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Why Sociedad Quimica y Minera de Chile Stock Crashed Today

Rich Smith, The Motley Fool
·2-min read
Why Sociedad Quimica y Minera de Chile Stock Crashed Today

Friday dawned bleak for investors in Sociedad Quimica y Minera de Chile (NYSE: SQM). Shares of the Chilean lithium miner tumbled by 14.8% through 12:57 p.m. ET in the wake of the Thursday evening announcement from Chilean President Gabriel Boric that he intends to nationalize the Chilean lithium industry -- which may or may not include SQM itself. At the most basic level, nationalization involves a forced transfer of ownership, with present owners of the property in question required to sell or simply surrender that property to the government.

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