Chile's SQM posts 63% slump in profit, expects weak lithium prices to stay

Chile's SQM, the world's second-largest lithium producer, reported a bigger-than-expected 63.2% slide in its quarterly profit on Wednesday due to weak prices of the battery metal, which it expects will continue for the rest of the year. The miner, which also produces fertilizers and industrial chemicals, posted a second-quarter net profit of $213.6-million, or 75 cents a share, missing analysts estimates of $296.7-million, or 95 cents a share, according to LSEG data.