Chile’s SQM begins process to raise $1.1bn in capital

Chile’s SQM said its board of directors agreed to begin the process of raising $1.1 billion in capital through the sale of common stock to help underwrite an ambitious expansion of its lithium, nitrate and iodine operations. The lithium producer will call a shareholders meeting on Jan. 22 to green-light a proposal to issue 22.4 million of the company’s series B shares. If approved, the capital will help finance its previously announced $1.9 billion, four-year investment plan.

Source: Reuters