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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventories |
Inventories | Inventories The composition of inventory at each period-end is as follows:
Type of inventory |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Raw material |  | 61,098 |  |  | 27,035 |
Production supplies |  | 77,810 |  |  | 68,426 |
Products-in-progress |  | 744,217 |  |  | 590,946 |
Finished product |  | 891,469 |  |  | 1,097,874 |
Total |  | 1,774,594 |  |  | 1,784,281 |
As of December 31, 2023 and 2022, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 503,318 and as of December 31, 2022 was ThUS$ 513,209 (including products in progress). As of December 31, 2023, bulk inventories recognized within work in progress were ThUS$ 221,559, while as of December 31, 2022 this value amounted to ThUS$ 122,284. As of December 31, 2023, bulk inventories recognized within finished goods were ThUS$ 164,029 (as of December 31, 2022, this value amounted to ThUS$ 198,796). As of December 31, 2023 and 2022, recognized inventory allowances, amounted to ThUS$ 133,768 and ThUS$ 104,057, respectively. For finished and in-process products, recognized allowances include the provision associated with the lower value of stock (considers lower realizable value, uncertain future use, reprocessing costs of off-specification products, etc.), provision for inventory differences and the provision for potential errors in the determination of inventories (e.g., errors in topography, grade, moisture, etc.). (See Note 3.15). For raw materials, supplies, materials and parts, the lower value provision was associated to the proportion of defective materials and potential differences. The breakdown of inventory allowances is detailed as follows:
Type of inventory |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Raw material and supplies for production |  | 7,724 |  |  | 4,186 |
Products-in-progress |  | 104,970 |  |  | 83,499 |
Finished product |  | 21,074 |  |  | 16,372 |
Total |  | 133,768 |  |  | 104,057 |
The Company has not pledged inventory as collateral for the periods indicated above. As of December 31, 2023, and 2022, movements in provisions are detailed as follows:
Reconciliation |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$
Beginning balance |  | 104,057 |  |  | 75,892 |  |  | 80,930 |
Increase in Lower Value |  | 32,926 |  |  | 29,693 |  |  | (3,650) |
Additional Provision Differences of Inventory |  | 455 |  |  | (161) |  |  | 330 |
Increase / Decrease eventual differences and others |  | — |  |  | — |  |  | — |
Provision Used |  | (3,670) |  |  | (1,367) |  |  | (1,718) |
Total changes |  | 29,711 |  |  | 28,165 |  |  | (5,038) |
Final balance |  | 133,768 |  |  | 104,057 |  |  | 75,892 |
For further details, see accounting policy for inventory measurement in Note 3.15

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