Chilean miner SQM said on Thursday the coronavirus outbreak had yet to hit its lithium output, but warned it might have to scale back plans for 2020 if a slump continues in demand for the coveted battery metal.
The world´s No. 2 miner of lithium had planned to unleash at least $330-million in 2020 to expand production capacity out of Chile´s Atacama salt flat, according to SQM board chairman Alberto Salas. The region is among the world´s richest in lithium.
Economic slowdowns during the coronavirus pandemic have ravaged demand in top markets like China, prompting a closer look, Salas said in a letter to shareholders.