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Mazahir Mammadli

Research Analyst at Rothschild & Co Redburn

Mazahir Mammadli is an Equity Research Analyst at Rothschild & Co Redburn specializing in the Basic Materials sector, with a focus on specialty and diversified chemicals. He covers companies such as Albemarle and Umicore, having issued stock ratings including buy and hold recommendations. Over the past year, Mammadli has provided two public ratings with a 0% success rate and an average 12-month return of -22.5%, reflecting developing coverage rather than an established performance record. Based in London, he joined Rothschild & Co Redburn after prior industry experience, and while his professional credentials and licenses are not explicitly detailed publicly, his active analyst role indicates relevant regulatory compliance.

Mazahir Mammadli's questions to CHEMICAL & MINING CO OF CHILE (SQM) leadership

Question · Q3 2025

Mazahir Mammadli asked if the standalone profitability of the Kwinana conversion plant is expected to be positive in 2026, assuming current lithium hydroxide and spodumene prices. He also sought clarification on the Codelco deal, specifically whether the payment for the 33.5 kilotons attributable to Codelco is based on revenue, gross profit, or another metric.

Answer

Mark Fones, Vice President of Strategies and M&A Lithium, SQM, affirmed that SQM continues to see long-term profitability for Kwinana and the Mount Holland project as positive, reiterating commitment and plans for a final investment decision on the mine and concentrator expansion next year. Gerardo Andrés Illanes González, Vice President of Strategies and M&A Lithium and CFO, SQM, explained that the payment to Codelco is a dividend based on the profitability derived from a certain tonnage (33.5 kilotons) per year, with the exact calculation detailed in publicly available contracts.

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Question · Q3 2025

Mazahir Mammadli asked if the Kwinana conversion plant is expected to be standalone profitable in 2026, assuming current lithium hydroxide and spodumene prices. He also sought clarification on whether the payment to Codelco for the 33.5 kilotons attributable to them would be based on revenue, gross profit, or another metric.

Answer

Mark Fones, VP of Strategies and M&A Lithium, reiterated that the long-term profitability of the Kwinana and Mount Holland project is expected to be positive, with a final investment decision on expansion anticipated next year. Gerardo Andrés Illanes González, CFO, clarified that the payment to Codelco is a dividend based on the profitability derived from that tonnage, with exact calculations detailed in publicly available contracts.

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