Chilean miner SQM, the world's second largest lithium producer, posted on Wednesday a ten-fold jump in third-quarter net profit, boosted by skyrocketing prices and record high sales of the metal that is a key component in rechargeable batteries.
The miner posted a net profit of $1.1 billion for the three months ended September. Quarterly revenue surged more than four times year-on-year to $2.95 billion, with lithium revenues growing more than 12 times.
"Our positive results in the lithium market were due to sales volumes and prices significantly above average," the company said. SQM also sells industrial chemicals. Major carmakers are planning to shift away from combustion engines over the next decade as they look to comply with more stringent environmental rules and changing consumer tastes, driving a scramble for lithium, which is extracted from brine in South America's sprawling salt flats.
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