Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 144

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 144
---
 specialty plant nutrition business line was US$789/MT in 2024, lower than US$823/MT in 2023. The sales volumes in the specialty plant nutrition business line were approximately 982,900 metric tons in 2024, an approximately 17% increase compared to approximately 840,200 metric tons in 2023.
Iodine and Derivatives
Iodine and derivatives cost of sales increased 25.1% to US$444.9 million in 2024 from US$355.7 million in 2023. The average cost of sales in the iodine and derivatives business line was US$30.7/kilogram in 2024, an increase of 12.6% from US$27.2/kilogram in 2023. The increase in average cost of sales in the iodine and derivative business line is mainly a result of increased production costs associated with the start-up of new mining operations at Pampa Blanca. 
Potassium
Potassium cost of sales increased 7.6% to US$236.4 million in 2024 from US$219.6 million in 2023, as a result of increased sales volumes. The average cost of sales in the potassium business line of US$340/MT in 2024 approximately a 15.9% decrease when compared to US$$404//MT in 2023.
Our costs of sales related to our potassium business line fluctuate with our price of potassium under the SQM-Corfo Agreements. For potassium chloride, the following structure of progressive lease payment rates based on the final sale price applies:

Price US$/MT KCl                       Lease payment rate
$0 - $300                                    3.0        %
Over $300 - $400                             7.0        %
Over $400 - $500                            10.0        %
Over $500 - $600                            15.0        %
Over $600                                   20.0        %
See Note 18.2 to our consolidated financial statements for the disclosure of lease payments made to Corfo for all periods presented.
Industrial Chemicals
Industrial chemicals cost of sales decreased 66.4% to US$47.5 million in 2024 from US$141.4 million in 2023, as a result of lower sales volumes in the business line. The average cost of sales in the industrial chemicals business line was US$903/MT in 2024, an increase of 2