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Sunday, July 25, 2010 9:24:29 PM
By Erin McCarthy
SANTIAGO -(Dow Jones)- Chilean specialty chemical and fertilizer producer Sociedad Quimica y Minera de Chile SA (SQM, SQM-B.SN) is in talks with several Japanese car manufacturers about direct lithium sales for electric- and hybrid-car batteries, according to a report from local paper El Mercurio Friday.
Northern Chile holds some of the world's largest lithium deposits.
The direct sale of lithium to car companies like Nissan (NSANY, 7201.TO), Mitsubishi (MMTOY, 7211.TO) and Honda (HMC, 7267.TO) would mark a significant change in SQM's business model, which currently sells to companies that produce lithium battery cathodes, several steps away on the supply chain from the car manufacturers.
"The final consumer--in this case, the same manufacturer of batteries and cars--can determine who will provide the raw material, and, therefore, that would be a benefit for SQM," the company's Commercial Vice President Eugenio Ponce said, according to El Mercurio.
The most advanced negotiations are with Nissan, Ponce said. A sales agreement to supply Nissan with 10,000 tons of lithium annually could result in revenues of $55 million per year for SQM.
SQM and Nissan executives plan to meet in coming weeks to reach a sales agreement.
SQM representatives weren't immediately available for comment.
http://www.foxbusiness.com/markets/2010/07/23/chile-sqm-talks-japanese-automakers-lithium-sales-report/
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