“Just bear with us a little bit, and we will let you know if we have opportunities to move forward. I believe with the quality of people we have in the Salar, we will have good news in the future,” the executive said in a conference call.

SQM is now increasing production to 180,000 mt/year of lithium carbonate and 30,000 mt/year of lithium hydroxide from mid-2022, a three-fold increase from output in 2018.

Producers are struggling to keep up with demand as the global lithium market is expected to grow 30% this year after last year's 50% jump, which should reach 1 million mt/year by 2025.

In April, the company unveiled a further expansion of lithium carbonate to 210,000 mt/year and lithium hydroxide to 40,000 mt/year from next year.

“I don’t want to announce a new increase in capacity every single quarter … At least give me a couple of quarters before you announce a new increase,” Ramos said.

Riding a massive rise in lithium prices and increasing production volumes, the company announced its first quarter profits had shot up tenfold to nearly $800 million, and a barrage of questions from analysts on how it plans to spend the cash ensued.

Ramos said the company is pushing to increase the capacity of its Mt Holland lithium hydroxide project, currently being built in Western Australia, by 50% to 100,000 mt/year. It is due to decide with its partner in the project, the Australian conglomerate Wesfarmers, later this year.

The company is also investigating potential joint ventures with South Korea’s LG to recycle lithium or make battery components in Chile or abroad, with preliminary results due next-month.

It might also look at acquisitions if it found a project that made the right fit, Ramos said.

“The only time we look for M&A activity is if it will create value for the shareholders,” the executive said.