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Joint Ventures | 12 Months Ended
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Dec. 31, 2023
Disclosure of joint ventures [abstract] |
Joint Ventures | Joint Ventures 8.1 Investment in joint ventures accounted for under the equity method of accounting.
|  | Equity-accounted investees |  | Share in income (loss) of joint ventures accounted for using the equity method
Joint Venture |  | As of December 31, 2023 |  | As of December 31, 2022 |  |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021
|  | ThUS$ |  | ThUS$ |  |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. |  | 19,490 |  |  | 20,793 |  |  |  | (6,564) |  |  | 8,208 |  |  | 6,304 |
Pavoni & C. Spa |  | 7,870 |  |  | 7,315 |  |  |  | 396 |  |  | 470 |  |  | 174 |
Covalent Lithium Pty Ltd. |  | — |  |  | — |  |  |  | 107 |  |  | — |  |  | — |
Pirra Lithium Pty Ltd. |  | 3,544 |  |  | — |  |  |  | — |  |  | — |  |  | — |
Total |  | 30,904 |  |  | 28,108 |  |  |  | (6,061) |  |  | 8,678 |  |  | 6,478 |
|  | Share on other comprehensive income joint ventures accounted for using the equity method |  | Share on total comprehensive income of joint ventures accounted for using the equity method
Joint Venture |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021 |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. |  | 2,450 |  |  | 674 |  |  | 429 |  |  | (4,114) |  |  | 8,882 |  |  | 6,733 |
Pavoni & C. Spa |  | 139 |  |  | (210) |  |  | (317) |  |  | 535 |  |  | 260 |  |  | (143) |
Covalent Lithium Pty Ltd. (*) |  | 1,583 |  |  | 90 |  |  | 37 |  |  | 1,690 |  |  | 90 |  |  | 37 |
Pirra Lithium Pty Ltd. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 4,172 |  |  | 554 |  |  | 149 |  |  | (1,889) |  |  | 9,232 |  |  | 6,627 |
________________________________________________ (*)Equity method investments with a negative value are presented under "Other non-current provisions" and total ThUS$ 766. The following companies were included in the consolidation:
|  | Equity-accounted investees |  | Share in income (loss) of joint ventures accounted for using the equity method
Joint Venture |  | As of December 31, 2023 |  | As of December 31, 2022 |  |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021
|  | ThUS$ |  | ThUS$ |  |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Brasil Agroindustria (**) |  | — |  |  | 14,667 |  |  |  | — |  |  | 5,834 |  |  | 4,582 |
SQM Vitas Perú S.A.C. (1) |  | 2,488 |  |  | 1,340 |  |  |  | (2,302) |  |  | 2,293 |  |  | 1,645 |
Total |  | 2,488 |  |  | 16,007 |  |  |  | (2,302) |  |  | 8,127 |  |  | 6,227 |
|  | Share on other comprehensive income of joint ventures accounted for using the equity method |  | Share on total comprehensive income of joint ventures accounted for using the equity method
Joint Venture |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021 |  | For the year ended December 31, 2023 |  | For the year ended December 31, 2022 |  | For the year ended December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Brasil Agroindustria (**) |  | — |  |  | 551 |  |  | (429) |  |  | — |  |  | 6,385 |  |  | 4,153 |
SQM Vitas Perú S.A.C. (1) |  | — |  |  | — |  |  | — |  |  | (2,302) |  |  | 2,293 |  |  | 1,645 |
Total |  | — |  |  | 551 |  |  | (429) |  |  | (2,302) |  |  | 8,678 |  |  | 5,798 |
(**) As of December 31, 2023, the investment in SQM Vitas Brasil Agroindustria was sold. 1.These companies are subsidiaries of: SQM Vitas Fzco
|  |  |  |  |  |  |  |  |  | Dividends received for the year ending
Joint venture |  | Description of the nature of the relationship |  | Domicile |  | Country of incorporation |  | Share of ownership in associates |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2021
|  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$
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 | % |  | — |  |  | — |  |  | — |
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 | % |  | — |  |  | — |  |  | — |
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 | % |  | — |  |  | — |  |  | — |
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 | % |  | — |  |  | — |  |  | — |
Pirra Lithium Pty Ltd. |  | Exploration and development of lithium assets.. |  | Suite 12, 11 Ventnor Avenue, West Perth, WA 6605. |  | Australia |  | 37.5 | % |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
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, 2023 |  | For the year ended December 31, 2023
|  | Assets |  | Liabilities |  | Revenue |  | Net income (loss) |  | Other comprehensive income |  | Comprehensive income
Joint Venture |  | Current |  | Non-current |  | Current |  | Non-current |  |  |  |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. (*) |  | 34,056 |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | 359 |  |  | — |  |  | 359 |
SQM Vitas Brasil Agroindustria (*) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SQM Vitas Perú S.A.C. (*) |  | 40,327 |  |  | 8,954 |  |  | 36,898 |  |  | 220 |  |  | 53,477 |  |  | (4,603) |  |  | — |  |  | (4,603) |
Pavoni & C. Spa (*) |  | 11,879 |  |  | 6,407 |  |  | 8,146 |  |  | 814 |  |  | 21,439 |  |  | 792 |  |  | 115 |  |  | 907 |
Covalent Lithium Pty Ltd. |  | 6,980 |  |  | 2,602 |  |  | 7,106 |  |  | 4,009 |  |  | — |  |  | 215 |  |  | — |  |  | 215 |
Pirra Lithium Pty Ltd. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 93,242 |  |  | 17,963 |  |  | 52,202 |  |  | 5,043 |  |  | 74,916 |  |  | (3,237) |  |  | 115 |  |  | (3,122) |
|  | As of December 31, 2022 |  | For the year ended December 31, 2022
|  | Assets |  | Liabilities |  |  |  | Net income (loss) |  | Other comprehensive income |  | Comprehensive income
Joint Venture |  | Current |  | Non-current |  | Current |  | Non-current |  | Revenue |  |  |
|  | 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 |
|  |  | For the year ended December 31, 2021
|  |  | Revenue |  | Net income (loss) |  | Other comprehensive income |  | Comprehensive income
Joint Venture |  |  |  |  |
|  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. (*) |  |  | — |  |  | 159 |  |  | — |  |  | 159 |
SQM Vitas Brasil Agroindustria (*) |  |  | 103,335 |  |  | 9,165 |  |  | (858) |  |  | 8,307 |
SQM Vitas Perú S.A.C. (*) |  |  | 48,128 |  |  | 3,289 |  |  | — |  |  | 3,289 |
Pavoni & C. Spa (*) |  |  | 19,599 |  |  | 347 |  |  | (634) |  |  | (287) |
Covalent Lithium Pty Ltd. |  |  | — |  |  | (864) |  |  | 74 |  |  | (790) |
Total |  |  | 171,062 |  |  | 12,096 |  |  | (1,418) |  |  | 10,678 |
(*) The financial figures figures exclude consolidation adjustments (unrealized gains and losses) 8.3 Other joint venture disclosures
|  | Cash and cash equivalents |  | Other current financial liabilities |  | Other non-current financial liabilities
Joint Venture |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. |  | 28,012 |  |  | 3,866 |  |  | — |  |  | — |  |  | — |  |  | — |
SQM Vitas Brasil Agroindustria |  | — |  |  | 3,820 |  |  | — |  |  | 9,753 |  |  | — |  |  | — |
SQM Vitas Perú S.A.C. |  | 2,318 |  |  | 2,208 |  |  | — |  |  | 82 |  |  | — |  |  | 117 |
Pavoni & C. Spa |  | 838 |  |  | 1,088 |  |  | 2,043 |  |  | 4,951 |  |  | — |  |  | — |
Covalent Lithium Pty Ltd. |  | 1,865 |  |  | 1,931 |  |  | — |  |  | 494 |  |  | — |  |  | — |
Total |  | 33,033 |  |  | 12,913 |  |  | 2,043 |  |  | 15,280 |  |  | — |  |  | 117 |
|  | Depreciation and amortization expense for the year ending |  | Interest expense for the year ending |  | Income tax benefit (expense) for the year ending
Joint Venture |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Vitas Fzco. |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | — |
SQM Vitas Brasil Agroindustria |  | — |  |  | (331) |  |  | — |  |  | (333) |  |  | — |  |  | (3,164) |
SQM Vitas Perú S.A.C. |  | (513) |  |  | (360) |  |  | (220) |  |  | (298) |  |  | 2,013 |  |  | (2,370) |
Pavoni & C. Spa |  | (213) |  |  | (183) |  |  | (418) |  |  | (347) |  |  | (392) |  |  | (459) |
Covalent Lithium Pty Ltd. |  | (691) |  |  | (176) |  |  | (16) |  |  | (40) |  |  | (107) |  |  | 1,094 |
Total |  | (1,417) |  |  | (1,050) |  |  | (655) |  |  | (1,019) |  |  | 1,514 |  |  | (4,899) |
8.4 Disclosure of interests in joint ventures a)Transactions in the year 2023 •On December 19, 2023, the joint venture SQM Vitas Fzco sold its 100% interest in SQM Vitas Brasil, generating an effect on the consolidated financial statements of a loss of ThUS$2.6 million. Prior to the sale of Vitas Brasil, Vitas Brasil distributed dividends to SQM Vitas Fzco for ThUS$14,282. Subsequently, in 2024 SQM Vitas Fzco distributed and paid dividends to the Company in the amount of ThUS$12,500. •During the fourth quarter of 2023, the Company made an investment of ThUS$3,544 in Pirra Lithium Pty Ltd with an equity interest of 37.5%. The Company has the right to nominate a director and anti-dilution rights in terms of its shareholding. In addition, it has the right to nominate a member of the technical committee in charge of exploration plans and budgets. •On December 19, 2023, the SQM Vitas Fzco joint venture made an agreement with the Company to purchase 50% of the SQM Vitas Peru joint venture, which will be completed during the second quarter of 2024 for approximately US$5 million subject to compliance with certain regulatory requirements. b)Transactions in the year 2022 •As of December 31, 2022, there are no transactions to disclose. c)Transactions in the year 2021 •On February 9, 2021, two of the Company’s subsidiaries signed an agreement to terminate a dispute related to sales contracts and interest in the joint venture of Sichuan SQM Migao Chemical Fertilizers Co Ltd. Consequently, the Company received a ThUS$ 11.5 million compensation. 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, 2023, a total of US$720.6 million has been contributed to Mt. Holland. Lithium project The revised investment budget for this project considers a pending investment balance of US$124 million.

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