Chilean lithium producer SQM reported a sharp earnings decline for the second quarter, underscoring the impact of a year-long slide in battery-metal prices. Adjusted profit fell 28% from a year earlier to US$307.9 million, while net income dropped 59%. Revenue slid 19% to about US$1 billion as lithium prices hit multi-year lows in May and June. Despite the setback, SQM lifted its 2025 guidance, saying sales volumes from its Chilean operations should rise about 10% and that output from its Australian joint venture is tracking “significantly higher” in the second half. Management added that recent supply curtailments in China have nudged prices higher and expects third-quarter realisations to exceed those of the April–June period. The company also said its landmark lithium partnership with state-owned copper miner Codelco remains on schedule to be finalised well before Chile’s next government takes office, easing concerns that political turnover could derail the deal aimed at jointly developing the Salar de Atacama. Separately, Codelco forecast production of 316,000 t of copper at its El Teniente mine this year after a deadly July cave-in, estimating a US$340 million financial hit from the incident. The state miner intends to lower its 2025 output guidance but reiterated its ambition to lift annual copper production to 1.7 million t by 2030.