Chile’s SQM (NYSE: SQM), the world’s second largest lithium producer, achieved record second-quarter output levels and saw sales volumes soar on renewed optimism about long-term demand for the metal used in the batteries that power electric vehicle batteries and high-tech devices.
The company said it is now producing at record levels of roughly 70,000 tonnes for the year, which has allowed it to build higher levels of inventory ahead of an expected demand boom.
“Given the demand growth expectations in coming years, we feel comfortable with the higher level of inventories that are being built,” it said.
SQM also sold more lithium in the three months to June 30 than in the first quarter, delivering 12,600 tonnes of the white metal, up 45% from the January-March period.
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