© Reuters. FILE PHOTO: An aerial view shows the brine pools of SQM lithium mine on the Atacama salt flat in the Atacama desert of northern Chile, January 10, 2013. REUTERS/Ivan Alvarado/File Photo
(Reuters) – Chilean miner SQM, the world’s No. 2 lithium producer, posted on Wednesday a ten-fold jump in third-quarter net profit compared to the year-ago period, landing at $1.1 billion and boosted by sky-rocketing lithium prices and record sales volumes.
The miner, which also sells industrial chemicals, reported that its revenue surged more than four times from the same quarter last year to total $2.95 billion, with lithium revenues growing more than 12 times in the July to September period.
Sales volumes for lithium, a key rechargeable battery metal, and derivatives totaled 41,000 metric tonnes, the highest quarterly volume ever reported by the company, SQM said in its earnings report.
“Our positive results in the lithium market were due to sales volumes and prices significantly above average,” the company said.