智利化工礦業 (SQM) 2022 Q4 法說會逐字稿

Good morning, and welcome to the SQM Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 SQM 2022 年第四季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over Irina Axenova of Investor Relations. Please go ahead.

我現在想把會議交給投資者關係部的 Irina Axenova。請繼續。

Thanks, Antonio. Good morning. Welcome for joining SQM's earnings conference call for the fourth quarter of 2022. This conference call will be recorded and is being webcast live. Our earnings press release and a presentation with a summary of the results have been uploaded to our website where you can also find a link to the webcast.

謝謝，安東尼奧。早上好。歡迎參加 SQM 2022 年第四季度的收益電話會議。本次電話會議將進行錄音並進行網絡直播。我們的收益新聞稿和包含結果摘要的演示文稿已上傳到我們的網站，您還可以在該網站上找到網絡廣播的鏈接。

Speaking on the call today will be Ricardo Ramos, Chief Executive Officer; and Gerardo Illanes, Chief Financial Officer; Carlos Diaz, Executive Vice President of Lithium, Felipe Smith, Commercial Vice President of Lithium and also Juan Pablo Bellolio, Commercial Vice President of Iodine will be also available to answer any questions.

今天在電話會議上發言的是首席執行官里卡多·拉莫斯 (Ricardo Ramos)；首席財務官 Gerardo Illanes； Lithium 執行副總裁 Carlos Diaz、Lithium 商業副總裁 Felipe Smith 和 Iodine 商業副總裁 Juan Pablo Bellolio 也將回答任何問題。

Before we begin, let me remind you that statements in this conference concerning the company's business outlook, future economic performances, anticipated profitability, revenues, expenses or other financial items, anticipated cost synergies and product or service line growth, together with other statements that are not historical facts are forward-looking statements and that term is defined under federal securities laws.

在我們開始之前，讓我提醒您，本次會議中有關公司業務前景、未來經濟表現、預期盈利能力、收入、費用或其他財務項目、預期成本協同效應和產品或服務線增長的聲明，以及其他聲明非歷史事實是前瞻性陳述，該術語是根據聯邦證券法定義的。

Any forward-looking statements are estimates reflecting the best judgment of SQM based on currently available information and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Risks, uncertainties and factors that could affect the accuracy of such forward-looking statements are identified in our public filings made with the U.S. Securities and Exchange Commission and our earnings release issued today, and this forward-looking statement should be considered in light of various factors. We assume no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

任何前瞻性陳述都是反映 SQM 根據當前可用信息做出的最佳判斷的估計，涉及許多風險、不確定性和其他因素，可能導致實際結果與此類陳述中所述的結果存在重大差異。我們向美國證券交易委員會提交的公開文件和我們今天發布的收益報告中確定了可能影響此類前瞻性陳述準確性的風險、不確定性和因素，應根據各種因素考慮該前瞻性陳述因素。我們不承擔更新此類聲明的義務，無論是由於新信息、未來發展還是其他原因，除非法律要求。

I now leave you with our Chief Executive Officer, Ricardo Ramos.

我現在請您與我們的首席執行官里卡多·拉莫斯 (Ricardo Ramos) 談談。

Thank you, Lina. Good morning, and thank you for joining the call today. We are very pleased with the 2022 results we published last night. Lithium business contributed to almost 80% of our gross profit for the year, driven by significantly high sales volumes and average prices. Our long-term vision for the lithium market, investments in technology, innovation and new capacity, along with the risk we took and our operational success enabled us to make the most of favorable market conditions since last year.

謝謝你，麗娜。早上好，感謝您今天加入電話會議。我們對昨晚發布的 2022 年結果感到非常滿意。受高銷量和平均價格的推動，鋰業務貢獻了我們全年毛利的近 80%。我們對鋰市場的長期願景、技術投資、創新和新產能，以及我們承擔的風險和我們的運營成功使我們能夠充分利用自去年以來的有利市場條件。

Through the public-private alliance with CORFO, our total contribution to Chilean including corporate taxes, surplus $5 billion in 2022. We see strong indicators of demand growth in the lithium market driven by the electric vehicle sales growth worldwide and investment in renewable energy that require energy storage systems. We estimate that the total global lithium demand could reach 1.5 million metric tons by 2025 and delivered at least 20% growth in 2023.

通過與 CORFO 的公私聯盟，我們對智利的總貢獻（包括公司稅）在 2022 年將盈餘 50 億美元。我們看到全球電動汽車銷量增長和可再生能源投資推動鋰市場需求增長的強勁指標需要儲能係統。我們估計到 2025 年全球鋰需求總量可能達到 150 萬噸，並在 2023 年實現至少 20% 的增長。

After an expected slowdown in demand during the Chinese New Year celebrations, electric vehicle sales have increased in recent weeks in China, while the U.S. market electric vehicles sales are doubling when compared to last year. This growth rate should continue for the remainder of the year with major OEMs showing an increase in their production volumes. Consequently, our sales volume during the second half of the year should be higher than compared to the first half of the year. We will continue to invest in growing our lithium production globally.

在農曆新年慶祝活動期間預期需求放緩之後，最近幾周中國的電動汽車銷量有所增長，而美國市場的電動汽車銷量與去年相比翻了一番。隨著主要原始設備製造商的產量增加，這一增長率將在今年餘下時間持續。因此，我們下半年的銷量應該會高於上半年。我們將繼續投資以在全球範圍內增加我們的鋰產量。

Our capital expenditure plan for the next 3 years includes investment in lithium, ion and nitrate capacity expansion in Chile, competition of the Mt. Holland project in Australia and lithium refining capacity in China. We are also active on lithium mining exploration, and we will continue looking for attractive assets worldwide. This CapEx plan also includes investment in certain activities and initiatives related to our Salar Futuro project, which technically the documentation we expect to submit for the valuation to the Chilean authorities in 2024.

我們未來3年的資本支出計劃包括投資於智利的鋰、離子和硝酸鹽產能擴張、澳大利亞Mt. Holland項目的競爭以及中國的鋰精煉產能。我們還積極進行鋰礦勘探，並將繼續在全球範圍內尋找有吸引力的資產。該資本支出計劃還包括對與我們的 Salar Futuro 項目相關的某些活動和舉措的投資，從技術上講，我們希望在 2024 年向智利當局提交評估文件。

I would like to highlight our operations success during last year, we successfully completed a ramp-up of our lithium capacity reaching 180,000 metric tons and finished the year with record high in production volumes of over those 12,000 metric tons. None of these schools have been possible without the continuous dedication, support and commitment of our team at SQM. Thank you.

我想強調一下我們去年的運營成功，我們成功地完成了鋰產能的提升，達到 180,000 公噸，並以超過 12,000 公噸的歷史最高產量結束了這一年。如果沒有我們 SQM 團隊的持續奉獻、支持和承諾，這些學校都不可能成立。謝謝。

Operator, we would now open the line for questions.

接線員，我們現在打開問題熱線。

(Operator Instructions) Our first question will come from P.J. Juvekar with Citigroup.

（操作員說明）我們的第一個問題將來自花旗集團的 P.J. Juvekar。

Yes, I think you had mentioned last quarter that for 2023, you were 100% exposed to spot price. I was wondering, can you explain spot price because there is China spot price, which has dropped recently, but spot price ex China has not dropped as much. And so -- and there is another price for seaborne lithium. So wondering what price are you exposed to? And can you just talk about your pricing exposure.

是的，我想你在上個季度提到過，到 2023 年，你 100% 暴露於現貨價格。我想知道，你能解釋一下現貨價格嗎，因為中國現貨價格最近有所下降，但中國以外的現貨價格並沒有下降那麼多。所以 - 海運鋰還有另一個價格。所以想知道你的價格是多少？你能談談你的定價風險嗎？

This is Felipe Smith. No. Well, I would like to comment that our sales are very well diversified geographically by segment, by product. So you have to be careful when you look at the evolution of some of the indexes in the market because what we have is at the end is a mix of different geographies and market prices. So what you are seeing today in China is still very early for us to consider as a real trend because the level of transactions that we are seeing so far are not that much relatively, okay? So I would say that the main message is that we are going to be very well exposed to the market, whatever the direction the market takes our sales will be mainly following the market.

這是費利佩·史密斯。不，好吧，我想評論一下，我們的銷售按細分市場和產品在地理上非常多樣化。因此，當您查看市場中某些指數的演變時，您必須小心，因為我們最終擁有的是不同地域和市場價格的混合體。所以你今天在中國看到的情況對我們來說還為時尚早，因為我們目前看到的交易水平並沒有那麼大，好嗎？所以我想說的主要信息是我們將很好地接觸市場，無論市場走向何方，我們的銷售都將主要跟隨市場。

And then secondly, you mentioned that the lithium sales in China slowed in the first 2 months, but recently have picked up, was the comment you made. I was wondering, can you just talk about kind of what kind of bounce back have you seen recently? That will be helpful. Thank you.

其次，你提到中國的鋰銷售在前兩個月放緩，但最近有所回升，這是你的評論。我想知道，你能談談你最近看到什麼樣的反彈嗎？那會很有幫助。謝謝。

We are seeing actually indeed that, first of all, generally, we are starting to see very good figures of sales of EVs and that will definitely have an impact on the purchases of lithium and we are now already seeing that activity increasing.

我們實際上確實看到，首先，一般來說，我們開始看到非常好的電動汽車銷售數據，這肯定會對鋰的購買產生影響，我們現在已經看到這種活動在增加。

Our next question will come from Benjamin Isaacson with Scotiabank.

我們的下一個問題將來自加拿大豐業銀行的本傑明艾薩克森。

Congrats on the good results. I have 3 questions. I'd like to ask them one by one, if that's okay. First question is on iodine. These prices are really incredible. I think they're now much higher than they were after the Fukushima disaster 10 years ago. So what's going to crack the market? I mean, my view is that if demand destruction kind of didn't occur at $40 and $50 and $60 and now we're at 70%, I mean, how is this market going to crack in (inaudible).

恭喜取得好成績。我有 3 個問題。我想一一問問他們，可以嗎？第一個問題是關於碘。這些價格真是不可思議。我認為他們現在比 10 年前福島災難後要高得多。那麼什麼會破解市場呢？我的意思是，我的觀點是，如果需求破壞沒有發生在 40 美元、50 美元和 60 美元，而現在我們處於 70%，我的意思是，這個市場將如何突破（聽不清）。

Ben, this is Juan Pablo. Well, yes, prices are high today. I would say, almost at the same level or even higher in average than after Fukushima. But it is mainly due to a healthy demand coming from the market. I would say contrast media industry is growing more than what was the average of the higher than iodine industry. So that demand is growing more than the supply, pushing for prices. So where we still see that healthy demand coming this year, and that will be -- still bring pressure on prices. We see at least now prices to be at the same level during the first half of the year compared to the end of 2022.

本，這是胡安·巴勃羅。嗯，是的，今天的價格很高。我會說，與福島之後的平均水平幾乎相同，甚至更高。但這主要是由於市場的健康需求。我想說造影劑行業的增長超過了高於碘行業的平均水平。因此，需求增長超過供應，推動價格上漲。因此，今年我們仍然看到健康的需求，而且這將繼續給價格帶來壓力。我們至少現在看到，與 2022 年底相比，今年上半年的價格處於同一水平。

But do you see any new capacity announcements? I mean, why wouldn't people be rational and start taking advantage of these very high margins.

但是您是否看到任何新的容量公告？我的意思是，為什麼人們不理性並開始利用這些非常高的利潤。

Sorry, could you repeat the question?

抱歉，你能重複這個問題嗎？

Given that prices are so high, why aren't we seeing any announcements for new capacity?

鑑於價格如此之高，為什麼我們沒有看到任何新產能的公告？

First of all, we SQM, we have announced in the past, and we keep announcing a new investment in new capacity in iodine. But you need to remember that new capacity in iodine takes a lot of time, and we're talking about material capacity or new projects will take time to get the permits and environmental conditions to go ahead.

首先，我們 SQM，我們過去已經宣布，並且我們不斷宣布對碘的新產能進行新投資。但是你需要記住，碘的新產能需要很多時間，我們談論的是材料產能或新項目需要時間才能獲得許可證和環境條件才能繼續進行。

And that's why you have to look the price today to do that investment, you need to look the price for the future. And that's obviously something not so clear.

這就是為什麼你必須看今天的價格來做那項投資，你需要看未來的價格。這顯然不是那麼清楚。

My second question is on the SPN business. I think one of the messages that you guys have been giving is that over the next few years, your potash volume -- your potash production will start to decline? And if that's correct, then does that really limit the growth for MOP for potassium nitrate in the SPN business? And if not, then where does the growth come from in SPN?

我的第二個問題是關於 SPN 業務的。我想你們傳遞的信息之一是，在接下來的幾年裡，你們的鉀肥產量——你們的鉀肥產量將開始下降？如果這是正確的，那麼這真的會限制 SPN 業務中硝酸鉀 MOP 的增長嗎？如果不是，那麼 SPN 的增長從何而來？

Of course, we expect to have some reduction in the production of MOP. Because we are going to reduce the pumping of solution the brines from the Sociedad Quimica in the future every year. But we are increasing our technology and our deal. So, there's a lot in audit that we can control in some way the reduction in total production.

當然，我們預計氯化鉀的產量會有所減少。因為我們將在未來每年減少從 Sociedad Quimica 中抽取溶液和鹽水。但我們正在增加我們的技術和我們的交易。因此，審計中有很多我們可以通過某種方式控制總產量的減少。

Anyway, the total production of MOP today is more than enough, in order to cover the production of potassium nitrate. That's why we don't foresee until the next 10 years having any issue of supplying enough voters for the production of potassium nitrate. Of course, the sales to third parties of potash will be reduced, but we will not affect the growth of potassium nitrate from a scam.

反正今天MOP的總產量綽綽有餘，足以覆蓋硝酸鉀的生產。這就是為什麼我們要到未來 10 年才能預見到為生產硝酸鉀提供足夠的選民的問題。當然，鉀肥對第三方的銷售會減少，但我們不會因為騙局影響硝酸鉀的增長。

And then my very last question, maybe just to follow up on P.J.'s question on the portfolio structure of lithium. You just said that you're going to mainly follow the market. There's a debate out there that perhaps stock prices or just in general we'll start to see prices start to moderate over time.

然後是我的最後一個問題，也許只是跟進 P.J. 關於鋰投資組合結構的問題。你剛才說主要是跟著市場走。那裡有一個爭論，也許股票價格或一般來說我們會開始看到價格隨著時間的推移開始緩和。

And if that's true, why would you not add some more stability and predictability to your lithium portfolio by having a little bit more fixed prices especially if you believe that prices will trend lower and moderate closer to the cost curve over the next few years? Why would you leave yourself exposed to spot if you believe prices will fund?

如果這是真的，為什麼不通過更固定的價格來增加鋰投資組合的穩定性和可預測性，尤其是如果您認為未來幾年價格將趨於下降並逐漸接近成本曲線？如果您相信價格會提供資金，為什麼還要讓自己接觸現貨呢？

We have taken that decision already some time ago that we want to have our contracts following the market. I think this at the end represents the best solution for customers and suppliers. Sometimes, I mean, we have learned the hard way in the past but sometimes when you fix prices and then market changes unexpectedly then you are in a problem and we want to avoid that.

我們已經在一段時間前做出了這個決定，我們希望我們的合同跟隨市場。我認為這最終代表了客戶和供應商的最佳解決方案。有時，我的意思是，我們在過去吸取了教訓，但有時當你固定價格然後市場出現意外變化時，你就有問題了，我們希望避免這種情況。

Thank you. Very much.

謝謝。非常。

Our next question will come from Corinne Blanchard with Deutsche Bank. You may now go ahead.

我們的下一個問題將來自德意志銀行的 Corinne Blanchard。你現在可以繼續了。

Good morning, everyone. Thanks for taking my question. The first one I want to try to understand better what you expect in terms of volume for this year for 2023 for lithium?

大家，早安。感謝您提出我的問題。第一個我想嘗試更好地了解您對今年 2023 年鋰產量的預期？

Do you want to know about capacity or about sales?

您想了解產能還是銷量？

Sales.

銷售量。

Or both?

或兩者？

Capacity is…

容量是……

I will speak about size, Corinne can comment about capacity, whatever.

我會談論大小，Corinne 可以評論容量，無論如何。

Let's start talking about a capacity because the sale is going to be probably a result of our capacity. But finally, what is important to mention that we continue to focus on further expansion in Chile, where we're really reaching the capacity 180,000. And now we're moving to produce 210,000 at the end of the year.

讓我們開始談論能力，因為銷售可能是我們能力的結果。但最後，值得一提的是，我們繼續專注於在智利的進一步擴張，我們真正達到了 180,000 的產能。現在我們正在努力在年底生產 210,000 個。

So, we're continuing to expand in that and then the new capacity that we will have now in China and the Citroen region, we expect to produce around 20,000 metric ton there. So, in total is will be around 200,000, or product that is coming from the Salar de Gama from the Brian instruction.

因此，我們將繼續擴大這一領域，然後是我們現在在中國和雪鐵龍地區擁有的新產能，我們預計在那裡將生產約 20,000 公噸。因此，總數將約為 200,000，或來自 Brian 指令的 Salar de Gama 的產品。

So, in that way, we were on track with all our projects. So, an additional two data by the end of the year, we expect to start producing in [Futuro and our Mt. Holland project in Australia]. So, we're continuing to increase in our capacity, why would it have any sales when it's going to depend on the supply and demand finally, and it's not something that we could comment now. We are preparing now for supply in the market. That is why we're recent that we're spending Chile, China and Australia.

因此，通過這種方式，我們所有的項目都走上了正軌。因此，到今年年底，另外兩個數據，我們預計將在 [Futuro 和我們在澳大利亞的 Mt. Holland 項目] 開始生產。所以，我們正在繼續增加我們的產能，當它最終取決於供求關係時，為什麼會有任何銷售，而這不是我們現在可以評論的事情。我們現在正在為市場供應做準備。這就是為什麼我們最近在智利、中國和澳大利亞消費。

And then I need to come back on the iodine and I'm not sure if that's what the previous question. But I think you mentioned you expect to pricing remaining strong under current law or for the next 6 months. Just trying to get a greater with quarterly can you remain above the $60 per kilo already remaining 60, 68, 69 and then what do you see on the second half of the year?

然後我需要回到碘上，我不確定這是否是上一個問題。但我想你提到過你希望根據現行法律或未來 6 個月定價保持強勁。只是想在季度中獲得更大的收益，你能否保持在每公斤 60 美元以上，已經保持在 60、68、69 美元，然後你在下半年看到了什麼？

I would say you can look at our report the prices that we have been selling at the end of the year and we see prices of these are the same level for Q1 and Q2.

我想說你可以看看我們的報告，我們在年底銷售的價格，我們看到這些價格在第一季度和第二季度處於相同水平。

Our next question will come from Joel Jackson with BMO.

我們的下一個問題將來自 BMO 的 Joel Jackson。

So, for the first question for the 30,000-ton carbon and expansion as taking capacity to 200,000 tons. What will be the capital intensity for that? And how does that compare to the project scope of past expansions?

因此，對於 30,000 噸碳和擴建的第一個問題，將產能提高到 200,000 噸。資本密集度是多少？與過去擴展的項目範圍相比如何？

Ricardo Ramos speaking. As you know, our CapEx that was informed that is $3.4 billion, if I'm not wrong for three years, includes the complete investment we have first in the United business, as you may know and also in the lithium business. In the lithium business of course, we have important investment in order to reach the 210,000 metric tons that Carlos already explained. But also, it's important to consider and it's not only reaching the 210,000 metric tons we are significantly, we expect to significantly increase our production of lithium hydroxide capacity in Chile.

里卡多·拉莫斯發言。如你所知，我們獲悉的資本支出為 34 億美元，如果我三年沒記錯的話，包括我們首先在聯合業務中的全部投資，你可能知道，還有鋰業務。當然，在鋰業務中，我們進行了重要投資，以達到 Carlos 已經解釋過的 210,000 公噸。而且，重要的是要考慮，它不僅達到了我們顯著的 210,000 公噸，我們預計將顯著增加我們在智利的氫氧化鋰產能。

We will now be with the expansion we are finishing now 30,000, 35,000 metric tons. But we want to be with investment in '24, '25 at the level of 100,000 metric ton, that's a huge expansion that I think is going to be very good for the company in order to have more flexibility in the lithium industry, having more opportunities to deliver our product to lithium clients. That's something very important also including our CapEx. But of course, the 210 is also included in this $3.4 billion.

我們現在將進行擴建，我們現在正在完成 30,000、35,000 公噸。但我們希望在 24 年、25 年投資 100,000 公噸，這是一個巨大的擴張，我認為這對公司非常有利，以便在鋰行業擁有更大的靈活性，擁有更多將我們的產品交付給鋰客戶的機會。這也是非常重要的事情，包括我們的資本支出。但當然，210 也包含在這 34 億美元中。

Just I want to mention that they also Mt. Holland is included. And we do expect were quite positive about that where expectation that in 2024, 2025 in our prediction, we will expect the some investment in their capacity increase in Mt. Holland, because we think that the 50,000 metric tons of Mt. Holland is just the first step.

我只想提一下，他們還包括荷蘭山。我們確實希望我們對 2024 年和 2025 年的預測非常樂觀，我們預計他們在 Mt. Holland 的產能會增加一些投資，因為我們認為 Mt. Holland 的 50,000 公噸只是第一步。

We think we strongly believe that we will reach an agreement and we will review all the data from the engineering and the geological studies that were performing today that will allow us to go forward to 100,000 metric tons or something close to. That's why we include in our CapEx a positive expectation that it will invest in more capacity in Australia.

我們認為我們堅信我們將達成協議，我們將審查今天進行的工程和地質研究的所有數據，這些數據將使我們能夠前進到 100,000 公噸或接近 100,000 公噸。這就是為什麼我們在我們的資本支出中包含一個積極的期望，即它將投資於澳大利亞的更多產能。

And then secondly, so in the past six or so months since you guys announced these Salar Futuro plans, what has been the local and national government feedback on that?

其次，在你們宣布這些 Salar Futuro 計劃後的六個月左右的時間裡，地方和國家政府對此有何反饋？

We announced Salar Futuro, we’re were really excited about the project, I think is a great, great opportunity for the company for the country, for the region for the communities. As you know, we continue in the process of informing our different authorities in Chile and our stakeholders, and try to explain the scope of Salar Futuro project that we have been very active about that so far.

我們宣布了 Salar Futuro，我們對這個項目感到非常興奮，我認為這對公司、國家、地區和社區來說都是一個很好的機會。如您所知，我們繼續通知智利的不同當局和我們的利益相關者，並試圖解釋我們迄今為止一直非常積極的 Salar Futuro 項目的範圍。

And I think very proud that everyone agrees on the interest of developing process and technology that aim to the objective of very balancing, means that it is a full agreement about that high ideals and maintaining extremely low carbon footprint, also is very important for everyone. And we think that is the way to have a sustainable productive activity in the Salar to come in the future.

我認為非常自豪的是，每個人都同意開發旨在實現非常平衡目標的工藝和技術的利益，這意味著它完全同意崇高的理想和保持極低的碳足跡，這對每個人來說也非常重要。我們認為這是未來在撒拉地區開展可持續生產活動的方式。

In terms of what we're doing in the company, whether that's advancing and maximum speed in the work of process design, where we're even better than expected, I think, today as we were two months ago, and the engineering technology definitions are working very hard on to develop a complete environmental survey of the project that is very, very complex to it.

就我們在公司所做的事情而言，無論是工藝設計工作的進步和最大速度，我認為我們比預期更好的地方，我認為今天和兩個月前一樣，以及工程技術定義正在非常努力地對這個非常非常複雜的項目進行完整的環境調查。

The projects, as you know, is big project, it's very intensive where -- that's the reason why we're so excited. It's a very good one, but requires a high level of knowledge and experience. And SPN, we're convinced that with our 25 years of experience in Salar de Atacama. We have the human team's experience the commitment and of course, the resources to successfully phase the project.

正如你所知，這些項目是一個大項目，它非常密集——這就是我們如此興奮的原因。這是一個非常好的，但需要高水平的知識和經驗。和 SPN，我們相信憑藉我們在阿塔卡馬鹽沼 25 年的經驗。我們擁有人類團隊的經驗和承諾，當然還有成功實施項目階段的資源。

We hope to complete all the necessary definitions to submit the final project to the environmental assessment, we hope is going to be viewed in second half of 2024. In Chile as you may know complete progress is required. In all the definitions of the project prior to being submitted to the environmental evaluation.

我們希望完成所有必要的定義，以將最終項目提交給環境評估，我們希望在 2024 年下半年進行審查。如您所知，在智利需要取得完整的進展。在項目的所有定義之前被提交給環境評估。

It's important to consider I think, at the end that this project implies operation commitment that go far beyond the year 2030. So, working in agreement, and together with core so its necessary prior to its presentation to an environmental authority for the evaluation, we all agree that the development of the Salar Futuro project must be carried out in a way that is positive for the second region, positive for the communities, positive for Chile and positive for rescan.

重要的是要考慮，我認為，最後這個項目意味著遠遠超過 2030 年的運營承諾。因此，在將其提交給環境主管部門進行評估之前，我們必須與核心一起達成一致，因此有必要，我們所有人都同意，Salar Futuro 項目的開發必須以有利於第二地區、有利於社區、有利於智利和有利於重新掃描的方式進行。

Currently, everybody know and probably you know, that is a public knowledge that the government is working on defining a national lithium policy, we expect that it's going to be this national lithium policy during this year. Of course, we known for everyone and this is going to be the start point in order to move forward in Salar Futuro. But we are moving as fast as we can today. We are going to be ready at the end of 2024 and we have some times in order to have a national agreement in order to move forward.

目前，每個人都知道，可能你也知道，政府正在努力製定一項國家鋰政策，這是一項公眾知識，我們預計今年將成為這項國家鋰政策。當然，我們眾所周知，這將是在 Salar Futuro 前進的起點。但我們今天正在盡可能快地前進。我們將在 2024 年底做好準備，我們有一些時間來達成國家協議，以便向前推進。

And then just want one more, if I may. So, do you guys have any views on the various commentary that's been coming out of the CATL in China for the future lithium pricing?

然後再想要一個，如果可以的話。那麼，對於CATL在中國對未來鋰定價的各種評論，你們有什麼看法嗎？

I will not comment about the decisions of other companies. What I can only say is that in our case, I will again emphasize that in our case, we believe that the direction of the price is totally depending on the supply demand balance. So, this is how we are structuring our contracts with the customers following markets. And I think this is the best solution.

我不會評論其他公司的決定。我只能說的是，在我們的案例中，我會再次強調，在我們的案例中，我們認為價格的方向完全取決於供需平衡。因此，這就是我們根據市場結構與客戶簽訂合同的方式。我認為這是最好的解決方案。

Our next question will come from Lucas Ferreira with JP Morgan.

我們的下一個問題將來自摩根大通的盧卡斯費雷拉。

My first question is about the lithium market balance. So, looking at your expectations of this, of the demand growing 20%. I can be wrong, but I think it's more of a conservative side when I look at the views of other lithium producers. So how do you see the supply and demand balance shaping up this year? If you think that increasing liquidity like capacity in China could put this market in some sort of a surplus to share, or if you think the market remains on a deficit. So pretty much how you see reconcile this 20% demand growth expectations with the supply, you see coming to the market?

我的第一個問題是關於鋰市場的平衡。所以，看看你對此的期望，需求增長 20%。我可能是錯的，但我認為從其他鋰生產商的觀點來看，這更像是保守的一面。那麼您如何看待今年的供需平衡？如果您認為增加中國產能等流動性可能會使這個市場出現某種盈餘供分享，或者如果您認為市場仍處於赤字狀態。那麼你幾乎如何看待將這 20% 的需求增長預期與供應相協調，你看到進入市場了嗎？

And the second question is more of a follow-up on the CapEx guidance. Because when I look at the number that you guys provided in the investor day, in September. I know this was a number for ‘22 to ‘24. But there was a considerable increase in that number. And I believe that part of this is explained by these increasing hydroxide capacities.

第二個問題更多是對資本支出指南的跟進。因為當我看到你們在 9 月份的投資者日提供的數字時。我知道這是從“22”到“24”的數字。但是這個數字有相當大的增加。我相信部分原因是這些不斷增加的氫氧化物容量。

So, my question there is, is this increasing in hydroxide capacity, consider adding that top $700 million you gave serve as a potential CapEx for increasing in value added products. Or if you can talk about if there was any sort of inflation in the CapEx, maybe from Australia, I guess the number I was expecting from Australia was lower. I don't know if these CapEx and also now includes already the construction of the second phase are part of that. So, my question is just to understand how much of that was inflation? And how much of that was actually new scope, new things added to the CapEx number?

所以，我的問題是，氫氧化物產能是否增加，考慮增加你提供的最高 7 億美元作為增加增值產品的潛在資本支出。或者，如果你能談談資本支出中是否存在任何形式的通貨膨脹，也許來自澳大利亞，我想我對澳大利亞的預期數字要低一些。我不知道這些資本支出以及現在已經包括第二階段的建設是否屬於其中的一部分。所以，我的問題只是了解其中有多少是通貨膨脹？其中有多少實際上是新範圍，新事物添加到資本支出數字中？

Regardless, there's two question, I think. Let me start with the CapEx. And I will give the answer to broadly for the balance of lithium. About the CapEx, you were right, it means we were talking about ‘22 to ‘24. Now we're talking about ‘23, ’25, its different timeframe. And there are some initiatives.

無論如何，我認為有兩個問題。讓我從資本支出開始。對於鋰的平衡，我將給出廣泛的答案。關於資本支出，你是對的，這意味著我們在談論“22 到 24”。現在我們談論的是“23”、“25”，這是不同的時間框架。還有一些倡議。

First, we included in our Investor Day, most of what you can call inflation or new costs environment, I think it's not so relevant in our new estimates. I think new projects and new initiatives are the most important ones in order to affect the total CapEx for the period.

首先，我們在投資者日中包括了大多數你可以稱之為通貨膨脹或新成本環境的東西，我認為這在我們的新估計中並不那麼相關。我認為新項目和新舉措是影響這一時期總資本支出的最重要的項目。

First one is it's what we remember that is nitrates iodine and lithium, most of it's not only lithium and in nitrate, we’re pushing very hard today. They developing the seawater project for the production of nitrates and iodine in the first region, we're putting more efforts than before, because we think is going to be a very good way. First, we will allow us to replace the consumption of continental water. But second, we significantly increase our unit production capacity, because we will have more water available for our production in Victoria in the first region.

第一個是我們記得的硝酸鹽碘和鋰，其中大部分不僅是鋰而且在硝酸鹽中，我們今天正在努力推動。他們在第一個區域開髮用於生產硝酸鹽和碘的海水項目，我們比以前付出了更多的努力，因為我們認為這將是一個非常好的方式。首先，我們將允許我們替代大陸水的消耗。但其次，我們顯著提高了我們的單位生產能力，因為我們將有更多的水可用於第一地區維多利亞州的生產。

And as you know iodine is moving in the right direction in terms of healthy demand in terms of pricing, that's why having more capacity as soon as we can is very important for the company. That's why this is our project that we increase our investment in the period, and we try to push as much as we can.

正如你所知，就定價方面的健康需求而言，碘正朝著正確的方向發展，這就是為什麼盡快擁有更多產能對公司來說非常重要。這就是為什麼這是我們在此期間增加投資的項目，我們會盡力推動。

Second is that we expect to have a new project that is a new nitrate, it's an ionic project, that is a one color coma, that is going to be '24, '25, most of the investment, it means most of it will be '25, that's why it's so important in terms of having an additional capacity of iodine means between both projects, we will have a significant capacity increase in iodine for the market. That's something we were looking forward to do it.

其次是我們希望有一個新項目，它是一種新的硝酸鹽，它是一個離子項目，是一種單色昏迷，將在 24 年、25 年，大部分投資，這意味著大部分將到 25 年，這就是為什麼在兩個項目之間增加碘產能如此重要的原因，我們將為市場提供顯著的碘產能增長。這是我們期待的事情。

And we expect increased production capacity and high-quality potassium nitrate, so the nature because at the moment you increase iodine, at the same moment you increase nitrates that's why having capacity facilities to have high quality potassium and sodium nitrate is very, very important. In lithium, as already mentioned, we have lithium and our new estimate of lithium Mt. Holland on Australia, that is finishing during this year and next year.

我們期望增加生產能力和高質量的硝酸鉀，所以自然是因為在你增加碘的那一刻，同時你增加硝酸鹽，這就是為什麼擁有生產高質量硝酸鉀和硝酸鈉的產能設施非常非常重要。在鋰方面，如前所述，我們有鋰和我們對澳大利亞 Mt. Holland 鋰的新估計，該估計將在今年和明年完成。

The total investment in the total project. I mean concentration and their refinery but as I mentioned before, we're very positive and we're including significantly some amount of money important amount of money about the expansion, we think we will start at the end of '24 and mainly during 2025.

項目總投資。我的意思是集中度和他們的煉油廠，但正如我之前提到的，我們非常積極，我們包括大量資金，包括大量關於擴張的重要資金，我們認為我們將在 24 年底開始，主要是在 2025 年.

And again, lithium hydroxide is very, very important, as you already mentioned. But finally, over the few years, we hope to start investing in new technologies means we are working very hard in Salar Futuro, we will put some money during this year in all the new technology but we know that some of this new technology are so good in some terms that we can recover the investment in the medium term.

同樣，正如您已經提到的，氫氧化鋰非常非常重要。但最後，在這幾年裡，我們希望開始投資新技術，這意味著我們正在 Salar Futuro 非常努力地工作，我們將在今年投入一些資金在所有新技術上，但我們知道其中一些新技術是如此從某種意義上說，我們可以在中期收回投資。

And I think that the investment that are included until 2025 may allow us to further increase our production capacity in lithium, that's something we're working now. But of course, using new technology goes in the right direction in order to have a better outcome in the lithium production. That's why we have a significant investment in these new technologies mainly in the year '24, '25?

而且我認為到 2025 年的投資可能會讓我們進一步提高鋰的生產能力，這就是我們現在正在努力的事情。但是，當然，使用新技術會朝著正確的方向發展，以便在鋰生產中取得更好的成果。這就是為什麼我們主要在 24 年、25 年對這些新技術進行大量投資？

With respect to your question about the demand growth. Well, I wish at the beginning of the year, we expect the slowdown in demand due to do the Chinese New Year. And now we're seeing that (inaudible) seller hub now pick up on at a similar pace that we have at the end of last year, so and I mentioned, Felipe mentioned before, we recently knew the one of the leader carmaker now announcing all was double is they say that they production they have this most compatible with last year.

關於您關於需求增長的問題。好吧，我希望在年初，我們預計由於農曆新年而導致需求放緩。現在我們看到（聽不清）賣家中心現在以與去年年底相似的速度發展，所以我提到，Felipe 之前提到過，我們最近知道領先的汽車製造商之一現在宣布一切都是雙重的，他們說他們生產的產品與去年最兼容。

So, we're really confident that they remind will grow more than 20%, probably in a range of 25 or something like that. And what would you say at the beginning where we're preparing for that, adding more capacity from Chile and China and Australia.

所以，我們真的很有信心他們提醒會增長超過 20%，可能在 25 或類似的範圍內。你會在開始時說什麼，我們正在為此做準備，增加來自智利、中國和澳大利亞的產能。

And regarding to the production, the lithium coming from (inaudible). We really don't have actually any information about the extra capacity and less than the how how's the quality or the sustainability of that production. So, we really, we don't -- we cannot comment too much about that.

關於生產，鋰來自（聽不清）。我們真的沒有任何關於額外產能的信息，而不是關於生產質量或可持續性的信息。所以，我們真的，我們沒有——我們不能對此發表過多評論。

Our next question will come from Javier Martinez, with Morgan.

我們的下一個問題將來自 Javier Martinez 和 Morgan。

Sorry guys, my questions were already taken. Thank you.

抱歉各位，我的問題已經有人回答了。謝謝。

Our next question will come from Cesar Perez-Novoa, with BTG Pactual. You may now go ahead.

我們的下一個問題將來自 BTG Pactual 的 Cesar Perez-Novoa。你現在可以繼續了。

Congratulations for the results. Two questions here. On production targets for 2023. You already mentioned sales volume of around 200,000 metric tons of which China would account for roughly 10%. Is the volume sent for tolling in the Sichuan refinery in China going to pay the same royalty scheme as carbon produce in Chile?

祝賀結果。這裡有兩個問題。關於2023年的生產目標。您已經提到約20萬噸的銷量，其中中國約佔10%。送往中國四川煉油廠進行收費的數量是否會支付與智利碳產品相同的特許權使用費計劃？

And my second question goes back to the CapEx program. Essentially, how would this be financed and with this figure, contemplate additional possible partnerships or earnings like your recent agreement with a Sichuan mineral site? If I heard correctly, Ricardo mentioned some sort of additional exploration and looking for potential projects at the beginning of the presentation? Thank you.

我的第二個問題回到資本支出計劃。從本質上講，這將如何融資，並根據這個數字，考慮其他可能的合作夥伴關係或收益，例如您最近與四川礦產基地達成的協議？如果我沒聽錯的話，里卡多在演講開始時提到了一些額外的探索和尋找潛在的項目？謝謝。

Regarding to the lithium production what I mentioned at the beginning that our targets to where our capacity this year or it's going to be 180,000 as a little totally in Chile religion (inaudible) originally today will have a capacity of 20,000 to 30,000 in China and at the end of the year, the spodumene production in Australia. So, in today's around 200,000 - 210,000 as capacity. How much is going to sell it's going to depend on the supply and demand balance. So, we're not saying that we're going to sell in that trend. You were just saying that we will have the capacity ready for supply into the market.

關於鋰生產，我在開始時提到，我們今年的目標是我們今年的產能或將達到 180,000，因為今天最初在智利宗教（聽不清）中，中國的產能將達到 20,000 至 30,000，並且在年底，澳大利亞的鋰輝石投產。所以，在今天大約有 200,000 - 210,000 的容量。賣多少取決於供需平衡。所以，我們並不是說我們會在這種趨勢下賣出。你只是說我們將有能力為市場供應做好準備。

And regarding to the China production well, the plan now is continue to produce according to the plan and we'll be ready soon to study the commission and start product producing. And respect to the royalty is the same agreement they produce according to the lithium hydroxide royalty, not lithium carbon according to, it's already agreed with Golf.

而對於中國的生產井，現在的計劃是繼續按計劃生產，我們很快就會準備好研究委託，開始產品生產。並且關於特許權使用費是他們根據氫氧化鋰特許權使用費而不是鋰碳生產的相同協議，它已經與高爾夫達成一致。

So, regarding the investments that we have and the financial of CapEx. The financial institution of the company will not be baited today. As you can see, December of this year last year, our total cash and cash equivalents was higher than the total financial interest-bearing debt. It means that the company is positive in terms of debt. That's very unusual and we're more than prepared for future projects.

因此，關於我們擁有的投資和資本支出的財務狀況。公司的金融機構今天不會上鉤。大家可以看到，去年今年12月份，我們的現金和現金等價物總額高於金融帶息債務總額。這意味著公司在債務方面是積極的。這是非常不尋常的，我們為未來的項目做好了充分的準備。

Of course, the most important way of financing the company is being very careful in the dividend policy so far, we don't need to be very strong. To reduce the dividend policy as you may know, it has been 80% concerning the profits of 2022 and 80% dividend policy means that we will retain significant amount of money internally in the company. If you can see that we have no debt, not only not that we have excess of cash plus the retention of the net income.

當然，目前最重要的公司融資方式是在股息政策上非常謹慎，我們不需要非常強大。如您所知，為了減少股息政策，2022 年的利潤一直是 80%，而 80% 的股息政策意味著我們將在公司內部保留大量資金。如果你能看到我們沒有債務，不僅不是我們有多餘的現金加上保留的淨收入。

We do not foresee any issue in order to finance our CapEx. Yes, the other point regarding potential M&A, potential new projects, potential geology studies, we're working very hard on it on daily basis. It's not easy and the best project sometimes it's the one that you don't get into, you need to be very careful not to use -- not to be very, to run after projects. We need to be clear that if we get into a new project or if we get into a new M&A, it will be good for the company, it will be good for then the return on assets. That's why we need to be very careful, but we are working very hard.

我們沒有預見到任何問題來為我們的資本支出融資。是的，關於潛在併購、潛在新項目、潛在地質研究的另一點，我們每天都在非常努力地工作。這並不容易，最好的項目有時是你沒有進入的項目，你需要非常小心，不要使用——不要太在意項目。我們需要明確的是，如果我們進入一個新項目或進行新的併購，這將對公司有利，對資產回報率也有好處。這就是為什麼我們需要非常小心，但我們正在非常努力地工作。

I cannot promise you that we will be surprised or not. But I can promise you that we are working very hard in order to look alternatives where we can create money, we'll create a return on our investment.

我不能向你保證我們會不會感到驚訝。但我可以向你保證，我們正在非常努力地尋找可以創造資金的替代方案，我們將創造投資回報。

This concludes our question-and-answer session. I'd like to turn the call back over to Irina Axenova for any closing remarks.

我們的問答環節到此結束。我想將電話轉回 Irina Axenova 以聽取任何結束語。

Thank you everyone for joining our call today and we look forward to having our next call. Have a great afternoon everyone. Bye.

感謝大家今天加入我們的電話會議，我們期待下次電話會議。大家下午好。再見。

The conference has now concluded. Thank you for attending todays presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。