Continued mining rights concerns hang over SQM’s attractive lithium assets.
SQM reported strong second-quarter results as higher lithium prices drove a 22% year on year gross profit increase to $180 million for the quarter. We've raised our fair value estimate to $47 from $40 after incorporating a more aggressive production outlook into our DCF model (discussed below) and adjusting our near-term lithium price forecast (see Aug. 24 note). Our "no moat" rating for SQM is unchanged.During the earnings call, SQM management said the company is looking to add 60,000 metric t...
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