SQM Reports Preliminary Effects of Earthquake in Northern Chile on its Productive Facilities
SANTIAGO, Chile, April 2, 2014 /PRNewswire/ — Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-A, SQM-B) announced today its preliminary evaluation of the effects on the Company’s productive facilities of the earthquake that occurred last night in Northern Chile.
-- There were no accidents or injuries involving personnel at SQM's productive facilities. -- The earthquake was approximately 200 kilometers from our operations in Nueva Victoria, 300 kilometers from our operations in Maria Elena, 500 kilometers from our operations in the Salar de Atacama, 430 kilometers from our operations in the Salar del Carmen, and 260 kilometers from our operations in the port of Tocopilla. -- Upon preliminary inspection, no structural damage was detected at our production facilities. -- Nueva Victoria: Operations were suspended last night resulting from a loss of electricity. It was reestablished this morning, and we expect operations to resume later today after an operational check is completed on our main equipment. -- Tocopilla: Operations were suspended last night resulting from a loss of electricity, and following a tsunami alert issued by the Chilean authorities. We expect that electricity will be reestablished today, and we expect to resume normal operations tomorrow. -- Maria Elena, Salar del Carmen, and Salar de Atacama: Production was not suspended, and we are operating normally. -- There was no visible damage to the town of Maria Elena, the city of Tocopilla and various towns located near our operations in the Salar de Atacama. -- We will continue to assess if there was any damage to our production facilities.
SQM is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals. Its products are based on the development of high quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 115 countries. SQM’s development strategy aims to maintain and strengthen the Company’s position in each of its businesses.
The leadership strategy is based on the Company’s competitive advantages and on the sustainable growth of the different markets in which it participates. SQM’s main competitive advantages in its different businesses include:
-- Low production costs based on vast and high quality natural resources; -- Know-how and its own technological developments in its various production processes; -- Logistics infrastructure and high production levels that allow SQM to have low distribution costs; -- High market share in all its core products; -- International sales network with offices in 20 countries and sales in over 115 countries; -- Synergies from the production of multiple products that are obtained from the same two natural resources; -- Continuous new product development according to the specific needs of its different customers; -- Conservative and solid financial position.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “believe,” “estimate,” “expect,” “strategy,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company’s business outlook, future economic performance, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, specifically the most recent annual report on Form 20-F, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise.
SOURCE Sociedad Quimica y Minera de Chile S.A.