PowerCell develops new version of MS-100 fuel cell system for electrification on land and at sea
DOE announces up to $4M for High Performance Computing for Energy Innovation

Albemarle completes lithium JV with MRL; idles the mine

Albemarle Corporation, a leader in the global specialty chemicals industry, has completed its transaction with Mineral Resources Limited for the creation of a 60/40 joint venture between Albemarle and MRL, respectively, named MARBL Lithium Joint Venture (MARBL). (Earlier post.)

Under the Agreement, Albemarle has acquired a 60% interest in MRL’s Wodgina spodumene mine in Western Australia for US$1.3 billion, consisting of a cash payment of US$820 million, and the transfer to MRL of a 40% interest in two 25 ktpa lithium hydroxide conversion trains being built by Albemarle at Kemerton in Western Australia.

MARBL will manage the operation of the Wodgina mine and the Kemerton conversion trains. Albemarle will market 100% of the output from the Wodgina mine and Kemerton lithium hydroxide conversion trains.

The 50 ktpa lithium hydroxide conversion capacity at Kemerton is currently scheduled to be commissioned in stages starting in the first half of 2021. The timing and location of any further lithium hydroxide conversion capacity that may be developed by the joint venture will be based on market demand and will be funded 60/40 by Albemarle and MRL.

Based on current market conditions, the Wodgina mine will idle production of spodumene until market demand supports bringing the mine back into production.

We are pleased to announce the formation of this joint venture with Mineral Resources. Over the past year, we have worked closely together and are even more confident that our investment will produce substantial, long-term value. In the short term, we have made the prudent decision to idle mine activity until market conditions improve, but we are well positioned for future growth given the high-quality Wodgina resource and the combined operating expertise of both companies.

—Luke Kissam, Albemarle CEO

The transaction was funded by borrowing of approximately US$900 million under an unsecured credit facility.

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name is required. Email address will not be displayed with the comment.)