Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
The CEO of Chilean lithium miner SQM expects prices for the key battery metal to hold steady in the third quarter from the previous one, he said on Thursday, while predicting demand would keep growing.
SQM, the world’s second-largest lithium producer, reported a larger than expected drop in second-quarter earnings on Wednesday, dragged down by lower average selling prices for lithium even as it shifted larger volumes.
“Since mid-June we have seen some negative trends in the Chinese index, followed by other indexes later on,” CEO Ricardo Ramos said in an earnings call, adding that its selling prices have various lags to spot prices depending on its contracts.
“All in all, I hope that we can have a relatively similar price in the third quarter compared to the second,” he said.
Lithium prices have sky-rocketed over recent years amid soaring demand from the electronics sector and carmakers, as more stringent environmental regulations drive a shift towards battery-powered vehicles.
Lithium miners, largely operating in Australia, Chile, China, have rushed to ramp up output, but prices have fallen back from their records amid slowing demand from China.
SQM posted a near 37% year-on-year drop in the average price it received for its lithium in the April to June period and a 33% fall from the first quarter, even as its sales volumes soared.
Higher sales volumes are forecast to continue into the second half of the year.
(By Sarah Morland and Marion Giraldo; Editing by David Alire Garcia)
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