Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 42

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 42
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, we signed an agreement with Codelco for the joint exploitation of the Salar de Atacama between 2025 and 2060. The materialization of this agreement is subject to the fulfillment of a number of conditions precedent.
In terms of production capacity, we continued with our expansion projects for both lithium carbonate and lithium hydroxide. As a result, in 2024, our Lithium Chemical Plant reached a capacity of 210,000 metric tons of lithium carbonate, with plans to increase to 240,000 metric tons by 2026. We also continue to expand lithium hydroxide capacity to reach 100,000 metric tons by the end of 2025. During the year, we carried out a corporate reorganization, resulting in three main divisions: SQM Lithium Chile Division (lithium and potassium products from the Salar de Atacama), SQM Lithium International Division (lithium products from outside Chile), and SQM Iodine- Plant Nutrition Division (iodine and specialty plant nutrition products worldwide), with the objective of focusing, developing and strengthening each business area in order to maintain our leadership strategy in the key industries in which we operate. 
Finally, in November, we held our first auction of spodumene concentrate through our SQM Lithium International Division.
Our capital expenditures for the years ended December 31, 2024, 2023 and 2022 were as follows:

(in millions of US$)       2024                    2023                                    2022
Capital expenditures                  1,388.3                 1,103.6                  905.2   
During 2024, we had total capital expenditures of US$1,388.3 million. Our 2024 capital expenditure was primarily related to:
•Capacity expansion projects related to the completion of the increase of our lithium carbonate production in Chile from 210,000 metric tons per year to 240,000 metric tons per year by the end of 2026 or early 2027;
•Capacity expansion of lithium hydroxide production in Chile from 40,000 metric tons per year to 100,000 metric tons per year by 2025.
•Investment in the Mt. Holland lithium project in Western Australia with completion of the Kwinana refinery by mid-2025.
•Investments in different projects for the SQM Iodine- Plant Nutrition Division, including the investment in the seawater pipeline which is currently under construction and is projected to