Chile's SQM , the world's second-largest lithium producer, reported a 40.9% fall in fourth-quarter net profit on Wednesday, as higher sales volumes failed to offset a sharp decline in lithium prices.

(Reuters) - Chile's SQM, the world's second-largest lithium producer, reported a 40.9% fall in fourth-quarter net profit to $120.1 million on Wednesday. The miner posted $1.07 billion in revenue during the October-December period.

SQM plans to scale back 2025 spending as lithium prices decline. Despite a Q4 earnings drop, growth in global demand and key projects keep optimism alive.

SQM, the world's second-largest lithium producer, reported a steep drop in Q4 2024 profit due to declining lithium prices. Sales volume increased by 21%, but average price fell by over 64%.