A leading lithium producer drawing brine from Chile's Salar de Atacama, also the world's top maker of iodine and potassium nitrate, which sealed an Atacama joint venture with Codelco in 2025.
Sociedad Química y Minera de Chile S.A.
SQM is a leading lithium company that produces lithium from brine in Chile's Salar de Atacama. Beyond lithium it is the world's top maker of iodine and potassium nitrate, with 2024 revenue of US$4.53 billion. It supplies lithium to global cell and cathode makers, including a record long-term contract with LG Energy Solution (over 100,000 tonnes, 2023-2029). In 2025 it formed the Atacama joint venture Nova Andino Litio with state-owned Codelco, securing extraction rights through 2060.
SQM Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Sociedad Química y Minera de Chile S.A. is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 10 companies within two hops; the links are backed by 10 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue (Atacama 50.1%), record lithium sales · Codelco JV finalized (Nova Andino Litio, through 2060)
- Customer concentration · The largest lithium customer is LG Energy Solution (100,000 tonnes, 2023-2029 long-term contract). Atacama extraction rights are tied to a Corfo lease and the Codelco joint venture.
- Segments · Lithium and derivatives · Iodine and derivatives · Specialty Plant Nutrition · Potassium
Revenue from
- LG Energy Solution High confidence· contract volume 100,000 t LCE · 2023-2029 · battery-grade carbonate + hydroxide offtake (renewed)
SQM signed a long-term contract to supply LG Energy Solution with over 100,000 tonnes of lithium (carbonate and hydroxide) in 2023-2029, the largest single lithium supply deal.Confirms KO THE ELEC Published Jul 7, 2023: LG Energy Solution to buy lithium from Chile's SQM, in step with IRAConfirms EN SQM Published Jul 5, 2023: SQM and LG Energy Solution announce new long-term agreement to supply refined lithium productsConfirms EN SQM Published Jul 5, 2023: SQM and LG Energy Solution announce new long-term lithium contract (>100kt)Confirms EN Fastmarkets Published Dec 22, 2020: SQM signs lithium supply agreement with LG Energy Solution - Battery and cathode makers (lithium) High confidence· Amount $2,241.3 · FY2024 · lithium segment revenue (US$M)
Beyond LG, SQM supplies battery-grade lithium carbonate and hydroxide to global cell and cathode makers; 2024 lithium revenue was $2,241.3M.Confirms EN SEC EDGAR Published Apr 22, 2026: SQM Form 20-F (FY2025) — Atacama 50.1% of revenue; lithium, iodine - Agriculture, pharma and industrial customers (iodine and SPN) High confidence· Amount $968.3 · FY2024 · iodine segment revenue (US$M)
Outside lithium, SQM earns from iodine (world No.1, X-ray contrast) and specialty fertilizers (potassium nitrate, world No.1); 2024 iodine was $968.3M and SPN $941.9M.Confirms EN SEC EDGAR Published Apr 22, 2026: SQM Form 20-F (FY2025) — Atacama 50.1% of revenue; lithium, iodine - Cosmo Advanced Materials & Technology High confidence
Chile-based lithium supplier to Cosmo AM&T for cathode; Cosmo's lithium purchases were 249.9 billion won (combined with Albemarle).
Pays to
- Corfo (아타카마 임차·로열티)·칠레 국가 마진 배분 High confidence· Market share 70% · 2025-2030 · state share of operating margin on new production
SQM leases Atacama extraction rights from Chile's development agency Corfo and pays royalties; under the Codelco venture the Chilean state (Codelco, Corfo and the Treasury) takes about 70% of the operating margin on new production in 2025-2030.Confirms EN Codelco Published Dec 27, 2025: Codelco and SQM form Nova Andino Litio, the joint venture for lithium in the Salar de Atacama - 아타카마 염호 채굴·가공 (브라인 추출) High confidence
The core of SQM's lithium cost is brine extraction and processing at Chile's Salar de Atacama, concentrated by solar evaporation, with a push to produce more lithium using less brine.
Investments
- Codelco High confidence
SQM and Codelco finalized a JV to jointly operate Salar de Atacama lithium through 2060 — Codelco's Minera Tarar was merged by absorption into SQM Salar, renamed Nova Andino Litio; it took effect with China's regulatory approval. It combines Chile's state control of lithium with SQM's operating know-how.Confirms EN SEC EDGAR Published Apr 22, 2026: SQM Form 20-F (FY2025) — Atacama 50.1% of revenue; lithium, iodineMentions EN Yahoo Finance Published Feb 27, 2026: SQM up on record lithium sales and China approval finalizing the Codelco JV (analysis)Confirms EN Codelco Published Dec 27, 2025: Codelco and SQM form Nova Andino Litio, the joint venture for lithium in the Salar de Atacama
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Samsung Electro-Mechanics | lead2 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +467.7 |
| Samsung SDI | lead2 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| LG Chem | lead2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Cosmo Advanced Materials & Technology | lead1 | +121.4 | +48.7 | +128.9 | -60.4 | -3.4 | -22.5 |
| Sociedad Química y Minera de Chile S.A. | node | +6.8 | +71.8 | -18.3 | -39.4 | +89.2 | +7.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
A world-scale low-cost lithium producer drawing brine from Chile's Salar de Atacama, with diversification as a shield — also No.1 in iodine and potassium nitrate. The lithium thesis is two-sided — demand is locked in via cell/cathode makers including the LG Energy Solution 100k-tonne contract (2023-2029), but price is directly exposed to the lithium-cycle slump. The key risk is resource nationalism: under the Codelco JV (rights through 2060), the Chilean state takes ~70% of the operating margin on new production, capping the upside. In graph terms, EV/battery demand transmits into lithium volume, but the price cycle sets the amplitude of results.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $93 · Price $73.19 (07-10) · Upside +27%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| CLSA | Outperform | — | Jun 2, 2026 | Report ↗ |
| JPMorgan · Lucas Ferreira | Neutral | $100 | Jun 2, 2026 | Report ↗ |
| Scotiabank · Ben Isaacson | Sector Outperform | $105 | May 28, 2026 | Report ↗ |
| Deutsche Bank · Corinne Blanchard | Buy | $91 | Jan 21, 2026 | Report ↗ |
| Citigroup · Felipe Flores | Neutral | $74 | Dec 12, 2025 | Report ↗ |
Upgrades SQM to Outperform.