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Financial instruments | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Financial instruments | Financial instruments 12.1 Types of other current and non-current financial assets
Description of other financial assets |  | As of December 31, 2024 |  | As of December 31, 2023
|  | ThUS$ |  | ThUS$
Financial assets at amortized cost (1) |  | 1,061,262 |  |  | 1,316,797 |
Derivative financial instruments |  |  |  |
-For hedging |  | 15,405 |  |  | 8,527 |
-Non-hedging (2) |  | 2,928 |  |  | 519 |
Total other current financial assets |  | 1,079,595 |  |  | 1,325,843 |
Financial assets at fair value through other comprehensive income (4) (5) (6) (7) |  | 57,756 |  |  | 232,268 |
Derivative financial instruments |  |  |  |
-For hedging |  | 2,930 |  |  | 15,993 |
Other financial assets at amortized cost |  | 20 |  |  | 20 |
Total other non-current financial assets |  | 60,706 |  |  | 248,281 |
Institution |  | As of December 31, 2024 |  | As of December 31, 2023
|  | ThUS$ |  | ThUS$
Banco de Crédito e Inversiones |  | 174,684 |  |  | 74,459 |
Banco Morgan Stanley (3) |  | — |  |  | 5,590 |
Banco Santander |  | 415,851 |  |  | 100,083 |
Banco Itaú CorpBanca |  | 66,166 |  |  | 372,061 |
Scotiabank Chile |  | 240,164 |  |  | 319,128 |
Bank of Nova Scotia |  | 51,025 |  |  | 353,592 |
Sumitomo Mitsui Banking |  | — |  |  | 91,884 |
KBC Bank |  | 22,397 |  |  | — |
Banco Estado |  | 90,975 |  |  | — |
Total |  | 1,061,262 |  |  | 1,316,797 |
________________________________________________ (1)Corresponds to term deposits whose maturity date is greater than 90 days and less than 360 days from the investment date constituted in the aforementioned financial institutions. (2)Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 12.3). (3)As of December 31, 2024, there are no collateral guarantees. As of December 31, 2023, collateral guarantees were recorded for an amount of ThUS$ 5,590. (4)During the first quarter of 2023, the Company made an investment of ThUS$13,480 to acquire a 19.99% interest in Azure Minerals Limited (a company listed on the Australian Stock Exchange). The Company and Azure have entered into an acquisition agreement under which the Company has the right to choose a director and acquire 25% of all lithium products in which Azure has an interest on commercially competitive market terms. During the third and fourth quarter of 2023, the Company invested an additional ThUS$12,904 and ThUS$4,317, respectively, to maintain its ownership interest. On May 9, 2024, the Company acquired an additional share in this entity, reaching a 50% ownership stake (for more details, see Note 9.4, section (a)). Consequently, this investment was reclassified under the joint ventures category. At the time of reclassification, the cumulative valuation recorded in the reserve for gains and losses on financial assets was transferred to retained earnings, totaling MUS$186,809. This amount reflects the total change in the fair value assessment from the initial acquisition of 19.99% to reaching the 50% ownership stake. (5) In the first quarter of 2024, the Company invested an additional ThUS$4,380 in Altilium Metals Ltd., bringing the total investment to ThUS$ 12,000 and increasing its interest in this entity to 11%. During the third quarter of 2023, the Company invested ThUS$ 7,620 to acquire a 3% interest in Altilium Metals Ltd. (6) In the first quarter of 2024, the Company contributed ThUS$ 1,285 to acquire a 14.86% interest in Salinity Solutions Ltd. During the third quarter of 2023, the Company contributed ThUS$ 3,000 to acquire a 6.82% interest in Electric Era Technologies Inc. (7) During the third quarter of 2024 and as a result of the Company's loss of significant influence over this investment (for further details see note 8.3 letter a), the investment in SAS Adionics previously held as investment in associates was reclassified to other non-current financial assets when the Company irrevocably classified it as equity financial assets measured at fair value through other comprehensive income. Considering that these investments (5) (6) and (7) are recent, their carrying amount is estimated to approximate their fair value. 12.2 Trade and other receivables
|  | As of December 31, 2024 |  | As of December 31, 2023
Trade and other receivables |  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Trade receivables, current |  | 537,552 |  |  | — |  |  | 537,552 |  |  | 784,422 |  |  | — |  |  | 784,422 |
Prepayments, current |  | 33,737 |  |  | — |  |  | 33,737 |  |  | 74,630 |  |  | — |  |  | 74,630 |
Other receivables, current |  | 23,063 |  |  | 2,727 |  |  | 25,790 |  |  | 18,163 |  |  | 2,559 |  |  | 20,722 |
Guarantee deposits (1) |  | 11,785 |  |  | — |  |  | 11,785 |  |  | 29,966 |  |  | — |  |  | 29,966 |
Total trade and other receivables |  | 606,137 |  |  | 2,727 |  |  | 608,864 |  |  | 907,181 |  |  | 2,559 |  |  | 909,740 |
See discussion about credit risk in Note 4.2.
|  | As of December 31, 2024 |  | As of December 31, 2023
Trade and other receivables |  | Gross receivables |  | Impairment provision for doubtful receivables |  | Trade receivables, net |  | Gross receivables |  | Impairment provision for doubtful receivables |  | Trade receivables, net
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Trade receivables, current |  | 539,948 |  |  | (2,396) |  |  | 537,552 |  |  | 787,667 |  |  | (3,245) |  |  | 784,422 |
Prepayments, current |  | 34,521 |  |  | (784) |  |  | 33,737 |  |  | 75,414 |  |  | (784) |  |  | 74,630 |
Other receivables, current |  | 25,712 |  |  | (2,649) |  |  | 23,063 |  |  | 21,209 |  |  | (3,046) |  |  | 18,163 |
Guarantee deposits (1) |  | 11,785 |  |  | — |  |  | 11,785 |  |  | 29,966 |  |  | — |  |  | 29,966 |
Other receivables, non-current |  | 2,727 |  |  | — |  |  | 2,727 |  |  | 2,559 |  |  | — |  |  | 2,559 |
Total trade and other receivables |  | 614,693 |  |  | (5,829) |  |  | 608,864 |  |  | 916,815 |  |  | (7,075) |  |  | 909,740 |
(1)During the third quarter of 2022, the Company signed an agreement for an option to potentially acquire a battery-grade lithium hydroxide monohydrate plant with a production capacity of approximately 20,000 tons per year from lithium sulfate salts. In addition, the transaction secures rights to adjacent land for future expansion. The transaction became effective in April 2024, with the acquisition of all the shares of Sichuan Dixin New Energy Co. Ltd. and the recognition of an intangible asset for ThUS$ 10,130 (see note 14, Intangible assets). Regarding the deposit of CNY 204.5 million (ThUS$ 28,152) granted to the seller in the first quarter of 2023, ThUS$ 16,071 has been reimbursed with the remaining amount being used as a guarantee while certain requirements established in the contract are fulfilled. As of December 31, 2024, and 2023 the renegotiated portfolio represented 0% of total trade receivables. (a)Impairment provision for doubtful receivables
As of December 31, 2024
|  | Trade accounts receivable days past due |  |  |  |
Trade and other receivables |  | Current |  | 1 to 30 days |  | 31 to 60 days |  | 61 to 90 days |  | Over 90 days |  | Trade |  | Trade receivables due from related parties
|  |  |  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$
Expected Loss Rate on |  | 0% |  | 1 | % |  | 2 | % |  | 5 | % |  | 27 | % |  | — |  |  | — |
Total Gross Book Value |  | 512,474 |  |  | 16,619 |  |  | 6,294 |  |  | 558 |  |  | 4,003 |  |  | 539,948 |  |  | 29,374 |
Impairment Estimate |  | 989 |  |  | 163 |  |  | 138 |  |  | 26 |  |  | 1,080 |  |  | 2,396 |  |  | 668 |
As of December 31, 2023
|  | Trade accounts receivable days past due |  |  |  | Trade receivables due from related parties
Trade and other receivables |  | Current |  | 1 to 30 days |  | 31 to 60 days |  | 61 to 90 days |  | Over 90 days |  | Trade |
|  |  |  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$
Expected Loss Rate on |  | 0% |  | 2 | % |  | 7 | % |  | 2 | % |  | 39 | % |  | — |  |  | — |
Total Gross Book Value |  | 758,781 |  |  | 18,732 |  |  | 2,684 |  |  | 3,509 |  |  | 3,961 |  |  | 787,667 |  |  | 44,053 |
Impairment Estimate |  | 1,007 |  |  | 422 |  |  | 197 |  |  | 67 |  |  | 1,552 |  |  | 3,245 |  |  | 800 |
As of December 31, 2024, and 2023, movements in provisions are as follows:
Provisions |  | As of December 31, 2024 |  | As of December 31, 2023 | As of December 31, 2022
|  | ThUS$ |  | ThUS$ | ThUS$
Impairment provision of Accounts receivable at the beginning of the year |  | 7,875 |  |  | 10,193 |  | 14,716 |
Impairment loss on accounts receivable for the period recognized in results |  | (639) |  |  | (202) |  | (3,369) |
Write-off of receivables |  | (2,154) |  |  | (1,351) |  | — |
Difference in exchange rate |  | 1,415 |  |  | (765) |  | (1,154) |
Impairment provision of Accounts Receivable Provision at the end of the year |  | 6,497 |  |  | 7,875 |  | 10,193 |
Trade and other receivables |  | 2,396 |  |  | 3,245 |  | 4,759 |
Current other receivables |  | 3,433 |  |  | 3,830 |  | 4,056 |
Trade receivables with related parties |  | 668 |  |  | 800 |  | 1,378 |
Recovery of Insurrance |  | — |  |  | — |  | — |
Impairment provision of Accounts Receivable |  | 6,497 |  |  | 7,875 |  | 10,193 |
12.3 Hedging assets and liabilities The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments in Chilean pesos. (See more detail in Note 4.2 b).
As of December 31, 2024 |  | Assets |  | Liabilities |  | Total Realized (*) |  | Hedging Reserve in Gross Equity (1)
Type of Instrument: Cross currency interest rate swaps and Forwards |  |  |  |  |  |  |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |
Short term |  | 15,405 |  |  | 7,316 |  |  | — |  |  | — |
Long term |  | 2,930 |  |  | 21,440 |  |  | — |  |  | — |
Subtotal |  | 18,335 |  |  | 28,756 |  |  | 10,018 |  |  | (20,439) |
Type of Instrument: Forwards |  |  |  |  |  |  |  |
Non-hedging derivates disbursement SQM Australia Pty |  |  |  |  |  |  |  |
Short term |  | — |  |  | — |  |  | — |  |  | — |
Long term |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | — |  |  | — |  |  | — |  |  | — |
Underlying Investments Hedge |  | 18,335 |  |  | 28,756 |  |  | 10,018 |  |  | (20,439) |
Type of Instrument: Forwards/Options |  |  |  |  |  |  |  |
Non-hedge derivates with effect on income |  |  |  |  |  |  |  |
Short term |  | 2,928 |  |  | 418 |  |  | — |  |  | — |
Underlying Investments Hedge |  | 2,928 |  |  | 418 |  |  | 17,131 |  |  | — |
Total Instruments |  | 21,263 |  |  | 29,174 |  |  | 27,149 |  |  | (20,439) |
The Company recouped the CCS with Santander Bank who had hedged the Series Q bond, by moving the UF/USD exchange rate upwards. This change increased the USD value of the bond by ThUS$16,440 and its interest payable. Santander Bank paid the company ThUS$17,320 on August 18, 2023 in exchange for this amendment.
As of December 31, 2023 |  | Assets |  | Liabilities |  | Total Realized (*) |  | Hedging Reserve in Gross Equity (1)
Type of Instrument: Cross currency interest rate swaps and Forwards |  |  |  |  |  |  |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |
Short term |  | 7,038 |  |  | 30,442 |  |  | — |  |  | — |
Long term |  | 15,993 |  |  | 8,368 |  |  | — |  |  | — |
Subtotal |  | 23,031 |  |  | 38,810 |  |  | (13,067) |  |  | (2,712) |
Type of Instrument: Forwards |  |  |  |  |  |  |  |
Non-hedging derivates disbursement SQM Australia Pty |  |  |  |  |  |  |  |
Short term |  | 1,489 |  |  | — |  |  |  |  |
Long term |  | — |  |  | 52 |  |  | — |  |  | 1,437 |
Subtotal |  | 1,489 |  |  | 52 |  |  | — |  |  | 1,437 |
Underlying Investments Hedge |  | 24,520 |  |  | 38,862 |  |  | (13,067) |  |  | (1,275) |
Type of Instrument: Forwards/Options |  |  |  |  |  |  |  |
Non-hedge derivates with effect on income |  |  |  |  |  |  |  |
Short term |  | 519 |  |  | 14,795 |  |  | — |  |  | — |
Underlying Investments Hedge |  | 519 |  |  | 14,795 |  |  | 5,401 |  |  | — |
Total Instruments |  | 25,039 |  |  | 53,657 |  |  | (7,666) |  |  | (1,275) |
________________________________________________ (1)See underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in Note 19.4. (*) The balances in the column “Total Realized” consider the intermediate effects of the contracts that were in place between January 1 and December 31, 2024, and January 1 and December 31, 2023.
Reconciliation of asset and liability hedging derivatives |  | As of December 31, 2023 |  | Cash Flow |  | Income Statement |  | Equity and Others |  | As of December 31, 2024
Hedge-to-debt derivatives |  | 2,520 |  |  | 6,298 |  |  | (47,238) |  |  | 12,594 |  |  | (25,826) |
Hedging derivatives to investment |  | (18,300) |  |  | (4,368) |  |  | 37,938 |  |  | 135 |  |  | 15,405 |
Hedging derivatives – cash requirements for Australia’s business |  | 1,437 |  |  | — |  |  | — |  |  | (1,437) |  |  | — |
Non-hedging derivatives |  | (14,275) |  |  | (345) |  |  | 17,130 |  |  | — |  |  | 2,510 |
Reconciliation of asset and liability hedging derivatives |  | As of December 31, 2022 |  | Cash Flow |  | Income Statement |  | Equity and Others |  | As of December 31, 2023
Hedge-to-debt derivatives |  | (10,061) |  |  | (14,850) |  |  | 6,631 |  |  | 20,800 |  |  | 2,520 |
Hedging derivatives to investment |  | (29,984) |  |  | (10,082) |  |  | 18,171 |  |  | 3,595 |  |  | (18,300) |
Non-hedging derivatives disbursement SQM Australia Pty asset |  | 7,139 |  |  | 1,183 |  |  | (1,183) |  |  | (5,702) |  |  | 1,437 |
Non-hedging derivatives |  | (1,642) |  |  | (18,034) |  |  | 5,401 |  |  | — |  |  | (14,275) |
Derivative contract maturities are detailed as follows:
Series |  | Contract amount |  | Currency |  | Maturity date
| ThUS$ |  |
H |  | 84,662 |  |  | UF |  | 01/05/2025
O |  | 58,748 |  |  | UF |  | 02/01/2030
P |  | 134,228 |  |  | UF |  | 01/15/2028
Q |  | 123,370 |  |  | UF |  | 06/01/2030
Effectiveness The Company uses CCS, Forwards and IRS to hedge the potential financial risk associated with exchange rate and interest rate volatility. The objective is to hedge the exchange rate and inflation financial risks associated with bond obligations, exchange rate financial risks associated with investments in Chilean pesos, exchange rate financial risk associated with projects under construction in Australian dollars and interest rate financial risk associated with bank loans. Hedges are documented and qualitatively assessed to demonstrate their effectiveness based on a comparison of their critical terms. The hedges used by the Company as of the reporting date are highly effective given that the amounts, currencies, exchange dates and rates of the hedged item and the hedge are aligned, maintaining a close economic relationship. 12.4 Financial liabilities Other current and non-current financial liabilities As of December 31, 2024, and 2023, the detail is as follows:
|  | As of December 31, 2024 |  | As of December 31, 2023
Other current and non-current financial liabilities |  | Currents |  | Non-Current |  | Total |  | Currents |  | Non-Current |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Liabilities at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Bank borrowings |  | 847,963 |  |  | 129,683 |  |  | 977,646 |  |  | 1,164,262 |  |  | 295,518 |  |  | 1,459,780 |
Unsecured obligations |  | 307,771 |  |  | 3,449,459 |  |  | 3,757,230 |  |  | 46,999 |  |  | 2,909,485 |  |  | 2,956,484 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |
For hedging |  | 7,316 |  |  | 21,440 |  |  | 28,756 |  |  | 30,443 |  |  | 8,419 |  |  | 38,862 |
Non-Hedging |  | 418 |  |  | — |  |  | 418 |  |  | 14,795 |  |  | — |  |  | 14,795 |
Total |  | 1,163,468 |  |  | 3,600,582 |  |  | 4,764,050 |  |  | 1,256,499 |  |  | 3,213,422 |  |  | 4,469,921 |
a)Bank borrowings, current: As of December 31, 2024, the detail of this caption is as follows:
Debtor |  | Creditor |  | Currency or adjustment index |  |  |  |  |  |  |  |  |
Tax ID No |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  |  | Repayment |  |  | maturity |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Bank of Nova Scotia |  | United States of America |  | Dollar |  | Upon maturity |  |  | 06/20/2025 |  | 5.93 | % |  | 4.28 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon maturity |  |  | 06/23/2025 |  | 4.73 | % |  | 4.28 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon maturity |  |  | 06/23/2025 |  | 4.27 | % |  | 4.29 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 03/26/2025 |  | 6.10 | % |  | 6.10 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 02/14/2025 |  | 5.95 | % |  | 5.95 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 08/21/2025 |  | 5.27 | % |  | 5.27 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 09/02/2025 |  | 4.95 | % |  | 4.95 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.043.000-8 |  | JPMorgan |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/10/2025 |  | 5.77 | % |  | 5.77 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 03/07/2025 |  | 6.11 | % |  | 6.11 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 03/07/2025 |  | 6.11 | % |  | 6.11 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 02/25/2025 |  | 5.84 | % |  | 5.84 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 06/19/2025 |  | 5.89 | % |  | 5.89 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 02/07/2025 |  | 5.89 | % |  | 5.89 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/11/2025 |  | 5.53 | % |  | 5.53 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 08/08/2025 |  | 5.22 | % |  | 5.22 | %
79.626.800-K |  | SQM Salar SpA |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 02/17/2025 |  | 5.86 | % |  | 5.86 | %
79.626.800-K |  | SQM Salar SpA |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/06/2025 |  | 6.06 | % |  | 6.06 | %
79.626.800-K |  | SQM Salar SpA |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 03/26/2025 |  | 6.10 | % |  | 6.10 | %
79.626.800-K |  | SQM Salar SpA |  | Chile |  | 97.004.000-5 |  | Banco de Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 08/08/2025 |  | 5.34 | % |  | 5.34 | %
79.626.800-K |  | SQM Salar SpA |  | Chile |  | 97.004.000-5 |  | Banco de Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 06/16/2025 |  | 5.90 | % |  | 5.90 | %
Debtor |  | Creditor |  | Nominal amounts as of December 31, 2024 |  | Current amounts as of December 31, 2024
Company |  | Financial institution |  | Up to 90 days |  | 90 days to 1 year |  | Total |  | Up to 90 days |  | 90 days to 1 year |  | Subtotal |  | Borrowing costs |  | Total
|  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Bank of Nova Scotia |  | — |  |  | 200,000 |  |  | 200,000 |  |  | — |  |  | 200,346 |  |  | 200,346 |  |  | (839) |  |  | 199,507 |
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | — |  |  | — |  |  | 150 |  |  | 150 |  |  | — |  |  | 150 |
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 23 |  |  | — |  |  | 23 |
SQM S.A. |  | Scotiabank Chile |  | — |  |  | 25,000 |  |  | 25,000 |  |  | 25,911 |  |  | — |  |  | 25,911 |  |  | — |  |  | 25,911 |
SQM S.A. |  | Banco Estado |  | 15,000 |  |  | — |  |  | 15,000 |  |  | 15,781 |  |  | — |  |  | 15,781 |  |  | — |  |  | 15,781 |
SQM S.A. |  | Banco Estado |  | — |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  | 30,558 |  |  | 30,558 |  |  | — |  |  | 30,558 |
SQM S.A. |  | Banco Estado |  | — |  |  | 80,000 |  |  | 80,000 |  |  | — |  |  | 81,287 |  |  | 81,287 |  |  | — |  |  | 81,287 |
SQM S.A. |  | JPMorgan |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,395 |  |  | 51,395 |  |  | — |  |  | 51,395 |
SQM Industrial S.A. |  | Banco Itau |  | 20,000 |  |  | — |  |  | 20,000 |  |  | 20,859 |  |  | — |  |  | 20,859 |  |  | — |  |  | 20,859 |
SQM Industrial S.A. |  | Banco Itau |  | 20,000 |  |  | — |  |  | 20,000 |  |  | 20,586 |  |  | — |  |  | 20,586 |  |  | — |  |  | 20,586 |
SQM Industrial S.A. |  | Banco Itau |  | 10,000 |  |  | — |  |  | 10,000 |  |  | 10,429 |  |  | — |  |  | 10,429 |  |  | — |  |  | 10,429 |
SQM Industrial S.A. |  | Banco Itau |  | 40,000 |  |  | — |  |  | 40,000 |  |  | 41,226 |  |  | — |  |  | 41,226 |  |  | — |  |  | 41,226 |
SQM Industrial S.A. |  | Banco Itau |  | — |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  | 30,928 |  |  | 30,928 |  |  | — |  |  | 30,928 |
SQM Industrial S.A. |  | Banco Estado |  | — |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  | 30,605 |  |  | 30,605 |  |  | — |  |  | 30,605 |
SQM Industrial S.A. |  | Banco Estado |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,275 |  |  | 51,275 |  |  | — |  |  | 51,275 |
SQM Salar SpA |  | Banco Itau |  | 20,000 |  |  | — |  |  | 20,000 |  |  | 20,664 |  |  | — |  |  | 20,664 |  |  | — |  |  | 20,664 |
SQM Salar SpA |  | Scotiabank Chile |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,918 |  |  | 51,918 |  |  | — |  |  | 51,918 |
SQM Salar SpA |  | Scotiabank Chile |  | 50,000 |  |  | — |  |  | 50,000 |  |  | 51,822 |  |  | — |  |  | 51,822 |  |  | — |  |  | 51,822 |
SQM Salar SpA |  | Banco de Chile |  | — |  |  | 40,000 |  |  | 40,000 |  |  | — |  |  | 40,825 |  |  | 40,825 |  |  | — |  |  | 40,825 |
SQM Salar SpA |  | Banco de Chile |  | — |  |  | 70,000 |  |  | 70,000 |  |  | — |  |  | 72,214 |  |  | 72,214 |  |  | — |  |  | 72,214 |
Total |  |  |  | 175,000 |  |  | 655,000 |  |  | 830,000 |  |  | 207,278 |  |  | 641,524 |  |  | 848,802 |  |  | (839) |  |  | 847,963 |
As of December 31, 2023
Debtor |  | Creditor |  | Currency or adjustment index |  |  |  |  |  |  |  |  |
Tax ID No |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  |  | Repayment |  |  | maturity |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Bank of Nova Scotia |  | United States of America |  | Dollar |  | Upon maturity |  |  | 06/21/2024 |  | 5.88 | % |  | 6.64 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon maturity |  |  | 06/21/2024 |  | 4.49 | % |  | 6.36 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.043.000-8 |  | JP Morgan |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/28/2024 |  | 6.69 | % |  | 6.69 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.036.000-K |  | Banco Santander |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/17/2024 |  | 5.95 | % |  | 5.95 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.036.000-K |  | Banco Santander |  | Chile |  | Dollar |  | Upon maturity |  |  | 08/26/2024 |  | 6.88 | % |  | 6.88 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/30/2024 |  | 6.19 | % |  | 6.19 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 02/20/2024 |  | 6.18 | % |  | 6.18 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 06/10/2024 |  | 6.19 | % |  | 6.19 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.006.000-6 |  | Banco Crédito e Inversiones |  | Chile |  | Dollar |  | Upon maturity |  |  | 04/18/2024 |  | 6.01 | % |  | 6.01 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.006.000-6 |  | Banco Crédito e Inversiones |  | Chile |  | Dollar |  | Upon maturity |  |  | 10/17/2024 |  | 5.84 | % |  | 6.46 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.006.000-6 |  | Banco Crédito e Inversiones |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/24/2024 |  | 6.17 | % |  | 6.17 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/05/2024 |  | 6.50 | % |  | 6.50 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.004.000-5 |  | Banco de Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/16/2024 |  | 5.85 | % |  | 5.85 | %
79.947.100-0 |  | SQM Industrial S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/05/2024 |  | 6.50 | % |  | 6.50 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/05/2024 |  | 6.50 | % |  | 6.50 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.023.000-9 |  | Banco Itau |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/05/2024 |  | 6.50 | % |  | 6.50 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/17/2024 |  | 6.07 | % |  | 6.07 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.018.000-1 |  | Scotiabank Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/30/2024 |  | 6.19 | % |  | 6.19 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 07/18/2024 |  | 5.92 | % |  | 6.15 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.030.000-7 |  | Banco Estado |  | Chile |  | Dollar |  | Upon maturity |  |  | 06/10/2024 |  | 6.19 | % |  | 6.19 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.004.000-5 |  | Banco de Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 05/16/2024 |  | 5.85 | % |  | 5.85 | %
79.626.800-K |  | SQM Salar S.A. |  | Chile |  | 97.004.000-5 |  | Banco de Chile |  | Chile |  | Dollar |  | Upon maturity |  |  | 06/21/2024 |  | 6.25 | % |  | 6.25 | %
Debtor |  | Creditor |  | Nominal amounts as of December 31, 2023 |  | Current amounts as of December 31, 2023
Company |  | Financial institution |  | Up to 90 days |  | 90 days to 1 year |  | Total |  | Up to 90 days |  | 90 days to 1 year |  | Subtotal |  | Borrowing costs |  | Total
|  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Bank of Nova Scotia |  | — |  |  | — |  |  | — |  |  | — |  |  | 406 |  |  | 406 |  |  | — |  |  | 406 |
SQM S.A. |  | Banco Santander |  | — |  |  | 120,000 |  |  | 120,000 |  |  | — |  |  | 124,383 |  |  | 124,383 |  |  | — |  |  | 124,383 |
SQM S.A. |  | Banco Santander |  | — |  |  | 200,000 |  |  | 200,000 |  |  | — |  |  | 204,625 |  |  | 204,625 |  |  | — |  |  | 204,625 |
SQM S.A. |  | Banco JP Morgan |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 50,288 |  |  | 50,288 |  |  | — |  |  | 50,288 |
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | — |  |  | — |  |  | 177 |  |  | 177 |  |  | — |  |  | 177 |
SQM S.A. |  | Scotiabank Chile |  | — |  |  | 25,000 |  |  | 25,000 |  |  | — |  |  | 25,898 |  |  | 25,898 |  |  | — |  |  | 25,898 |
SQM S.A. |  | Banco Estado |  | 15,000 |  |  | — |  |  | 15,000 |  |  | 15,569 |  |  | — |  |  | 15,569 |  |  | — |  |  | 15,569 |
SQM S.A. |  | Banco Estado |  | — |  |  | 20,000 |  |  | 20,000 |  |  | — |  |  | 20,695 |  |  | 20,695 |  |  | — |  |  | 20,695 |
SQM S.A. |  | Banco Crédito e Inversiones |  | — |  |  | 100,000 |  |  | 100,000 |  |  | — |  |  | 104,176 |  |  | 104,176 |  |  | — |  |  | 104,176 |
SQM S.A. |  | Banco Crédito e Inversiones |  | — |  |  | 100,000 |  |  | 100,000 |  |  | — |  |  | 101,238 |  |  | 101,238 |  |  | — |  |  | 101,238 |
SQM S.A. |  | Banco Crédito e Inversiones |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,825 |  |  | 51,825 |  |  | — |  |  | 51,825 |
SQM S.A. |  | Banco Itau |  | — |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | 10,309 |  |  | 10,309 |  |  | — |  |  | 10,309 |
SQM Industrial S.A. |  | Banco de Chile |  | — |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  | 31,077 |  |  | 31,077 |  |  | — |  |  | 31,077 |
SQM Industrial S.A. |  | Banco Itau |  | — |  |  | 20,000 |  |  | 20,000 |  |  | — |  |  | 20,618 |  |  | 20,618 |  |  | — |  |  | 20,618 |
SQM Salar S.A. |  | Banco Itau |  | — |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | 10,311 |  |  | 10,311 |  |  | — |  |  | 10,311 |
SQM Salar S.A. |  | Banco Itau |  | — |  |  | 20,000 |  |  | 20,000 |  |  | — |  |  | 20,618 |  |  | 20,618 |  |  | — |  |  | 20,618 |
SQM Salar S.A. |  | Scotiabank Chile |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,864 |  |  | 51,864 |  |  | — |  |  | 51,864 |
SQM Salar S.A. |  | Scotiabank Chile |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 51,797 |  |  | 51,797 |  |  | — |  |  | 51,797 |
SQM Salar S.A. |  | Banco Estado |  | — |  |  | 70,000 |  |  | 70,000 |  |  | — |  |  | 71,913 |  |  | 71,913 |  |  | — |  |  | 71,913 |
SQM Salar S.A. |  | Banco Estado |  | — |  |  | 80,000 |  |  | 80,000 |  |  | — |  |  | 82,779 |  |  | 82,779 |  |  | — |  |  | 82,779 |
SQM Salar S.A. |  | Banco de Chile |  | — |  |  | 40,000 |  |  | 40,000 |  |  | — |  |  | 41,436 |  |  | 41,436 |  |  | — |  |  | 41,436 |
SQM Salar S.A. |  | Banco de Chile |  | — |  |  | 70,000 |  |  | 70,000 |  |  | — |  |  | 72,260 |  |  | 72,260 |  |  | — |  |  | 72,260 |
Total |  |  |  | 15,000 |  |  | 1,115,000 |  |  | 1,130,000 |  |  | 15,569 |  |  | 1,148,693 |  |  | 1,164,262 |  |  | — |  |  | 1,164,262 |
b)Unsecured obligations, current: As of December 31, 2024, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:
Debtor |  |  |  |  |  | Number of registration or ID of the instrument |  |  |  |  |  | Currency or adjustment index |  | Periodicity |  |  |  |
Tax ID No. |  | Company |  | Country |  |  | Series |  | Maturity date |  |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$250,000 |  | 01/28/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 0.39 | % |  | 4.38 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$450,000 |  | 05/07/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 1.98 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$400,000 |  | 01/22/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.43 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$700,000 |  | 03/10/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.14 | % |  | 3.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$750,000 |  | 05/07/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 6.02 | % |  | 6.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$850,000 |  | 03/10/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 5.86 | % |  | 5.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2024 |  | UF |  | Semiannual |  | Semiannual |  | 1.55 | % |  | 4.90 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 1.51 | % |  | 3.80 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 563 |  | P |  | 01/15/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 1.10 | % |  | 3.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 700 |  | Q |  | 06/01/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 2.23 | % |  | 3.45 | %
Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.
|  |  |  |  |  | Nominal amounts as of December 31, 2024 |  | Carrying amounts of maturities as of December 31, 2024
Company |  | Country |  | Series |  | Up to 90 days |  | 90 days to 1 year |  | Total |  | Up to 90 days |  | 90 days to 1 year |  | Subtotal |  | Borrowing costs |  | Total
|  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Chile |  | ThUS$250,000 |  | 254,648 |  |  | — |  |  | 254,648 |  |  | 254,648 |  |  | — |  |  | 254,648 |  |  | (36) |  |  | 254,612 |
SQM S.A. |  | Chile |  | ThUS$450,000 |  | — |  |  | 2,869 |  |  | 2,869 |  |  | — |  |  | 2,869 |  |  | 2,869 |  |  | (677) |  |  | 2,192 |
SQM S.A. |  | Chile |  | ThUS$400,000 |  | 7,508 |  |  | — |  |  | 7,508 |  |  | 7,508 |  |  | — |  |  | 7,508 |  |  | (235) |  |  | 7,273 |
SQM S.A. |  | Chile |  | ThUS$700,000 |  | 7,554 |  |  | — |  |  | 7,554 |  |  | 7,554 |  |  | — |  |  | 7,554 |  |  | (555) |  |  | 6,999 |
SQM S.A. |  | Chile |  | ThUS$750,000 |  | — |  |  | 7,313 |  |  | 7,313 |  |  | — |  |  | 7,313 |  |  | 7,313 |  |  | (1,611) |  |  | 5,702 |
SQM S.A. |  | Chile |  | ThUS$850,000 |  | 14,415 |  |  | — |  |  | 14,415 |  |  | 14,415 |  |  | — |  |  | 14,415 |  |  | (1,935) |  |  | 12,480 |
SQM S.A. |  | Chile |  | H |  | 15,844 |  |  | — |  |  | 15,844 |  |  | 15,844 |  |  | — |  |  | 15,844 |  |  | (172) |  |  | 15,672 |
SQM S.A. |  | Chile |  | O |  | 907 |  |  | — |  |  | 907 |  |  | 907 |  |  | — |  |  | 907 |  |  | (81) |  |  | 826 |
SQM S.A. |  | Chile |  | P |  | 1,719 |  |  | — |  |  | 1,719 |  |  | 1,719 |  |  | — |  |  | 1,719 |  |  | (12) |  |  | 1,707 |
SQM S.A. |  | Chile |  | Q |  | — |  |  | 330 |  |  | 330 |  |  | — |  |  | 330 |  |  | 330 |  |  | (22) |  |  | 308 |
Total |  |  |  |  |  | 302,595 |  |  | 10,512 |  |  | 313,107 |  |  | 302,595 |  |  | 10,512 |  |  | 313,107 |  |  | (5,336) |  |  | 307,771 |
As of December 31, 2023
Debtor |  |  |  |  |  | Number of registration or ID of the instrument |  |  |  |  |  | Currency or adjustment index |  | Periodicity |  |  |  |
Tax I No. |  | Company |  | Country |  |  | Series |  | Maturity date |  |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$250,000 |  | 01/28/2024 |  | Dollar |  | Semiannual |  | Upon maturity |  | 0.80 | % |  | 4.38 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$450,000 |  | 05/07/2024 |  | Dollar |  | Semiannual |  | Upon maturity |  | 2.39 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$400,000 |  | 01/22/2024 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.62 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$700,000 |  | 03/10/2024 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.30 | % |  | 3.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$750,000 |  | 05/07/2024 |  | Dollar |  | Semiannual |  | Upon maturity |  | 6.89 | % |  | 6.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2024 |  | UF |  | Semiannual |  | Semiannual |  | 1.58 | % |  | 4.90 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 1.68 | % |  | 3.80 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 563 |  | P |  | 01/15/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 1.41 | % |  | 3.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 700 |  | Q |  | 06/01/2024 |  | UF |  | Semiannual |  | Upon maturity |  | 2.41 | % |  | 3.45 | %
Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.
|  |  |  |  |  | Nominal amounts as of December 31, 2023 |  | Carrying amounts of maturities as of December 31, 2023
Company |  | Country |  | Series |  | Up to 90 days |  | 90 days to 1 year |  | Total |  | Up to 90 days |  | 90 days to 1 year |  | Subtotal |  | Borrowing costs |  | Total
|  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Chile |  | ThUS$250,000 |  | 4,648 |  |  | — |  |  | 4,648 |  |  | 4,648 |  |  | — |  |  | 4,648 |  |  | (433) |  |  | 4,215 |
SQM S.A. |  | Chile |  | ThUS$450,000 |  | — |  |  | 2,869 |  |  | 2,869 |  |  | — |  |  | 2,869 |  |  | 2,869 |  |  | (677) |  |  | 2,192 |
SQM S.A. |  | Chile |  | ThUS$400,000 |  | 7,508 |  |  | — |  |  | 7,508 |  |  | 7,508 |  |  | — |  |  | 7,508 |  |  | (235) |  |  | 7,273 |
SQM S.A. |  | Chile |  | ThUS$700,000 |  | 7,554 |  |  | — |  |  | 7,554 |  |  | 7,554 |  |  | — |  |  | 7,554 |  |  | (555) |  |  | 6,999 |
SQM S.A. |  | Chile |  | ThUS$750,000 |  | — |  |  | 7,312 |  |  | 7,312 |  |  | — |  |  | 7,312 |  |  | 7,312 |  |  | (1,521) |  |  | 5,791 |
SQM S.A. |  | Chile |  | H |  | 17,599 |  |  | — |  |  | 17,599 |  |  | 17,599 |  |  | — |  |  | 17,599 |  |  | (172) |  |  | 17,427 |
SQM S.A. |  | Chile |  | O |  | 987 |  |  | — |  |  | 987 |  |  | 987 |  |  | — |  |  | 987 |  |  | (82) |  |  | 905 |
SQM S.A. |  | Chile |  | P |  | 1,871 |  |  | — |  |  | 1,871 |  |  | 1,871 |  |  | — |  |  | 1,871 |  |  | (12) |  |  | 1,859 |
SQM S.A. |  | Chile |  | Q |  | — |  |  | 359 |  |  | 359 |  |  | — |  |  | 359 |  |  | 359 |  |  | (21) |  |  | 338 |
Total |  |  |  |  |  | 40,167 |  |  | 10,540 |  |  | 50,707 |  |  | 40,167 |  |  | 10,540 |  |  | 50,707 |  |  | (3,708) |  |  | 46,999 |
c)Bank borrowings -non-current The following table shows the details of bank loans as of December 31, 2024:
Debtor |  | Creditor |  | Currency or adjustment index |  | Type of amortization |  | Effective rate |  | Nominal rate
Tax ID No. |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  |  |  |
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon Maturity |  | 4.73 | % |  | 4.28 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon Maturity |  | 4.27 | % |  | 4.29 | %
Debtor |  | Creditor |  | Nominal non-current maturities as of December 31, 2024 |  | Carrying amounts and maturities as of December 31, 2024
Company |  | Financial institution |  | Between 1 and 2 |  | Between 2 and 3 |  | Between 3 and 4 |  | Total |  | Between 1 and 2 |  | Between 2 and 3 |  | Between 3 and 4 |  | Subtotal |  | Costs of obtaining loans |  | Total
|  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | (2,997) |  |  | 97,003 |
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | 36,000 |  |  | 36,000 |  |  | — |  |  | — |  |  | 36,000 |  |  | 36,000 |  |  | (3,320) |  |  | 32,680 |
Total |  |  |  | — |  |  | — |  |  | 136,000 |  |  | 136,000 |  |  | — |  |  | — |  |  | 136,000 |  |  | 136,000 |  |  | (6,317) |  |  | 129,683 |
As of December 31, 2023
Debtor |  | Creditor |  | Currency or adjustment index |  | Type of amortization |  | Effective rate |  | Nominal rate
Tax ID No. |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  |  |  |
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Bank of Nova Scotia |  | Canada |  | Dollar |  | Upon Maturity |  | 5.88 | % |  | 6.64 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | O-E |  | Banco Santander/Kexim |  | Spain/South Korea |  | Dollar |  | Upon Maturity |  | 5.49 | % |  | 6.36 | %
Debtor |  | Creditor |  | Nominal non-current maturities as of December 31, 2023 |  | Carrying amounts and maturities as of December 31, 2023
Company |  | Financial institution |  | Between 1 and 2 |  | Between 2 and 3 |  | Between 3 and 4 |  | Total |  | Between 1 and 2 |  | Between 2 and 3 |  | Between 3 and 4 |  | Subtotal |  | Costs of obtaining loans |  | Total
|  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM S.A. |  | Bank of Nova Scotia |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |  |  | (1,648) |  |  | 198,352 |
SQM S.A. |  | Banco Santander/Kexim |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | (2,834) |  |  | 97,166 |
Total |  |  |  | — |  |  | 200,000 |  |  | 100,000 |  |  | 300,000 |  |  | — |  |  | 200,000 |  |  | 100,000 |  |  | 300,000 |  |  | (4,482) |  |  | 295,518 |
d)Unsecured obligations, non-current The following table shows the details of “unsecured debentures that accrue non-current interest” as of December 31, 2024:
Debtor |  |  |  |  |  | Number of registration or ID of the instrument |  |  |  |  |  | Currency or adjustment index |  | Periodicity |  |  |  |
Tax ID No. |  | Company |  | Country |  |  | Series |  | Maturity date |  |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$450,000 |  | 05/07/2029 |  | Dollar |  | Semiannual |  | Upon maturity |  | 4.14 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$400,000 |  | 01/22/2050 |  | Dollar |  | Semiannual |  | Upon maturity |  | 4.23 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$700,000 |  | 09/10/2051 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.45 | % |  | 3.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$750,000 |  | 11/07/2033 |  | Dollar |  | Semiannual |  | Upon maturity |  | 6.89 | % |  | 6.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$850,000 |  | 09/10/2034 |  | Dollar |  | Semiannual |  | Upon maturity |  | 5.86 | % |  | 5.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2030 |  | UF |  | Semiannual |  | Semiannual |  | 4.76 | % |  | 4.90 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2033 |  | UF |  | Semiannual |  | Upon maturity |  | 3.69 | % |  | 3.80 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 563 |  | P |  | 01/15/2028 |  | UF |  | Semiannual |  | Upon maturity |  | 3.24 | % |  | 3.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 700 |  | Q |  | 06/01/2038 |  | UF |  | Semiannual |  | Upon maturity |  | 3.54 | % |  | 3.45 | %
|  | Nominal non-current maturities as of December 31, 2024 |  | Carrying amounts and maturities as of December 31, 2024
Series |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Total |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Subtotal |  | Bond issuance costs |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
ThUS$450 |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,313) |  |  | 447,687 |
ThUS$400 |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (5,644) |  |  | 394,356 |
ThUS$700 |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (14,232) |  |  | 685,768 |
ThUS$750 |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (12,590) |  |  | 737,410 |
ThUS$850 |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | (16,433) |  |  | 833,567 |
H |  | — |  |  | — |  |  | — |  |  | — |  |  | 63,087 |  |  | 63,087 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 63,087 |  |  | 63,087 |  |  | (689) |  |  | 62,398 |
O |  | — |  |  | — |  |  | — |  |  | — |  |  | 57,830 |  |  | 57,830 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57,830 |  |  | 57,830 |  |  | (578) |  |  | 57,252 |
P |  | — |  |  | — |  |  | — |  |  | — |  |  | 115,659 |  |  | 115,659 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115,659 |  |  | 115,659 |  |  | (27) |  |  | 115,632 |
Q |  | — |  |  | — |  |  | — |  |  | — |  |  | 115,659 |  |  | 115,659 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115,659 |  |  | 115,659 |  |  | (270) |  |  | 115,389 |
Total |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,502,235 |  |  | 3,502,235 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,502,235 |  |  | 3,502,235 |  |  | (52,776) |  |  | 3,449,459 |
As of December 31, 2023
Debtor |  | Number of registration or ID of the instrument |  |  |  |  |  | Currency or adjustment index |  | Periodicity |  |  |  |
Tax ID No. |  | Company |  | Country |  |  | Series |  | Maturity date |  |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$250,000 |  | 01/28/2025 |  | Dollar |  | Semiannual |  | Upon maturity |  | 4.24 | % |  | 4.38 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$450,000 |  | 05/07/2029 |  | Dollar |  | Semiannual |  | Upon maturity |  | 4.14 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$400,000 |  | 01/22/2050 |  | Dollar |  | Semiannual |  | Upon maturity |  | 4.23 | % |  | 4.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$700,000 |  | 09/10/2051 |  | Dollar |  | Semiannual |  | Upon maturity |  | 3.45 | % |  | 3.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | — |  | ThUS$750,000 |  | 11/07/2033 |  | Dollar |  | Semiannual |  | Upon maturity |  | 6.89 | % |  | 6.50 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2030 |  | UF |  | Semiannual |  | Semiannual |  | 4.76 | % |  | 4.90 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2033 |  | UF |  | Semiannual |  | Upon maturity |  | 3.69 | % |  | 3.80 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 563 |  | P |  | 01/15/2028 |  | UF |  | Semiannual |  | Upon maturity |  | 3.24 | % |  | 3.25 | %
93.007.000-9 |  | SQM S.A. |  | Chile |  | 700 |  | Q |  | 06/01/2038 |  | UF |  | Semiannual |  | Upon maturity |  | 3.54 | % |  | 3.45 | %
|  | Nominal non-current maturities as of December 31, 2023 |  | Carrying amounts and maturities as of December 31, 2023
Series |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Total |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Subtotal |  | Bond issuance costs |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
ThUS$250 |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | (36) |  |  | 249,964 |
ThUS$450 |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,991) |  |  | 447,009 |
ThUS$400 |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (5,879) |  |  | 394,121 |
ThUS$700 |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (14,787) |  |  | 685,213 |
ThUS$750 |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (13,437) |  |  | 736,563 |
H |  | — |  |  | — |  |  | — |  |  | — |  |  | 83,887 |  |  | 83,887 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 83,887 |  |  | 83,887 |  |  | (861) |  |  | 83,026 |
O |  | — |  |  | — |  |  | — |  |  | — |  |  | 62,915 |  |  | 62,915 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62,915 |  |  | 62,915 |  |  | (659) |  |  | 62,256 |
P |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,830 |  |  | 125,830 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,830 |  |  | 125,830 |  |  | (40) |  |  | 125,790 |
Q |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,830 |  |  | 125,830 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,830 |  |  | 125,830 |  |  | (287) |  |  | 125,543 |
Total |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | 2,698,462 |  |  | 2,948,462 |  |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | 2,698,462 |  |  | 2,948,462 |  |  | (38,977) |  |  | 2,909,485 |
12.5 Trade and other payables a)Details trade and other payables
|  | As of December 31, 2024 |  | As of December 31, 2023
Details trade and other payables |  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Accounts payable |  | 448,154 |  |  | — |  |  | 448,154 |  |  | 441,780 |  |  | — |  |  | 441,780 |
Other accounts payable |  | 1,007 |  |  | — |  |  | 1,007 |  |  | 2,163 |  |  | — |  |  | 2,163 |
Prepayments from customers |  | 22,288 |  |  | — |  |  | 22,288 |  |  | 5,690 |  |  | — |  |  | 5,690 |
Total |  | 471,449 |  |  | — |  |  | 471,449 |  |  | 449,633 |  |  | — |  |  | 449,633 |
As of December 31, 2024, and 2023, the balance of current and past due accounts payable is made up as follows: Suppliers current on all payments
|  | Amounts according to payment periods as of December 31, 2024
Type of Supplier |  | Up to 30 Days |  | 31 – 60 days |  | 61 – 90 Days |  | 91 – 120 days |  | 121 – 365 days |  | 366 and more days |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  |  | ThUS$
Goods |  | 290,688 |  |  | 5,248 |  |  | 66 |  |  | 25 |  |  | 1 |  |  | — |  |  | 296,028 |
Services |  | 126,479 |  |  | 6,031 |  |  | 11 |  |  | 7 |  |  | 65 |  |  | — |  |  | 132,593 |
Others |  | 40,353 |  |  | 159 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 40,516 |
Total |  | 457,520 |  |  | 11,438 |  |  | 81 |  |  | 32 |  |  | 66 |  |  | — |  |  | 469,137 |
|  | Amounts according to payment periods as of December 31, 2023
Type of Supplier |  | Up to 30 Days |  | 31 – 60 days |  | 61 – 90 Days |  | 91 – 120 days |  | 121 – 365 days |  | 366 and more days |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  |  | ThUS$
Goods |  | 246,789 |  |  | 2,654 |  |  | 2 |  |  | — |  |  | 1,653 |  |  | — |  |  | 251,098 |
Services |  | 142,625 |  |  | 243 |  |  | 4 |  |  | — |  |  | 65 |  |  | — |  |  | 142,937 |
Others |  | 50,335 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 50,342 |
Total |  | 439,749 |  |  | 2,897 |  |  | 6 |  |  | — |  |  | 1,725 |  |  | — |  |  | 444,377 |
Suppliers past due on payments
|  | Amounts according to payment periods as of December 31, 2024
Type of Supplier |  | Up to 30 Days |  | 31 – 60 days |  | 61 – 90 Days |  | 91 – 120 days |  | 121 – 365 days |  | 366 and more days |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  |  | ThUS$
Goods |  | 458 |  |  | 80 |  |  | 121 |  |  | 61 |  |  | 67 |  |  | — |  |  | 787 |
Services |  | 443 |  |  | — |  |  | — |  |  | 9 |  |  | 2 |  |  | — |  |  | 454 |
Others |  | 32 |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64 |
Total |  | 933 |  |  | 112 |  |  | 121 |  |  | 70 |  |  | 69 |  |  | — |  |  | 1,305 |
|  | Amounts according to payment periods as of December 31, 2023
Type of Supplier |  | Up to 30 Days |  | 31 – 60 days |  | 61 – 90 Days |  | 91 – 120 days |  | 121 – 365 days |  | 366 and more days |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  |  | ThUS$
Goods |  | 864 |  |  | 158 |  |  | 77 |  |  | 66 |  |  | 185 |  |  | — |  |  | 1,350 |
Services |  | 1,557 |  |  | 57 |  |  | 24 |  |  | 8 |  |  | 19 |  |  | — |  |  | 1,665 |
Others |  | 10 |  |  | 9 |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 78 |
Total |  | 2,431 |  |  | 224 |  |  | 101 |  |  | 74 |  |  | 263 |  |  | — |  |  | 3,093 |
Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2024, the Company has purchase orders amounting to ThUS$141,604 and ThUS$224,307 as of December 31, 2023. 12.6 Financial asset and liability categories a)Financial Assets
Description of financial assets |  | As of December 31, 2024 |  | As of December 31, 2023
| Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Cash and cash equivalent |  | 1,377,851 |  |  | — |  |  | 1,377,851 |  |  | 1,041,369 |  |  | — |  |  | 1,041,369 |
Trade receivables due from related parties at amortized cost |  | 28,706 |  |  | — |  |  | 28,706 |  |  | 43,253 |  |  | — |  |  | 43,253 |
Financial assets measured at amortized cost |  | 1,061,262 |  |  | 20 |  |  | 1,061,282 |  |  | 1,316,797 |  |  | 20 |  |  | 1,316,817 |
Trade and other receivables |  | 606,137 |  |  | 2,727 |  |  | 608,864 |  |  | 907,181 |  |  | 2,559 |  |  | 909,740 |
Total financial assets measured at amortized cost |  | 3,073,956 |  |  | 2,747 |  |  | 3,076,703 |  |  | 3,308,600 |  |  | 2,579 |  |  | 3,311,179 |
Financial instruments for hedging purposes |  | 15,405 |  |  | 2,930 |  |  | 18,335 |  |  | 8,527 |  |  | 15,993 |  |  | 24,520 |
Derivative financial instruments with effect in profit or loss (no hedge) |  | 2,928 |  |  | — |  |  | 2,928 |  |  | 519 |  |  | — |  |  | 519 |
Financial assets classified as available for sale at fair value through other comprehensive income |  | — |  |  | 57,756 |  |  | 57,756 |  |  | — |  |  | 232,268 |  |  | 232,268 |
Total financial assets at fair value |  | 18,333 |  |  | 60,686 |  |  | 79,019 |  |  | 9,046 |  |  | 248,261 |  |  | 257,307 |
Total financial assets |  | 3,092,289 |  |  | 63,433 |  |  | 3,155,722 |  |  | 3,317,646 |  |  | 250,840 |  |  | 3,568,486 |
b)Financial Liabilities
Description of financial liabilities |  | As of December 31, 2024 |  | As of December 31, 2023
| Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
For hedging purposes through other comprehensive income |  | 7,316 |  |  | 21,440 |  |  | 28,756 |  |  | 30,443 |  |  | 8,419 |  |  | 38,862 |
Derivative financial instruments with effect in profit or loss (non-hedging) |  | 418 |  |  | — |  |  | 418 |  |  | 14,795 |  |  | — |  |  | 14,795 |
Financial liabilities at fair value |  | 7,734 |  |  | 21,440 |  |  | 29,174 |  |  | 45,238 |  |  | 8,419 |  |  | 53,657 |
Bank loans |  | 847,963 |  |  | 129,683 |  |  | 977,646 |  |  | 1,164,262 |  |  | 295,518 |  |  | 1,459,780 |
Unsecured obligations |  | 307,771 |  |  | 3,449,459 |  |  | 3,757,230 |  |  | 46,999 |  |  | 2,909,485 |  |  | 2,956,484 |
Lease Liabilities |  | 23,011 |  |  | 60,801 |  |  | 83,812 |  |  | 18,192 |  |  | 56,966 |  |  | 75,158 |
Trade and other payables |  | 471,449 |  |  | — |  |  | 471,449 |  |  | 449,633 |  |  | — |  |  | 449,633 |
Total financial liabilities at amortized cost |  | 1,650,194 |  |  | 3,639,943 |  |  | 5,290,137 |  |  | 1,679,086 |  |  | 3,261,969 |  |  | 4,941,055 |
Total financial liabilities |  | 1,657,928 |  |  | 3,661,383 |  |  | 5,319,311 |  |  | 1,724,324 |  |  | 3,270,388 |  |  | 4,994,712 |
12.7 Fair value measurement of finance assets and liabilities The fair value hierarchy is detailed as follows: (a)Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1. (b)Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. (c)Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.
|  | As of December 31, 2024 |  | Measurement Methodology
Fair value measurement of assets and liabilities |  | Carrying Amount at Amortized Cost |  | Fair value (disclosure purposes) |  | Fair amount registered |  | Level 1 |  | Level 2 |  | Level 3
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,377,851 |  |  | 1,377,851 |  |  | — |  |  | 1,377,851 |  |  | — |  |  | — |
Other current financial assets |  |  |  |  |  |  |  |  |  |  |  |
-Time deposits |  | 1,061,262 |  |  | 1,061,262 |  |  | — |  |  | — |  |  | 1,061,262 |  |  | — |
-Derivative financial instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
-Forwards |  | — |  |  | — |  |  | 2,615 |  |  | — |  |  | 2,615 |  |  | — |
-Options |  | — |  |  | — |  |  | 313 |  |  | — |  |  | 313 |  |  | — |
-Hedging assets |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Swaps |  | — |  |  | — |  |  | 15,405 |  |  | — |  |  | 15,405 |  |  | — |
Non-current accounts receivable |  | 2,727 |  |  | 2,727 |  |  | — |  |  | — |  |  | — |  |  | — |
Other non-current financial assets: |  |  |  |  |  |  |  |  |  |  |  |
-Other |  | 20 |  |  | 20 |  |  | — |  |  | — |  |  | 20 |  |  | — |
-Equity instruments |  | — |  |  | — |  |  | 57,756 |  |  | 57,756 |  |  | — |  |  | — |
-Hedging assets – Swaps |  | — |  |  | — |  |  | 2,930 |  |  | 2,930 |  |  | — |  |  | — |
Other current financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
-Bank borrowings |  | 847,963 |  |  | 848,800 |  |  | — |  |  | — |  |  | 848,800 |  |  | — |
-Derivative instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Forwards |  | — |  |  | — |  |  | 182 |  |  | — |  |  | 182 |  |  | — |
-Options |  | — |  |  | — |  |  | 236 |  |  | — |  |  | 236 |  |  | — |
-Hedging liabilities – Swaps |  | — |  |  | — |  |  | 7,316 |  |  | — |  |  | 7,316 |  |  | — |
-Swaps hedges, investments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Cash flow hedges |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Unsecured obligations |  | 307,771 |  |  | 313,107 |  |  | — |  |  | — |  |  | 313,107 |  |  | — |
Other non-current financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
-Bank borrowings |  | 129,683 |  |  | 136,000 |  |  | — |  |  | — |  |  | 136,000 |  |  | — |
-Unsecured obligations |  | 3,449,459 |  |  | 3,502,236 |  |  | — |  |  | — |  |  | 3,502,236 |  |  | — |
-Non-current hedging liabilities |  | — |  |  | — |  |  | 21,440 |  |  | — |  |  | 21,440 |  |  | — |
|  | As of December 31, 2023 |  | Measurement Methodology
Fair value measurement of assets and liabilities |  | Carrying Amount at Amortized Cost |  | Fair value (disclosure purposes) |  | Fair amount registered |  | Level 1 |  | Level 2 |  | Level 3
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,041,369 |  |  | 1,041,369 |  |  | — |  |  | 1,041,369 |  |  | — |  |  | — |
Other current financial assets |  |  |  |  |  |  |  |  |  |  |  |
-Time deposits |  | 1,316,797 |  |  | 1,316,797 |  |  | — |  |  | — |  |  | 1,316,797 |  |  | — |
-Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |
-Forwards |  | — |  |  | — |  |  | 324 |  |  | — |  |  | 324 |  |  | — |
-Options |  | — |  |  | — |  |  | 195 |  |  | — |  |  | 195 |  |  | — |
-Hedging assets |  | — |  |  | — |  |  | 8,527 |  |  | — |  |  | 8,527 |  |  | — |
-Swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-current accounts receivable |  | 2,559 |  |  | 2,559 |  |  | — |  |  | — |  |  | — |  |  | — |
Other non-current financial assets: |  |  |  |  |  |  |  |  |  |  |  |
-Other |  | 20 |  |  | 20 |  |  | — |  |  | — |  |  | 20 |  |  | — |
-Equity instruments |  | — |  |  | — |  |  | 232,268 |  |  | 232,268 |  |  | — |  |  | — |
-Hedging assets – Swaps |  | — |  |  | — |  |  | 15,993 |  |  | 15,993 |  |  | — |  |  | — |
Other current financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
-Bank borrowings |  | 1,164,262 |  |  | 1,164,262 |  |  | — |  |  | — |  |  | 1,164,262 |  |  | — |
-Derivative instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Forwards |  | — |  |  | — |  |  | 14,525 |  |  | — |  |  | 14,525 |  |  | — |
-Options |  | — |  |  | — |  |  | 270 |  |  | — |  |  | 270 |  |  | — |
-Hedging liabilities – Swaps |  | — |  |  | — |  |  | 12,143 |  |  | — |  |  | 12,143 |  |  | — |
-Swaps hedges, investments |  | — |  |  | — |  |  | 18,300 |  |  | — |  |  | 18,300 |  |  | — |
-Cash flow hedges |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
-Unsecured obligations |  | 46,999 |  |  | 46,999 |  |  | — |  |  | — |  |  | 46,999 |  |  | — |
Other non-current financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
-Bank borrowings |  | 295,518 |  |  | 295,518 |  |  | — |  |  | — |  |  | 295,518 |  |  | — |
-Unsecured obligations |  | 2,909,485 |  |  | 2,909,485 |  |  | — |  |  | — |  |  | 2,909,485 |  |  | — |
-Non-current hedging liabilities |  | — |  |  | — |  |  | 8,419 |  |  | — |  |  | 8,419 |  |  | — |
12.8 Reconciliation of net debt and lease liabilities This section presents an analysis of net debt plus lease liabilities and their movements for each of the reported periods. The definition of the net debt is described in Note 19.1. and includes current and non-current lease liabilities to complete its analysis.
Net debt |  | As of December 31, 2024 |  | As of December 31, 2023
|  | ThUS$ |  | ThUS$
Cash and cash equivalents |  | 1,377,851 |  |  | 1,041,369 |
Other current financial assets |  | 1,079,595 |  |  | 1,325,843 |
Other non-current financial hedge assets |  | 2,930 |  |  | 15,993 |
Other current financial liabilities |  | (1,163,468) |  |  | (1,256,499) |
Lease liabilities current |  | (23,011) |  |  | (18,192) |
Other non-current financial liabilities |  | (3,600,582) |  |  | (3,213,422) |
Non-current Lease liabilities |  | (60,801) |  |  | (56,966) |
Total |  | (2,387,486) |  |  | (2,161,874) |
|  | As of December 31, 2023 |  | From cash flow |  | Not from cash flow |  | As of December 31, 2024
Net debt |  |  | Amounts from loans |  | Amounts from interests |  | Other cash (inflows)/outflows |  | Income statement |  | Equity and others |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Obligations with the public and bank loans |  | (4,416,264) |  |  | (371,131) |  |  | 233,768 |  |  | 23,091 |  |  | (204,340) |  |  | — |  |  | (4,734,876) |
Financial instruments derived from hedging |  | (22,000) |  |  | (759) |  |  | 7,057 |  |  | — |  |  | (25,648) |  |  | 12,594 |  |  | (28,756) |
Derivatives for investment hedges |  | (18,300) |  |  | — |  |  | — |  |  | (4,368) |  |  | 22,533 |  |  | 135 |  |  | — |
Non-hedging derivatives in other financial liabilities |  | (14,795) |  |  | — |  |  | — |  |  | — |  |  | 14,377 |  |  | — |  |  | (418) |
Current and non-current lease liabilities |  | (75,158) |  |  | 22,288 |  |  | 2,820 |  |  | — |  |  | (33,762) |  |  | — |  |  | (83,812) |
Hedging derivatives – cash requirements for Australia’s business |  | 1,437 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,437) |  |  | — |
Current and non-current financial liabilities |  | (4,545,080) |  |  | (349,602) |  |  | 243,645 |  |  | 18,723 |  |  | (226,840) |  |  | 11,292 |  |  | (4,847,862) |
Cash and cash equivalents |  | 1,041,369 |  |  | — |  |  | (50,529) |  |  | 329,897 |  |  | 57,114 |  |  | — |  |  | 1,377,851 |
Deposits that do not qualify as cash and cash equivalents |  | 1,316,797 |  |  | — |  |  | (46,547) |  |  | (230,017) |  |  | 21,029 |  |  | — |  |  | 1,061,262 |
Debt hedging derivative financial instruments |  | 24,520 |  |  | — |  |  | — |  |  | — |  |  | (21,590) |  |  | — |  |  | 2,930 |
Derivatives for investment hedges |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,405 |  |  | — |  |  | 15,405 |
Non-hedging derivatives on other financial assets |  | 520 |  |  | — |  |  | — |  |  | (345) |  |  | 2,753 |  |  | — |  |  | 2,928 |
Current and Non-Current Financial Assets |  | 2,383,206 |  |  | — |  |  | (97,076) |  |  | 99,535 |  |  | 74,711 |  |  | — |  |  | 2,460,376 |
Total |  | (2,161,874) |  |  | (349,602) |  |  | 146,569 |  |  | 118,258 |  |  | (152,129) |  |  | 11,292 |  |  | (2,387,486) |
|  | As of December 31, 2022 |  | From cash flow |  | Not from cash flow |  | As of December 31, 2023
Net debt |  |  | Amounts from loans |  | Amounts from interests |  | Other cash (inflows)/outflows |  | Income statement |  | Equity and others |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Obligations with the public and bank loans |  | (2,848,875) |  |  | (1,534,282) |  |  | 117,145 |  |  | 18,346 |  |  | (168,598) |  |  | — |  |  | (4,416,264) |
Financial instruments derived from hedging |  | (39,681) |  |  | (18,927) |  |  | 4,077 |  |  | — |  |  | 11,731 |  |  | 20,800 |  |  | (22,000) |
Derivatives for investment hedges |  | (29,984) |  |  | — |  |  | — |  |  | (10,082) |  |  | 18,171 |  |  | 3,595 |  |  | (18,300) |
Non-hedging Derivatives in Other financial liabilities |  | (5,816) |  |  | — |  |  | — |  |  | — |  |  | (8,979) |  |  | — |  |  | (14,795) |
Current and non-current lease liabilities |  | (61,734) |  |  | 15,914 |  |  | 2,038 |  |  | — |  |  | (31,376) |  |  | — |  |  | (75,158) |
Current and non-current financial liabilities |  | (2,986,090) |  |  | (1,537,295) |  |  | 123,260 |  |  | 8,264 |  |  | (179,051) |  |  | 24,395 |  |  | (4,546,517) |
Cash and cash equivalents |  | 2,655,236 |  |  | — |  |  | (53,539) |  |  | (1,615,863) |  |  | 55,535 |  |  | — |  |  | 1,041,369 |
Deposits that do not qualify as cash and cash equivalents |  | 950,167 |  |  | — |  |  | (49,226) |  |  | 341,742 |  |  | 74,114 |  |  | — |  |  | 1,316,797 |
Debt Hedging Derivative Financial Instruments |  | 29,620 |  |  | — |  |  | — |  |  | — |  |  | (5,100) |  |  | — |  |  | 24,520 |
Derivatives for investment hedges |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-hedging derivatives on other financial assets |  | 4,174 |  |  | — |  |  | — |  |  | (18,034) |  |  | 14,380 |  |  | — |  |  | 520 |
Hedging derivatives – cash requirements for Australia’s business |  | 7,139 |  |  | — |  |  | — |  |  | 1,183 |  |  | (1,183) |  |  | (5,702) |  |  | 1,437 |
Current and Non-Current Financial Assets |  | 3,646,336 |  |  | — |  |  | (102,765) |  |  | (1,290,972) |  |  | 137,746 |  |  | (5,702) |  |  | 2,384,643 |
Total |  | 660,246 |  |  | (1,537,295) |  |  | 20,495 |  |  | (1,282,708) |  |  | (41,305) |  |  | 18,693 |  |  | (2,161,874) |

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