Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 50

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 50
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, rock chip/soil sampling and drilling. 
During 2024, we also expanded into early exploration projects in Sweden (subject to conditions precedent), and Namibia, with similar activities as the ones being carried out in Australia.
In Chile, we are actively conducting exploration for metallic minerals in the mining properties we own. If such minerals are found, we may decide to exploit, sell or enter into an association to extract these resources. Our exploration efforts are currently focused on the layer of bedrock that lies beneath the caliche ore that we use as the primary raw material in the production of iodine and nitrates. This bedrock has significant potential for metallic mineralization, particularly copper, gold and silver. A significant portion of our mining properties are located in the Antofagasta region of Chile, where many large copper producers operate.
We have an in-house geological exploration team that explores the area directly, identifying drilling targets and assessing new prospects. In 2021, the team has confirmed the existence of high-grade copper and gold mineralization at the Bufalo project, located 120 kilometers east of the city of Antofagasta. The Bufalo project corresponds to a district that hosts several mineralized bodies of copper, copper-gold and copper-gold-silver in which SQM has already drilled nearly 170,000 meters, using our own diamond and reverse circulation (RC) drilling machines. More than 45 projects with copper potential have also been generated, in greenfield and intermediate exploration stages, which are under study and drilling. We also have a metal business development team that works to engage partners interested in investing in metal exploration within our mining properties. As of December 2024, we have an option agreement in place with a private equity-owned mining company. We participated in the formation of a joint venture as a result of the exercise of an option agreement with a major mining company in the precious metals market.
Main Business Lines
Specialty Plant Nutrition
In 2024, specialty plant nutrients revenues increased to US$941.9 million, representing 20.8% of our total revenues for that year and a 3.1% increase from US$913.9 million in specialty plant nutrients revenues in 2023. Due to increased sales volumes, despite price decreasing by approximately 11.9% in 2024.
We believe that we are the world’s largest producer of potassium nitrate. We estimate that our sales accounted for approximately 41% of global potassium nitrate sales for all agricultural uses by volume