SANTIAGO, July 24 (Reuters) - Chile’s leading fertilizer exporter Soquimich (SQM) said on Thursday it would invest some $1 billion from 2008 through 2010 to expand production capacity.
SQM, a leading exporter of potassium-based fertilizers and the global leader in lithium and iodine production, said it would invest to increase output in all three areas and that investment would be financed mainly with internal cash flows.
“The plan includes projected capital expenditures of approximately $1 billion over the period, including approximately $350 million for the year 2008,” the company said in a statement.
The company’s stock SQM_pb.SN has more than doubled year-to-date as world prices for potassium-based fertilizers have surged. (Reporting by Lisa Yulkowski, editing by Leslie Gevirtz)