentation in the upcoming months and will inform the market once this process is concluded. Last year, SQM was included into both DJSI World and Emerging Markets indices, several years ahead of our internal goal. This is the result of ongoing work and our commitments to increase the transparency and sustainability of our operations."

Total capital expenditure in 2023 was close to US$1.1 billion . For the period 2024-2025, total capex is expected to be approximately US$2.4 billion , including:

  • US$1.4 billion related to lithium capacity expansion projects in Chile , including US$130 million of maintenance.
  • US$700 million related to nitrates and iodine capacity expansion project in Chile , including US$160 million of maintenance.
  • US$340 million related to Mt. Holland lithium project in Australia and exploration projects.

The capex for 2024 is expected to be approximately US$1.3 billion , including maintenance.

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
Irina Axenova  / irina.axenova@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 implementation of the MoU and potential 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, 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.

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

News Provided by PR Newswire via QuoteMedia

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Albemarle Corp. Logo. (PRNewsFoto/Albemarle Corporation)

About Albemarle

Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly known as Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements

Some of the information presented in this press release, including, without limitation, information related to future dividends and results, and all other information relating to matters that are not historical facts may constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.  These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-announces-quarterly-dividend-302069340.html

SOURCE Albemarle Corporation

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