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Joint Ventures | 12 Months Ended
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Dec. 31, 2022
Joint Ventures |
Joint Ventures | Note 8Joint Ventures 8.1Investment in joint ventures accounted for under the equity method of accounting. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Share in profit (loss) of joint ventures
​ | ​ | Equity-accounted investees | ​ | accounted for using the equity method
​ | ​ | As of | ​ | As of | ​ | As of | ​ | For the year ended | ​ | For the year ended | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Fzco. |  | 20,793 |  | 8,682 |  | 9,720 |  | 8,208 |  | 6,304 |  | 2,010
SQM Qingdao Star Corp Nutrition Co. Ltd. |  | — |  | — |  | — |  | — |  | — |  | 83
Pavoni & C. Spa |  | 7,315 |  | 7,030 |  | 7,222 |  | 470 |  | 174 |  | 9
Covalent Lithium Pty Ltd. |  | — |  | — |  | — |  | — |  | — |  | —
Sichuan SQM Migao Chemical Fertilizers Co Ltd. |  | — |  | — |  | 9,028 |  | — |  | — |  | (280)
Total |  | 28,108 |  | 15,712 |  | 25,970 |  | 8,678 |  | 6,478 |  | 1,822
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Share on other comprehensive income joint ventures | ​ | Share on total comprehensive income of joint ventures
​ | ​ | accounted for using the equity method | ​ | accounted for using the equity method
​ | ​ | As of | ​ | As of | ​ | As of | ​ | For the year ended | ​ | For the year ended | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
Coromandel SQM India (*) |  | — |  | — |  | — |  | — |  | — |  | —
SQM Vitas Fzco. |  | 674 |  | 429 |  | (1,469) |  | 8,882 |  | 6,733 |  | 541
SQM Qingdao Star Corp Nutrition Co. Ltd. (*) |  | — |  | — |  | — |  | — |  | — |  | 83
SQM Vitas B.V. |  | — |  | — |  | — |  | — |  | — |  | —
Pavoni & C. Spa |  | (210) |  | (317) |  | 349 |  | 260 |  | (143) |  | 358
Covalent Lithium Pty Ltd. |  | 90 |  | 37 |  | 16 |  | 90 |  | 37 |  | 16
Sichuan SQM Migao Chemical Fertilizers Co Ltd. |  | — |  | — |  | — |  | — |  | — |  | (280)
Total |  | 554 |  | 149 |  | (1,104) |  | 9,232 |  | 6,627 |  | 718
(*) | These investments were disposed of in 2021
(*) | See more details in Note 8.4 (a).
The amounts described in the following box represent numbers used in the consolidation of the company:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Equity-accounted investees | ​ | Share in profit (loss) of joint ventures
​ | ​ | ​ | ​ | accounted for using the equity method
​ | ​ | As of | ​ | As of | ​ | As of | ​ | For the year ended | ​ | For the year ended | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Brasil Agroindustria (1) |  | 14,667 |  | — |  | 3,511 |  | 5,834 |  | 4,582 |  | 1,018
SQM Vitas Perú S.A.C. (1) |  | 1,340 |  | 4,681 |  | 1,659 |  | 2,293 |  | 1,645 |  | 660
Total |  | 16,007 |  | 4,681 |  | 5,170 |  | 8,127 | ​ | 6,227 | ​ | 1,678
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Share on other comprehensive income of | ​ | Share on total comprehensive income of
​ | ​ | joint ventures accounted for using | ​ | joint ventures accounted for using
​ | ​ | the equity method, for the period ended | ​ | the equity method, for the period ended
​ | ​ | As of | ​ | As of | ​ | As of | ​ | For the year ended | ​ | For the year ended | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Brasil Agroindustria (1) |  | 551 |  | (429) |  | (1,469) |  | 6,385 |  | 4,153 |  | (451)
SQM Vitas Perú S.A.C. (1) |  | — |  | — |  | — |  | 2,293 |  | 1,645 |  | 660
Total |  | 551 |  | (429) |  | (1,469) |  | 8,678 |  | 5,798 |  | 209
​
| (1) | The companies are subsidiaries of:
​ SQM Vitas Fzco. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Dividends received for the year ending
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Share of | ​ | As of | ​ | As of | ​ | As of
​ |  | Description of the nature |  | ​ |  | Country of |  | interest in |  | December 31, |  | December 31, |  | December 31,
Joint venture | ​ | of the relationship | ​ | Domicile | ​ | incorporation | ​ | ownership | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ThUS$ |  | ThUS$ |  | ThUS$
Sichuan SQM Migao Chemical Fertilizers Co Ltd. |  | Production and distribution of soluble fertilizers. |  | Huangjing Road, Dawan Town, Qingbaijiang Dristrict, Chengdu Municipality, Sichuan Province |  | China |  | 50 | % | — |  | — |  | —
SQM Vitas Fzco. |  | Production and commercialization of specialty plant, animal nutrition and industrial hygiene. |  | Jebel ALI Free Zone P.O. Box 18222, Dubai |  | United Arab Emirates |  | 50 | % | — |  | — |  | —
SQM Qingdao Star Corp Nutrition Co. Ltd. |  | Production and distribution of nutrient plant solutions with specialties NPK soluble. |  | Longquan Town, Jimo City, Qingdao Municipality, Shangdong Province |  | China |  | 50 | % | — |  | — |  | 2,223
Pavoni & C. Spa |  | Production of specialty fertilizers and others for distribution in Italy and other countries. |  | Corso Italia 172, 95129 Catania -CT, Sicilia |  | Italy |  | 50 | % | — |  | — |  | —
SQM Vitas Brasil Agroindustria (1) | ​ | Production and trading of specialty vegetable and animal nutrition and industrial hygiene. | ​ | Via Cndeias, Km. 01 Sem Numero, Lote 4, Bairro Cia Norte, Candeias, Bahia. | ​ | Brazil | ​ | 49.99 | % | — | ​ | — | ​ | —
SQM Vitas Perú S.A.C. (1) | ​ | Production and trading of specialty vegetable and animal nutrition and industrial hygiene | ​ | Av. Juan de Arona 187, Torre B, Oficina 301-II, San Isidro, Lima | ​ | Peru | ​ | 50 | % | — | ​ | — | ​ | —
Covalent Lithium Pty Ltd. |  | Development and operation of the Mt. Holland Lithium project, which will include the construction of a lithium extraction and refining mine. |  | L18, 109 St Georges Tce Perth WA 6000 |PO Box Z5200 St Georges Tce Perth WA 6831 |  | Australia |  | 50 | % | — |  | — |  | —
Total |  | ​ |  | ​ |  | ​ |  |  |  | — |  | — |  | 2,223
​
(*) | The percentages presented correspond to the ownership used in the consolidation of the company.
8.2 Assets, liabilities, revenue and expenses from joint ventures The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Company's share of those amounts. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2022 |  | For the year ended December 31, 2022
​ | ​ | Assets | ​ | Liabilities | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | comprehensive | ​ | Comprehensive
Joint Venture |  | Current |  | Non-current |  | Current |  | Non-current |  | Revenue |  | Net income (loss) |  | income |  | income
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Fzco. (*) |  | 9,618 |  | — |  | 49 |  | — |  | — |  | 165 |  | — |  | 165
SQM Vitas Brasil Agroindustria (*) |  | 73,045 |  | 6,111 |  | 45,894 |  | — |  | 162,026 |  | 11,670 |  | 602 |  | 12,272
SQM Vitas Perú S.A.C. (*) |  | 59,196 |  | 7,285 |  | 49,596 |  | 117 |  | 61,387 |  | 4,586 |  | — |  | 4,586
Pavoni & C. Spa (*) |  | 11,516 |  | 6,358 |  | 8,853 |  | 802 |  | 18,066 |  | 939 |  | (344) |  | 595
Covalent Lithium Pty Ltd. |  | 2,077 |  | 3,088 |  | 7,062 |  | 3,017 |  | — |  | (2,648) |  | — |  | (2,648)
Total |  | 155,452 |  | 22,842 |  | 111,454 |  | 3,936 |  | 241,479 |  | 14,712 |  | 258 |  | 14,970
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021 |  | For the year ended December 31, 2021
​ | ​ | Assets | ​ | Liabilities | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | comprehensive | ​ | Comprehensive
Joint Venture |  | Current |  | Non-current |  | Current |  | Non-current |  | Revenue |  | Net income (loss) |  | income |  | income
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Fzco. |  | 9,606 |  | — |  | 215 |  | — |  | — |  | 159 |  | — |  | 159
SQM Vitas Brasil Agroindustria |  | 73,500 |  | 4,846 |  | 68,794 |  | — |  | 103,335 |  | 9,165 |  | (858) |  | 8,307
SQM Vitas Perú S.A.C. |  | 28,610 |  | 7,347 |  | 24,473 |  | 828 |  | 48,128 |  | 3,289 |  | — |  | 3,289
Pavoni & C. Spa |  | 12,885 |  | 6,714 |  | 11,226 |  | 725 |  | 19,599 |  | 347 |  | (634) |  | (287)
Covalent Lithium Pty Ltd. |  | 3,904 |  | 2,636 |  | 7,498 |  | 1,489 |  | — |  | (864) |  | 74 |  | (790)
Total |  | 128,505 |  | 21,543 |  | 112,206 |  | 3,042 |  | 171,062 |  | 12,096 |  | (1,418) |  | 10,678
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2020 |  | For the year ended December 31, 2020
​ | ​ | Assets | ​ | Liabilities | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | comprehensive | ​ | Comprehensive
Joint Venture |  | Current |  | Non-current |  | Current |  | Non-current |  | Revenue |  | Net income (loss) |  | income |  | income
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
Sichuan SQM Migao Chemical Fertilizers Co Ltd. | ​ | 29,507 | ​ | 4,412 | ​ | 14,156 | ​ | — | ​ | 9 | ​ | (562) | ​ | — | ​ | (562)
SQM Vitas Fzco. |  | (496) |  | 20,431 |  | 496 |  | — |  | — |  | 4,019 |  | — |  | 4,019
SQM Vitas Brasil Agroindustria |  | 40,064 |  | 5,527 |  | 33,410 |  | — |  | 78,960 |  | 2,036 |  | (2,938) |  | (902)
SQM Vitas Perú S.A.C. |  | 34,548 |  | 7,928 |  | 33,145 |  | 1,080 |  | 37,591 |  | 1,319 |  | — |  | 1,319
Pavoni & C. Spa |  | 10,645 |  | 7,493 |  | 9,270 |  | 836 |  | 15,958 |  | 16 |  | 698 |  | 714
Covalent Lithium Pty Ltd. |  | 1,418 |  | 2,131 |  | 2,823 |  | 910 |  | — |  | (232) |  | 33 |  | (199)
Total |  | 115,686 |  | 47,922 |  | 93,300 |  | 2,826 |  | 132,518 |  | 6,596 |  | (2,207) |  | 4,389
​ 8.3Other joint venture disclosures
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Cash and cash equivalents |  | Other current financial liabilities |  | Other non-current financial liabilities
​ | ​ | As of | ​ | As of | ​ | As of | ​ | As of | ​ | As of | ​ | As of
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Fzco. |  | 3,866 |  | 4,115 |  | 9,753 |  | — |  | — |  | —
SQM Vitas Brasil Agroindustria |  | 3,820 |  | 4,132 |  | 82 |  | 10,416 |  | — |  | —
SQM Vitas Perú S.A.C. |  | 2,208 |  | 380 |  | 4,951 |  | 238 |  | 117 |  | 289
Pavoni & C. Spa |  | 1,088 |  | 787 |  | 494 |  | 7,561 |  | — |  | —
Covalent Lithium Pty Ltd. |  | 1,931 |  | 3,858 |  | — |  | 980 |  | — |  | —
Total |  | 12,913 |  | 13,272 |  | 15,280 |  | 19,195 |  | 117 |  | 289
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Depreciation and amortization expense |  | Interest expense |  | Income tax benefit (expense)
​ | ​ | for the year ending | ​ | for the year ending | ​ | for the year ending
​ | ​ | As of | ​ | As of | ​ | As of | ​ | As of | ​ | As of | ​ | As of
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Joint Venture |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
SQM Vitas Fzco. |  | — |  | — |  | (1) |  | (1) |  | — |  | —
SQM Vitas Brasil Agroindustria |  | (331) |  | (278) |  | (333) |  | (367) |  | (3,164) |  | (1,985)
SQM Vitas Perú S.A.C. |  | (360) |  | (354) |  | (298) |  | (311) |  | (2,370) |  | (1,692)
Pavoni & C. Spa |  | (183) |  | (245) |  | (347) |  | (459) |  | (459) |  | (173)
Covalent Lithium Pty Ltd. |  | (176) |  | (167) |  | (40) |  | (55) |  | 1,094 |  | 343
Total |  | (1,050) |  | (1,044) |  | (1,019) |  | (1,193) |  | (4,899) |  | (3,507)
​ 8.4Disclosure of interests in joint ventures
a) | Transactions in the year 2022
| ● | As of December 31, 2022, there are no transactions to disclose.
b) | Transactions in the year 2021
| ● | On February 9, 2021, two of the Company’s subsidiaries signed an agreement to terminate a dispute related to sales contracts and interest in the joint venture of Sichuan SQM Migao Chemical Fertilizers Co Ltd. Consequently, the Company received a US$ 11.5 million compensation.
c) | Transactions in the year 2020
| ● | SQM Vitas BV became a wholly owned subsidiary of the Company during the second quarter of 2020, through its subsidiary Soquimich European Holdings, at a cost of ThUS$ 1,276 and its name has been changed to SQM Holland. See Note 7.1.
| ● | In the second quarter of 2020, shares held in Arpa Speciali S.R.L. were sold through SQM Pavoni & C., SpA. At a value of ThUS$ 56, which brought about a loss of ThUS$ 125. An initial installment of ThUS$ 17 was charged, leaving two pending installments of ThUS$ 20 maturing June 30, 2021 and June 30, 2022. The pending installments are classified as other accounts receivable.
| ● | In the third quarter of 2020, shares held in Coromandel SQM India were sold through Soquimich European Holdings B.V. at a value of ThUS$ 1,604, which brought about a loss of ThUS$ 643.
| ● | During fourth quarter of 2020, the shares in SQM Qingdao-Star Co, Ltd. were sold through SQM Industrial S.A. for ThUS$ 1,303, which brought about a gain of ThUS$ 62. As of December 31, 2020, the sale proceeds were recorded in other receivables.
| ● | A gain amounting ThUS$ 7,036 relating to the reversal of the impairment associated with the investment in Sichuan SQM Migao Chemical Fertilizers Co Ltd. was recognized in Other gains (losses) as a result of the agreement made to end a dispute, described above.
8.5 Joint Operations In 2017, together with our subsidiary SQM Australia Pty, we entered into an agreement to acquire 50% of the assets of the Mt Holland lithium project in Western Australia. The Mt Holland lithium project is to design, construct and operate a mine, concentrator and refinery to produce lithium hydroxide. On February 17, 2021, the Board of Directors approved the investment in the Mount Holland lithium project in Western Australia. SQM's share of the project investment is expected to be approximately US$700 million, between 2021 and 2025. The feasibility study confirms an expected initial production capacity of 50,000 metric tons of lithium hydroxide during the second half of 2024. As of December 31, 2022, a total of US$475 million has been contributed to Mt. Holland. Lithium project The revised investment budget for this project considers a pending investment balance of US$450 million.

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