Sociedad Quimica Y Minera De Chile S.A. shares rise 6.82% intraday after Codelco gains approval for new lithium quota with SQM.

Sociedad Quimica Y Minera De Chile S.A. surged 6.82% intraday, following Codelco's approval of a new lithium quota, allowing a joint venture with SQM to extract 2.5 to 3.02 million tons of lithium metal equivalent from 2031 to 2060, supporting up to 330,000 tons of lithium carbonate equivalent annually. SQM, the world's second-largest lithium producer, derives 43% of its 2024 gross profit from its lithium business, with annual sales of 205,000 tons of LCE.