智利化工礦業 (SQM) 2024 Q3 法說會逐字稿

Good morning, and welcome to the SQM third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 SQM 2024 年第三季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Isabel Bendeck, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的伊莎貝爾·本德克 (Isabel Bendeck)。請繼續。

Thank you, operator. Good morning, and thank you for joining SQM's earnings conference call for the third quarter of 2024. This conference call will be recorded and is being webcast live. Our earnings press release and presentation with a summary of the results have been uploaded to our website where you can also find a link to the webcast.

謝謝你，接線生。早安，感謝您參加 SQM 2024 年第三季財報電話會議。本次電話會議將會錄音並進行網路直播。我們的收益新聞稿和簡報以及結果摘要已上傳到我們的網站，您也可以在其中找到網路廣播的連結。

Ricardo Ramos, our Chief Executive Officer, will be speaking on the call today. Gerardo Illanes, our Chief Financial Officer; Carlos Diaz, CEO of SQM Salar; Mark Fones, CEO of SQM International Lithium; Felipe Smith, Commercial Vice President of SQM Salar; Pable Hernandez, Senior Director of Business Strategy and Development of SQM Salar; Pablo Altimiras, CEO of Iodine and Nitrates; and Juan Pablo Bellolio, Commercial Vice President of Iodine and Industrial Chemicals are also available to answer any questions.

我們的執行長里卡多·拉莫斯 (Ricardo Ramos) 將在今天的電話會議上發表講話。Gerardo Illanes，我們的財務長；卡洛斯·迪亞茲 (Carlos Diaz)，SQM Salar 執行長； Mark Fones，SQM 國際鋰業執行長； Felipe Smith，SQM Salar 商務副總裁； Pable Hernandez，SQM Salar 業務策略與發展資深總監； Pablo Altimiras，碘和硝酸鹽公司執行長；碘和工業化學品業務副總裁 Juan Pablo Bellolio 也可以回答任何問題。

Before we begin, I would like to remind you that some of the statements made during this conference call regarding our business outlook, future economic performance, anticipated profitability, revenues, expenses and other financial items are considered forward-looking statements. Please note that the same cautionary language used in our press release and presentation also applies to this call.

在開始之前，我想提醒您，本次電話會議期間所做的一些有關我們的業務前景、未來經濟表現、預期盈利能力、收入、費用和其他財務項目的陳述被視為前瞻性陳述。請注意，我們的新聞稿和演示中使用的相同警告語言也適用於本次電話會議。

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

現在我將把我們的執行長里卡多·拉莫斯留給你們。

Hi. Thank you. Good morning, everyone, and thank you for joining us today. We have published our third-quarter 2024 financial results with positive volume growth in almost all our business lines compared to last year.

你好。謝謝。大家早安，感謝您今天加入我們。我們發布了 2024 年第三季財務業績，與去年相比，幾乎所有業務線的銷售量都呈現正成長。

Specialty plant nutrition has shown solid dynamics with a market size recovery. Volumes in this business line were more than 20% year-on-year, increasing our revenues by more than 12% despite lower prices seen during this period. We are positive in the specialty fertilizer market and foresee stable price behavior in the midterm.

隨著市場規模的恢復，特種植物營養顯示出強勁的活力。儘管在此期間價格較低，但該業務線的銷量同比增長了 20% 以上，使我們的收入增長了 12% 以上。我們對特種肥料市場持樂觀態度，並預期中期價格行為穩定。

In iodine, we have observed a subtle, but continued price increase since the beginning of the year. We believe that the strong demand growth and limited supply could lead to slight price increases in the coming quarters. We continue to work hard in several projects that should increase our production efficiency. And the seawater pipeline, which will enable us to increase capacity is moving on schedule.

在碘方面，我們觀察到自年初以來價格出現微妙但持續的上漲。我們認為，強勁的需求成長和有限的供應可能導致未來幾季的價格小幅上漲。我們繼續在幾個應該提高生產效率的專案上努力工作。將使我們能夠增加容量的海水管道正在按計劃進行。

In lithium, we are proud that we post our first revenue coming from Mount Holland and today begins our first spodumene concentrate biding event. With this initiative, SQM International Lithium expects to promote further and more transparent pricing information, enhancing the lithium market efficiency. The refinery is under commissioning and is scheduled to start operating in mid-2025.

在鋰方面，我們很自豪我們發布了來自荷蘭山的第一筆收入，並且今天開始了我們的第一次鋰輝石精礦招標活動。透過這項舉措，SQM International Lithium 希望進一步推動定價資訊更加透明，進而提高鋰市場效率。該煉油廠正在調試中，計劃於 2025 年中期開始營運。

Regarding our lithium sales, we reported sales volumes of more than 51,000 metric tonnes of lithium products an 18% growth year on year, demonstrating a strong demand in the market. As anticipated, prices during the third quarter continued the downward trend with average realize prices, 24% lower than the second quarter this year.

鋰銷量方面，鋰產品銷售超過51,000噸，較去年成長18%，市場需求強勁。正如預期的那樣，第三季的價格繼續呈下降趨勢，平均實現價格比今年第二季下降了 24%。

Although the continues to grow at a strong pace, mainly driven by strong EV sales growth in China, we continue to see the prices pressured by a temporary oversupply, which has been decreasing considering the production curtailment announced by other market players. We believe current market prices are far from equilibrium given the fact that demand keeps on growing at a strong pace, while prices are significantly below the incentive price required for projects announced by different players in the market.

儘管主要受到中國電動車銷量強勁增長的推動，價格繼續強勁增長，但我們仍然看到價格受到暫時的供應過剩的壓力，考慮到其他市場參與者宣布的減產，供應過剩的情況一直在下降。我們認為，鑑於需求持續強勁成長，目前的市場價格遠未達到平衡，而價格遠低於市場上不同參與者所宣布的項目所需的激勵價格。

Our more than 30 years track record in the lithium industry has proved that we have a long-term view in this business. And therefore, we strongly believe in the lithium market needs fundamentals, which are highly related to the clean energy transition that we're leaving SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition. Thank you.

我們在鋰行業30多年的業績記錄證明我們在這個行業擁有長遠的眼光。因此，我們堅信鋰市場需要基本面，這與我們即將離開的清潔能源轉型高度相關。 。謝謝。

(Operator Instructions) Joel Jackson, BMO Capital Markets.

（操作員說明）Joel Jackson，BMO 資本市場。

Hi. Good morning, Ricardo and team. I'll ask a few questions. So my first question would be you called out in your prepared materials about the industry having some curtailments. You've maintained your own sales guidance for the year, 195,000 tonnes, pricing is still going down. Does SQM need to cut share here, cut volume to help support the market? Can prices recover if all the players in the industry don't cut volume?

你好。早安，里卡多和團隊。我會問幾個問題。因此，我的第一個問題是，您在準備的材料中指出該行業存在一些削減。你們維持了今年的銷售指導，195,000 噸，價格仍在下降。SQM 是否需要削減份額、削減銷售量以幫助支撐市場？若業界所有參與者都不減產，價格能否恢復？

Hello, Joel. This is Felipe. Well, indeed, this year, we are expecting to reach sales volumes close to 195,000 tonnes. And for next year, we're not planning any curtailment, I think you have asked for. We are just planning to increase our sales in line with increasing production.

你好，喬爾。這是費利佩。事實上，今年我們預計銷量將接近 195,000 噸。對於明年，我們沒有計劃任何削減，我想您已經要求了。我們只是計劃隨著產量的增加而增加銷售量。

Okay. That's extremely obvious there, direct. Thank you. The next question I have is about what's going on in Australia. So you're ramping up Mount Holland, spodumene. Did you have any sales in the quarter? It looks like in your release, you did. What's your guidance there as you're starting to get close to ramping the conversion plants?

好的。這一點非常明顯，直接。謝謝。我的下一個問題是關於澳洲正在發生的事情。所以你正在攀登荷蘭山，鋰輝石。您本季有銷售嗎？看起來在你的發布中，你做到了。當您開始接近擴建轉化工廠時，您有何指導？

Do you feel comfort in conversion profitability at that project? And you see a lot of competitors taking down Australian capacity. They're cutting spodumene volume; they're cutting conversion capacity in Australia. Might your joint venture have to look at that as well?

您對該項目的轉換盈利能力感到滿意嗎？你會看到很多競爭對手正在削弱澳洲的產能。他們正在削減鋰輝石的產量；他們正在削減澳洲的轉換能力。您的合資企業是否也必須考慮這一點？

Hi, Joel. this is Mark Fones here. Yes, we continue, as you mentioned, to ramp up the Mount Holland project, the concentrator. This year is going to produce volumes in the range of around 110,000 to 130,000 tonnes of spodumene concentrate. That's a 5.5% lithium oxide content. And that continues to ramp up into year. We've seen monthly production rising on a steady state over the last few months, and we expect that to continue into the future.

嗨，喬爾。我是馬克馮斯。是的，正如您所提到的，我們將繼續加大荷蘭山計畫（集中器）的力度。今年鋰輝石精礦的產量將在 11 萬至 13 萬噸之間。即氧化鋰含量為 5.5%。而且這數字在今年持續增加。我們看到過去幾個月月度產量穩定成長，我們預計這種情況將持續到未來。

Regarding our conversion plant, the number also considers -- the numbers I've just mentioned is 100% for the whole joint venture. So that's 50% for each shareholder. In regarding to the conversion plan you mentioned, the conversion plan today is 91%, constructed, completed already. We have already started the commissioning of the Kwinana refinery plant. Remember, this is a plant with a capacity of 50,000 tonnes of lithium hydroxide per year for, again, both partners.

至於我們的改造工廠，這個數字也考慮在內——我剛才提到的數字是整個合資企業的100%。也就是說，每位股東擁有 50% 的股份。關於你提到的轉換計劃，今天的轉換計劃是91%，已經建成完成了。我們已經開始奎納納煉油廠的調試。請記住，這家工廠每年可為合作雙方生產 50,000 噸氫氧化鋰。

And commissioning is today above 41% completed. We expect that first product will arise in mid next year, again, aligned with previous plans. So confirming our previous plans, we don't have changes. And as Filipe already mentioned, we continue to have ourselves aligned with production.

目前調試已完成 41% 以上。我們預計第一個產品將在明年中期推出，再次與先前的計畫保持一致。因此，確認我們先前的計劃，我們沒有任何改變。正如菲利普已經提到的，我們繼續與生產保持一致。

Okay. And my final question on that would be considering all the experience of your competitors, Kwinana -- competitor conversion plants in Australia, Kwinana, Emerson seeing what's happening there, have you thought about the possibility that the conversion plants -- your conversion plant and the joint venture could have negative profitability, have start-up issues like the rest? And could you consider that if that's the case, what would make you decide to instead toll the spodumene in China to get better profitability?

好的。我的最後一個問題是考慮您的競爭對手 Kwinana 的所有經驗，Kwinana - 澳大利亞的競爭對手轉換工廠，Kwinana，艾默生看到那裡發生的情況，您是否考慮過轉換工廠 - 您的轉換工廠和合資企業可能會出現負獲利，是否會像其他企業一樣出現啟動問題？您是否可以考慮一下，如果是這樣的話，是什麼讓您決定轉而對中國的鋰輝石進行收費，以獲得更好的盈利能力？

Let me provide a few points there. First, while the Kwinana refinery is not yet at steady-state production, we continue and are actually tolling today in China. We will remain flexible in that aspect that we choose to sell either spodumene concentrate or lithium hydroxide in this near-term future.

讓我提供幾點。首先，雖然奎納納煉油廠尚未達到穩定生產，但我們至今仍在中國繼續生產。我們將在這方面保持靈活性，我們選擇在不久的將來出售鋰輝石精礦或氫氧化鋰。

Regarding your point of other experiences of our neighbors, I cannot comment on that. I can tell you that we have done from the beginning of the project everything possible to assess all issues, potential that could arise in the commissioning and production of refinery in Kwinana refinery. And we have done great extents of additional engineering design and workshops to assess those potential issues. So we expect those not to happen for us.

至於你提到的我們鄰居的其他經歷，我無法發表評論。我可以告訴您，我們從專案一開始就已盡一切可能評估奎納納煉油廠調試和生產過程中可能出現的所有問題和潛力。我們已經進行了大量額外的工程設計和研討會來評估這些潛在問題。所以我們希望這些不會發生在我們身上。

Of course, commissioning is a high challenge. It's a risky period of any project. So we remain attentive to any issues that may rise into the future. Regarding the long-term value of Kwinana refinery and the lithium industry overall, we remain absolutely confident, that's what we're doing this project. We believe in the value-added perspective of having a refinery in Australia, and we remain committed to that.

當然，調試是一個很高的挑戰。對於任何專案來說，這都是一個風險時期。因此，我們仍然關注未來可能出現的任何問題。對於奎納納煉油廠和整個鋰產業的長期價值，我們仍然絕對有信心，這就是我們正在做的這個項目。我們相信在澳洲擁有煉油廠的增值前景，並且我們將繼續致力於這一點。

Ben Isaacson, Scotiabank.

本‧艾薩克森，豐業銀行。

Just two questions for me. The first question is on the lithium outlook for 2025. Can you just talk about how you see the shape of the market balance developing through the year? When do you see inventory restocking? When do you see new supply coming on? Or do you expect the market to just to kind of grow at a linear pace in '25?

對我來說只有兩個問題。第一個問題是關於2025年鋰的前景。您能否談談您對這一年市場平衡發展的看法？什麼時候看到庫存補貨？什麼時候看到新的供應？或者您預期市場在 25 年會以線性速度成長？

Ben, this is Pablo Hernandez. So from the global lithium demand, we believe it remains strong. Of course, we expect it to surpass over 1.1 million this year and more than 20% higher than last year. For the remainder of the decade, of course, we expect that leasing demand could reach around 3 million tonnes. And we maintain a forecast of 16% to 18% growth on a yearly basis for the next 5 years.

本，這是巴勃羅·埃爾南德斯。所以從全球鋰需求來看，我們認為依然強勁。當然，我們預計今年會超過110萬，比去年增加20%以上。當然，在這十年的剩餘時間內，我們預計租賃需求可能達到 300 萬噸左右。我們維持未來 5 年年增率 16% 至 18% 的預測。

The main driver of the lithium demand growth, of course, is the EV market, and the EV is more concentrated more than 70% of the global lithium demand today. And that share, of course, could increase to over 80% by the end of this decade. The EV penetration right now is roughly 20%, and we expect that to reach by 50% by the 2030.

當然，鋰需求成長的主要驅動力是電動車市場，而電動車則更加集中，佔當今全球鋰需求的70%以上。當然，到本十年末，這一比例可能會增加到 80% 以上。目前電動車的普及率約為 20%，我們預計到 2030 年將達到 50%。

Out of that demand, China concentrates close to 80% of the demand. And the EV sales in China could surpass more than 11 million units this year and 17 million globally if you think about EVs in 2024. In terms of the global supply, we expect that to continue growing aligned with the demand with some new projects potentially being disincentivize those announced by some of our competitors if price remain at the current levels.

在這些需求中，中國集中了近80%的需求。如果考慮到 2024 年的電動車，今年中國的電動車銷量可能會超過 1,100 萬輛，全球的電動車銷量可能會超過 1,700 萬輛。就全球供應而言，我們預計，如果價格保持在當前水平，一些新項目的需求將繼續增長，這可能會抑制我們一些競爭對手宣布的項目。

Great. And my second question is on the iodine market. Can you just give us a reminder as to the size of the market right now, how is it growing? But more importantly, how much new capacity do you expect to come online in 2025 and '26?

偉大的。我的第二個問題是關於碘市場的。您能否提醒我們目前市場的規模以及成長情況如何？但更重要的是，您預計 2025 年和 26 年將有多少新產能上線？

Hi, Ben. This is Juan Pablo. We estimate that the market size today is around 38,000, 39,000 tonnes of iodine. The growth this year has been especially big due to the decrease of 2023. So we expect this year, the demand is going to grow around 7%, driven mainly by the contrast media industry. We expect that that industry is going to remain growing for the rest of the decade, around 5%, 6% per year.

嗨，本。這是胡安·巴勃羅。我們估計目前的市場規模約為 38,000、39,000 噸碘。由於2023年的下降，今年的成長尤其大。因此，我們預計今年的需求將成長 7% 左右，主要由對比介質產業推動。我們預計該行業將在未來十年保持成長，每年增長 5%、6% 左右。

And regarding the new supply, the market information that is available from our competitors is showing that we may expect some new supply by the second half of 2025 and some also new supply in 2026 that we believe that that supply won't be able to catch the increase in the demand. So we expect still a strong demand and strong prices in the next couple of years due to that imbalance.

關於新供應，我們競爭對手提供的市場資訊顯示，我們預計 2025 年下半年可能會出現一些新供應，2026 年也會出現一些新供應，但我們認為這些供應將無法趕上需求的增加。因此，由於這種不平衡，我們預計未來幾年需求和價格仍然強勁。

Corrine Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Two questions, the first one, can you give an update on the agreement with Codelco and how the negotiations ongoing with the local communities? And second question is, can you please also explain what's going on with the SEC investigation? I think we saw a note in one of the recent 8-K mentioning that. So just wondering what's going on and what could be the potential impact.

有兩個問題，第一個問題，您能否介紹一下與 Codelco 協議的最新情況以及與當地社區的談判進展如何？第二個問題是，您能否解釋一下 SEC 的調查情況？我想我們在最近的 8-K 中看到了一條註釋提到了這一點。所以只是想知道發生了什麼以及可能產生什麼潛在影響。

I'm going to answer the first part of the question, Ricardo Ramos speaking. As specified in the contract, SQM and Codelco, we -- of course, public knowledge, the transaction is concluded when the conditions presence are met. We are working very hard on it. We are very diligent in the process in order to do it as fast as we can.

我將回答問題的第一部分，里卡多·拉莫斯發言。正如合約中所規定的，SQM 和 Codelco，我們——當然，眾所周知，當條件滿足時，交易即告完成。我們正在為此努力。我們在這個過程中非常勤奮，以便盡快完成。

And our intention, both parties, SQM and Codelco is to conclude the process as soon as possible. And the process with the communities are moving forward according to our expectations, and we don't have any specific situation that we have to report about the agreement with Codelco. It means it's moving. It's moving according to our expectation, and things, we expect, is going to be close as soon as we have every single condition presence met. About the second part of your questions, Gerardo?

我們雙方（SQM 和 Codelco）的目的是盡快完成流程。與社區的進程正在按照我們的預期進行，我們沒有任何需要報告與 Codelco 協議的具體情況。這意味著它正在移動。它正在按照我們的預期移動，我們預期，一旦我們滿足了每一個條件，事情就會接近。關於你問題的第二部分，Gerardo？

The company is required to be in compliance with all applicable laws and regulations in Chile and internationally with respect to anticorruption, anti-money laundering and other regulatory matters, including the Foreign Corruption Practice Act, FCPA. The company has received a request for information on subpoena from the SEC requesting information related to our is operations, compliance program and allegations of potential violations of the FCPA and other anticorruption loss.

公司必須遵守智利和國際上有關反腐敗、反洗錢和其他監管事項的所有適用法律和法規，包括《反海外腐敗法》(FCPA)。本公司已收到 SEC 發出的傳票資訊請求，要求提供與我們的營運、合規計畫以及潛在違反 FCPA 和其他反腐敗損失的指控相關的資訊。

The SEC has said that the investigation is a nonpublic fact-finding inquiry, and we are not aware of any conclusion has been reached by the SEC. Matter of fact, SEC has initiated an internal review to identify materials that are responsive to the SEC's inquiry and are actively cooperating in the SEC's review by providing the information requested.

SEC 表示，該調查是非公開的實況調查，我們不知道 SEC 已得出任何結論。事實上，SEC 已啟動內部審查，以確定回應 SEC 詢問並透過提供所要求的資訊積極配合 SEC 審查的資料。

Gabriel Simoes, Goldman Sachs.

加布里埃爾·西蒙斯，高盛。

Thanks for taking up questions. I have two actually. So the first one is on volumes. So all of your production keeps growing, and we see non (inaudible) starting to ramp up when we still saw a slightly lower sales volume quarter-over-quarter, right? And you reiterated your volume guidance for the year at 190,000 to 195,000 tonnes. And this implies a significant reduction in volume for the fourth quarter.

感謝您提出問題。其實我有兩個。所以第一個是關於卷的。因此，你們所有的產量都在持續成長，當我們的銷售量仍比上一季略有下降時，我們看到非（聽不清楚）開始增加，對嗎？您重申了今年的產量指引為 19 萬至 19.5 萬噸。這意味著第四季的銷售量將大幅減少。

So I just wanted some more color on the dynamics for your sales and to understand what level of production you expect for this year, right? And how we should think about the potential gap between production and sales for the coming years as well, right? So this is the first question.

所以我只是想更多地了解你們的銷售動態，並了解你們預計今年的生產水平，對嗎？我們還應該如何考慮未來幾年生產和銷售之間的潛在差距，對吧？這是第一個問題。

And then the second question, we saw your looking costs coming lower than you expected this quarter despite the fact that you are ramping up your operations in Australia. So I just wanted to have more color on how that operation impacts your costs. And if you could give us a breakdown of your production cost by geography, that would be great as well.

然後是第二個問題，儘管您正在擴大在澳洲的業務，但我們看到您本季的尋找成本低於您的預期。所以我只是想更多地了解該操作如何影響您的成本。如果您能給我們按地理位置細分生產成本，那就太好了。

Hi, Gabriel. This is Carlos Diaz. Let me answer you regarding to the production in Chile. For DGA, we expect the production is going to be close to 210,000. That does mean 180,000 is going to be producing our chemical plant at (inaudible). And the other 30,000 is going to be produced in China in our own planning machine plus some tolling agreement that we have with the third parties.

嗨，加布里埃爾。這是卡洛斯·迪亞茲。讓我來回答您有關智利生產的問題。對於DGA，我們預計產量將接近210,000 輛。這確實意味著 18 萬人將在我們的化工廠生產（聽不清楚）。另外 30,000 輛將在中國用我們自己的計劃機器以及我們與第三方簽訂的一些來料協議生產。

So this year is going to be close to 2010. For next year, we're considering to produce around 230,000. Part of those were produced -- most of those will be produce in our chemical plant in Chile. And the minor part process in China. And obviously, as a fairly big comment before, the sales should be aligned with that increase.

所以今年已經接近2010年了。明年，我們考慮生產約 23 萬輛。其中一部分已經生產——其中大部分將在我們位於智利的化工廠生產。以及中國的小部分過程。顯然，正如之前相當大的評論一樣，銷售額應該與這一增長保持一致。

I can comment on Mount Holland. So as mentioned, on Mount Holland for year 2024 is the range I mentioned of 110,000 to 130,000 tonnes of spodumene concentrate 5.5% and lithium oxide content. That's again 100% joint venture, so 50% each partner. And for next year, the guidance is somewhere in the range between 160,000 to 190,000 tonnes, again, of spodumene concentrate 5.5% and the full Mount Holland project.

我可以評論一下荷蘭山。如前所述，我提到的 2024 年荷蘭山產量範圍為 110,000 至 130,000 噸鋰輝石精礦（5.5%）和氧化鋰含量。這又是 100% 的合資企業，因此每個合作夥伴各佔 50%。明年的指導方針是 160,000 至 190,000 噸鋰輝石精礦（5.5%）和整個 Mount Holland 專案。

Gabriel, this is Gerardo. Regarding your question about cost, it's important to consider that within the cost of goods sold line that we report on the financial statements is included the payments that we make to CORFO associated with the lease agreement that we have -- that let us have access to (inaudible).

加布里埃爾，這是赫拉爾多。關於您關於成本的問題，重要的是要考慮到，我們在財務報表中報告的商品銷售成本中包含了我們向 CORFO 支付的與我們擁有的租賃協議相關的付款，這讓我們能夠獲得（聽不清楚）。

But also keep in mind that this time, for the first time, we included sales also coming from Mount Holland. Approximately 900 tonnes came from Mount Holland, and those sales are not subject to the lease payments that we make to CORFO. So that probably is affecting your estimates on cost.

但也要記住，這一次，我們第一次包括了來自荷蘭山的銷售。大約 900 噸來自 Mount Holland，這些銷售不需支付我們向 CORFO 支付的租賃費。所以這可能會影響您對成本的估計。

Regarding production cost in general, we don't have anything special to comment at this moment. And as Mark was saying, Mount Holland is in commissioning. So that is, of course, having somewhat of an impact in the current cost when compared to the long-term cost.

關於整體生產成本，我們目前沒有任何特別的評論。正如馬克所說，荷蘭山正在調試中。因此，與長期成本相比，這當然會對當前成本產生一定影響。

Cesar Perez-Novoa, BTG Pactual.

塞薩爾·佩雷斯·諾沃亞 (Cesar Perez-Novoa)，BTG Pactual。

I have two questions. How much did SQM International account of the 51,000 tonnes of lithium sold in the third quarter? And how much would this represent of the roughly 45,000, 48,000 metric tons implied for the fourth quarter of 2024.

我有兩個問題。SQM International 在第三季銷售的 51,000 噸鋰中佔了多少？這佔 2024 年第四季約 45,000、48,000 公噸的多少。

And my second question would relate to iodine. As you mentioned, demand was strong in the third quarter to the level where SQM even had to tap into your own inventory to serve industry demand. Considering the outlook that you portray in the first half of 2025 and the likelihood that competitor supply may be delayed and/or be insufficient to meet overall demand, how prepared and equipped is SQM to undertake additional volumes that the Street may not provide?

我的第二個問題與碘有關。正如您所提到的，第三季的需求強勁，以至於 SQM 甚至不得不利用自己的庫存來滿足行業需求。考慮到您對 2025 年上半年的展望以及競爭對手供應可能延遲和/或不足以滿足總體需求的可能性，SQM 是否做好了準備和準備，以承擔華爾街可能無法提供的額外數量？

Hello, Cesar. This is Mark again. As Gerardo just mentioned, during the third quarter, SQM International lithium sales represented 900 tonnes of lithium hydroxide. For the current quarter in progress, we expect similar volumes in the range of 1,000 to 1,200 tonnes of lithium hydroxide.

你好，塞薩爾。這又是馬克。正如Gerardo剛才提到的，第三季度，SQM International的鋰銷售量為900噸氫氧化鋰。對於當前季度，我們預計氫氧化鋰的產量將在 1,000 噸至 1,200 噸之間。

Hello, Cesar. Pablo speaking. Yes, as we commented before, the AUM demand this year has been strong. The growth will be 7%. However, next year, we see a growth moderated close to 2.5%. And as we commented also before, by the second half of next year, we see that initial capacity will come from third parties.

你好，塞薩爾。巴勃羅講話。是的，正如我們之前評論的，今年的 AUM 需求一直很強勁。成長率將為7%。然而，明年我們預計成長率將放緩至接近 2.5%。正如我們之前評論的那樣，到明年下半年，我們看到初始產能將來自第三方。

So we believe that our level of sales will be similar compared to what we expect this year. So that means that we will use part of our inventories, but we don't see a big effect in the sales that we pretend to do next year.

因此，我們相信我們的銷售水平將與我們今年的預期相似。因此，這意味著我們將使用部分庫存，但我們認為明年的銷售不會受到太大影響。

This concludes our question-and-answer session. I would like to turn the conference back over to Isabel Bendik for any closing remarks.

我們的問答環節到此結束。我想將會議轉回伊莎貝爾·本迪克（Isabel Bendik）發表閉幕詞。

Thank you, everyone, for joining us. This is the end of the third-quarter conference call.

謝謝大家加入我們。第三季電話會議到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。