SQM is a Chilean mining and specialty chemicals company. SQM extracts minerals from two unique deposits in northern Chile — caliche ore in the Atacama Desert and brines from the Salar de Atacama — and processes them into lithium chemicals, iodine and iodine derivatives, and potassium nitrate-based fertilizers. Lithium accounts for roughly half of revenues, iodine and derivatives around 23%, and specialty plant nutrition around 22%. SQM sells to customers in over 100 countries, with 96.5% of revenues outside Chile. Lithium sales are overwhelmingly concentrated in Asia, where battery manufacturers and cathode producers are the primary buyers. SQM is one of the world's largest lithium producers, and the Salar de Atacama's high-concentration brines allow for solar evaporation extraction, giving SQM one of the lowest production cost structures in the industry. SQM is also the world's largest iodine producer, supplying roughly 37% of global iodine volumes, with key end uses in X-ray contrast media, pharmaceuticals, and LCD/LED films. In specialty fertilizers, SQM is the world's largest potassium nitrate producer for agriculture, selling premium fertilizers to growers of high-value crops. A key structural development is SQM's JV with Codelco, Chile's state copper miner, which extended SQM's Salar de Atacama operating rights from 2030 to 2060 under a shared ownership structure. Internationally, SQM operates the Mt. Holland lithium project in Australia via a 50/50 JV with Wesfarmers, which is ramping toward 50,000 MT/year of lithium hydroxide capacity.