Lithium Power International

Maricunga Lithium Brine Project Status

Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) has become aware of recent media speculation pertaining to the status of its Maricunga Project tenements and the Company’s market disclosure. LPI refutes the information in the news articles (AFR online, Street Talk 16/7/23, reporting on a Chilean newspaper article) and confirms that the market has been fully informed, as repeated below.


On the evening of Thursday, 20 April 2023 (Chilean time), Chilean President Gabriel Boric formally announced the Chilean National Lithium Policy (“NLP” or “Policy”) on National Television. This initial speech outlined the Policy in relation to the Atacama Salar and the two producing lithium brine companies. A subsequent speech was given by President Boric on Friday, 21 April 2023 (Chilean time), discussed the other Chilean lithium brine projects, including the Company’s’ project on the Maricunga salar.

On Monday 24 April 2023, the Company, aware of its ASX Continuous Disclosure obligations, provided a comprehensive analysis of the Policy and the effect on its Maricunga project. Shareholders and Investors were also invited to attend an investor conference call, hosted by LPI’s Chief Executive Officer, Cristobal Garcia-Huidobro, on Monday 24 April 2023, at 12.00pm (Noon) AEST, to discuss the NLP further. This webinar was very well attended.

For ease of reference, the key points from this announcement are contained in an Appendix to this ASX release.

The Company also provided further information on NLP in the March 2023 Quarterly Activities Report, released to ASX on Friday 28 April 2023.

In response to the content of the latest article, LPI informs the following:

  • The standing of its concessions and permitting according to Chilean law is solid and there are not, nor have there ever been, judicial processes that have had the purpose of questioning the aptitude, rights and capacity to exploit Lithium from Mining Properties constituted prior to the year 1979.
  • In addition , all rights have been confirmed and published by various administrative bodies of the State of Chile, including the Environmental Approval RCA Nº 0094/2020 ratified by the Committee of Minister in January 2022, and the Chilean Nuclear Energy Commission permit (CCHEN) Resolution Nº 039/2018.
  • These have also been ratified by resolutions of various superficial land easements rulings of different Ordinary Courts and the Illustrious Court of Appeals of Copiapó
  • Furthermore, all the previous have been ratified in the recent ruling issued by the Hon. Supreme Court on April 5, 2023.
  • This has been reinforced by Legal Opinions presented during the last three years from several large and specialist law firms in Chile.
  • Notwithstanding the foregoing, the company has requested the legal opinion from the most experience and well known Chilean lawyers, who, having the respective background information, have not only confirmed the aptitude, rights and capacity of its Pre-79 Assets to exploit Lithium, but they have also carried out a solid analysis and interpretation of the current Organic Constitutional and legal norms, included in the recent ruling issued by the Hon. Supreme Court on April 5, 2023. Thus, it is worth noting for her career and professional prestige, the former Codelco Prosecutor and former Lawyer member of the Hon. Supreme Court, expert in mining law Mrs. Laura Novoa; the lawyer, professor and tenured academic of the PUC in Civil Law, the most prestigious Law School in Chile, Mr. Víctor Vial; the former lawyer member of the Constitutional Court and professor Mr. Enrique Navarro; the academic in civil law of the University of Concepción and former member of the Hon. Supreme Court Mr. Daniel Peñailillo; the current lawyer member of the Hon. Supreme Court and professor Ricardo Abuabuad and the prominent civil law professor and former member of the AC of Santiago, Iñigo de la Masa.

LPI has absolute confidence in the Chilean legal system and in its strict compliance by its authorities, including Ministers, where only the Courts have the jurisdiction to interpret laws. LPI confirms that there are not, nor have there ever been, judicial processes that have had the purpose of questioning the aptitude, rights and capacity to exploit Lithium from Mining Properties constituted prior to the year 1979.


Click here for the full ASX Release

This article includes content from Lithium Power International, 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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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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