https://www.engineeringnews.co.za

Chile's SQM to sell remainder common stock for capex on local bourse

28th April 2021

By: Reuters

  

Font size: - +

Chilean lithium producer SQM said on Tuesday that it will auction the remainder of 22.4 million of the company´s series B shares on the Santiago stock exchange issued to help underwrite an ambitious expansion of its lithium, nitrate and iodine operations.

SQM said it will on April 28 offer a total of 754,383 common stocks not purchased during a 30-day preferred option period at $50 per share.

"The shares may not be offered to third parties in securities or conditions more favorable than those of the preferential offer," the firm told the local securities regulator.

SQM said in December the capital would be used to fund a $1.9 billion, four-year investment plan, which aims to more than double its capacity to produce lithium carbonate in Chile to 180,000 tonnes annually from 70,000 tonnes. Lithium is a key ingredient in the batteries that power cellphones and electric vehicles.

It also said it could be used to fund its Mt. Holland lithium project in Western Australia, a joint venture with Wesfarmers Ltd, the company said in February it would be pressing ahead with, slated to come online in late 2024. 

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Lilak Aluminium
Lilak Aluminium

For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 0.995s - 140pq - 2rq
Subscribe Now