In its fourth quarter and full-year results for the twelve months ended December 31 2015, Sociedad Química y Minera de Chile S.A. (NYSE:SQM), reported a 7.8 percent increase in revenues from its lithium business in 2015. Still, the company saw its overall revenues decrease from US$296.4 million in 2014 to US$213.2 million in 2015, partly due to low prices for some of its other commodities, including potash.

As quoted in the press release:

Revenues from lithium and derivatives totaled US$223.0 million during the twelve months ended December 31, 2015, an increase of 7.8% compared to the US$206.8 million for the twelve months ended December 31, 2014.

Lithium and derivatives revenues increased 20.1% during the fourth quarter of 2015 compared to the fourth quarter of 2014. Total revenues amounted to US$63.0 million during the fourth quarter of 2015, compared to US$52.4 million in the fourth quarter of 2014.

The company also added some of its insights into the lithium market:

World demand in the lithium market continued to grow at robust levels in 2015, around 5%, and we believe demand growth in 2016 could be significantly higher. This demand growth is led by uses related to batteries. In 2015, batteries accounted for almost 50% of the total lithium market, including electric cars. New lithium supply was delayed in 2015, and only a minimal amount was brought to the market; we expect new supply from other players during 2016.

Prices in this business line increased significantly in 2015, when average prices were just over 10% higher than average prices seen in 2014. In the near term, we expect this pricing trend to continue. Our sales volumes in 2015 decreased a slight 2.1% compared to sales volumes seen in 2014, but we expect higher sales volumes in 2016.

Click here for the full press release.

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