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Pan Asia Metals And VinES Sign Non-Binding MOU To Conduct A Feasibility Study For A Standalone Lithium Conversion Facility

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to announce the execution of a non-binding Memorandum of Understanding (“MOU”) with VinES Energy Solutions Joint Stock Company (“VinES”), a member of Vingroup, the largest private conglomerate in Vietnam. The MOU, for an initial 36-month term unless extended by mutual consent, is a cooperation agreement between the parties for the evaluation of a standalone Lithium Conversion Facility located close to VinES battery plant in Vietnam. The evaluation will consider an initial annual capacity of 20-25,000tpa of lithium carbonate and / or lithium hydroxide.


HIGHLIGHTS

  • Non-binding Memorandum of Understanding (MOU) signed with VinES Energy Solutions Joint Stock Company (VinES);
  • MOU outlines a joint Feasibility Study for a standalone Lithium Conversion Facility in an industrial zone in Vietnam, close to VinES battery plant;
  • Positive feasibility results will lead to a definitive agreement between the parties to proceed with the Project;
  • PAM in discussions to secure additional lithium concessions and lithium oxide concentrate supply for the Project;
  • MOU with VinES marks an exciting step forward for PAM in the development of its integrated lithium chemical business.
PAM has commenced feasibility work for the standalone Lithium Conversion Facility, with technical work being coordinated by Lithium Consultants Australasia.

PAM and VinES will establish a joint project team which will cover, amongst other things, project ownership, feedstock supply, and offtake provisions. One of PAM’s key responsibilities is to secure additional lithium concessions and lithium oxide concentrate supply agreements with the goal of supplying feedstock to the Project. The Joint Project Team will also commence discussions with third party feed providers for lithium feedstock.

The facility’s proposed location in Vietnam is expected to optimise logistics and enhance the ESG credentials of the end product. Following successful completion of the Feasibility Study, PAM and VinES will potentially negotiate and agree terms of the legally binding Definitive Agreement defining the collaboration for the Project.

Commenting on the MOU, Pan Asia Metals’ Chairman and Managing Director, Mr. Paul Lock said:“We are thrilled to be working with VinES, an ESG-focused EV battery manufacturer, in the evaluation of a standalone Lithium Conversion Facility in Vietnam. This is a significant step towards achieving our strategy focused on developing an integrated supply chain to cost-effectively deliver relevant and in-demand products to the Li-ion battery market in South-East Asia. As a company with a strong focus on South-East Asia, we believe that VinGroup’s dedication to green mobility and technology makes VinES an ideal partner for Pan Asia Metals. We are excited about the potential to contribute to the development of the lithium supply chain in Vietnam through this collaboration, and in achieving our shared goals with VinES.”

Commenting on the MOU with Pan Asia Metals, VinES’ CEO, Ms. Pham Thuy Linh said:“Lithium remains one of the most important raw materials in the battery material supply chain and our focus. A potential lithium conversion facility near our existing operations in Vietnam could significantly enhance VinES’ operational synergy and flexibility, strengthen our integrated supply chain and ensure VinES’ comprehensive sustainable development. I believe the MOU with Pan Asia Metals shall continue to strengthen our position in accelerating the growth of business and seizing opportunities in the EV supply chain.”

The MOU is non-binding and there are no guarantees that the activities contemplated by the MOU will be completed.


Click here for the full ASX Release

This article includes content from Pan Asia Metals 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 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.

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