Overview
Chemical & Mining Co. of Chile Inc. (SQM) is a Chilean mining and chemicals company that extracts and processes minerals into products for agriculture, health, technology, food and clean-energy markets. Its principal products include lithium compounds, iodine and derivatives, specialty plant nutrition, potassium products and industrial chemicals. Core operations are in northern Chile, with lithium processing and refining activities also in China and lithium-related projects in Western Australia.[1][2][3]
SQM’s stated mission focuses on extracting and processing minerals and marketing products for industries important to human development. The company was formed in 1968 as a joint venture involving Chilean state entity Corfo. For the year ended December 31, 2025, it reported revenue of US$4,576.2 million and 7,739 employees.[4][5][6][7] [1][2][3][4][5][6][7][4][7]
Products & services
SQM’s lithium products include lithium carbonate and lithium hydroxide in technical and battery grades. Its process purifies lithium-chloride solution to remove boron, magnesium and calcium before conversion. Stated production capacity is 210,000 tonnes per year of lithium carbonate and 40,000 tonnes per year of lithium hydroxide; the company has also described converting its Chilean hydroxide plant to produce either carbonate or hydroxide.[2][3][8]
Its specialty plant nutrition portfolio includes potassium nitrate, sodium-potassium nitrate, specialty blends and other specialty nutrients, with guidance for fertigation, soil and foliar applications. Iodine and derivatives are used in products including X-ray contrast media, polarizing films, antiseptics, biocides, disinfectants, pharmaceutical intermediates and pigments. Industrial chemicals include sodium nitrate, potassium nitrate and potassium chloride, used in applications such as glassmaking, metal treatment, solar-thermal storage, oil drilling and food processing. Potassium products also include potassium chloride fertilizers and potassium sulfate for specialty crops; the company’s industrial-chemicals listings include boric acid and magnesium chlorides.[9][10][11][12][13][14][15][16]
For FY2025, reported revenue was US$2,288.2 million from lithium and derivatives, US$1,042.8 million from iodine and derivatives, US$982.4 million from specialty plant nutrition, US$155.5 million from potassium, and US$4,576.2 million consolidated. Reported gross margins for the year were 26% for lithium and derivatives, 54% for iodine, 11% for specialty plant nutrition, 41% for industrial chemicals, and 2% for potassium chloride and sulfate.[17][18][19][20][21][22][23] [2][3][8][9][11][12][13][14][15][17][18][19][20][21][22][23][10][16]
Geographic presence
SQM’s mining operations are concentrated in northern Chile, principally in the First and Second Regions. The company lists mining sites including Tente en el Aire, Nueva Victoria Oeste, Hermosa, Torcaza, El Toco/Maria Elena and Pampa Blanca; its reported Chilean domiciles and plant locations include Antofagasta, Tocopilla, María Elena, Pozo Almonte and Salar de Atacama/San Pedro de Atacama.[24][25]
For FY2025, revenue was reported across five geographic areas: Asia and Others, US$2,882.102 million (about 63.0% of total); North America, US$689.366 million (15.1%); Europe, US$655.019 million (14.3%); Latin America and the Caribbean, US$188.227 million (4.1%); and Chile, US$161.510 million (3.5%). Percentages are calculated from the reported geographic-area amounts and total revenue.[26]
SQM also lists foreign subsidiaries, associates and joint ventures in countries including Australia, China, Thailand, Colombia, South Korea, the Netherlands, Brazil, Peru, India, Belgium, the United States, Morocco, Japan, Greece, Canada, France, the UAE and Italy; this indicates corporate presence, not necessarily operating facilities in every country.[27] [24][25][26][27]
Business segments
Chemical & Mining Co. of Chile (SQM) describes three main divisions: Lithium Chile, focused on lithium and potassium products from the Salar de Atacama; Lithium International, focused on lithium products outside Chile; and Iodine–Plant Nutrition, focused on iodine and specialty plant nutrition worldwide. Separately, its 2025 results report revenue across five product categories; the percentages below are calculated as shares of total revenue, rather than presented as the contribution of those three divisions.[1][28]
In 2025, Lithium and Lithium Derivatives generated about 50.0% of revenue, from products including lithium carbonate and lithium hydroxide, used mainly in batteries, greases and ceramic frits. Specialty Plant Nutrition contributed about 21.5%, principally from specialty fertilizers such as potassium nitrate. Iodine and Iodine Derivatives contributed about 22.8%, with applications including medical imaging, polarizing film and pharmaceuticals.[29]
Potassium contributed about 3.4% of revenue, including potassium chloride sold as a commodity fertilizer. Industrial Chemicals contributed about 1.6%; products include sodium nitrate, potassium nitrate and potassium chloride, with uses in glass, explosives, metal treatment and recycling, ceramics, and thermal energy storage. The five categories together account for approximately 99.3% of 2025 revenue; the balance was reported as other income.[29][13][28] [1][28][29][13]
Company history
Chemical & Mining Co. of Chile Inc. traces its corporate origins to 1968, when Sociedad Química y Minera de Chile S.A. was formed as a joint venture between Compañía Salitrera Anglo Lautaro and state agency CORFO. Anglo Lautaro sold its shares to CORFO in 1971, leaving SQM wholly state-owned until privatization began in 1983; its shares were publicly owned by 1988, and American depositary receipts began trading on the NYSE in 1993.[5][30]
SQM’s early development centered on nitrate and iodine: it introduced heap-leaching to extract both in 1985 and began potassium nitrate production at Coya Sur in 1986. Beginning in the 1990s, the company developed its operations at Salar de Atacama, investing about US$300 million from 1994 to 1999 in facilities for potassium products, lithium, and boric acid; lithium carbonate production began in 1997. It later expanded lithium hydroxide, nitrate, and iodine production, including starting lithium hydroxide production near Antofagasta in 2005 and increasing lithium and iodine capacity through projects in Chile during the 2010s.[31][32][33][34]
From 2016, SQM broadened its lithium-project interests beyond Chile through ventures in Argentina and Australia, including the Caucharí-Olaroz and Mt. Holland projects. In Chile, lithium carbonate capacity rose to 120,000 tonnes per year in 2021 and was expanded further in 2022. In 2024, SQM and Hancock Prospecting completed their joint acquisition of Azure Minerals; that year SQM also signed a partnership agreement with Codelco concerning Salar de Atacama operations.[35][36][37][38][39][40] [5][30][31][32][33][34][35][36][37][38][39][40]
Sources
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