CHARLOTTE, N.C., July 19,
2023 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity, and health, has agreed to amend the terms of
the transaction signed earlier this year with Mineral Resources
Limited (ASX: MIN.AX).
The amended agreements are intended to further simplify
commercial arrangements entered into by the parties in February of
this year. Pending regulatory approvals, the amended
arrangements are intended to provide greater strategic
opportunities for each company based on their global operations and
the evolving lithium market.
Under the new agreements, Albemarle will take 100% ownership of the
Kemerton lithium hydroxide processing facility in Australia that is currently jointly owned with
Mineral Resources through the MARBL joint venture.
Albemarle will also retain full
ownership of its Qinzhou and Meishan lithium processing facilities
in China.
Other key aspects of the February
2023 agreement remain in effect, including the April 1, 2022, economic effective date (EED) and
joint ownership of the Wodgina mine, with Albemarle and Mineral Resources to each own a
50% share upon closing and Mineral Resources serving as the
operator.
Albemarle CEO Kent Masters said
the agreement positions each company to better align its planned
capital investments and assets.
"Albemarle continues to rapidly
expand its Energy Storage business. Construction of the Meishan
lithium hydroxide processing plant is progressing well, with
completion now expected in early 2024. We also recently
announced an expansion at the Kemerton lithium hydroxide processing
facility, with construction about to begin for our 100% owned
processing trains three and four."
Upon closing, Albemarle expects
to pay Mineral Resources US$380 - 400
million which includes net consideration for the remaining 15%
ownership of Kemerton as well as EED settlement adjustments. Actual
settlement adjustments will depend on the date of close.
The parties anticipate closing the amended arrangements later
this year, pending regulatory approval in Australia.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in
transforming essential resources into critical ingredients for
mobility, energy, connectivity, and health. We partner to pioneer
new ways to move, power, connect and protect with people and planet
in mind. A reliable and high-quality global supply of lithium and
bromine allows us to deliver advanced solutions for our customers.
Learn more about how the people of Albemarle are enabling a more resilient world
at albemarle.com and on Twitter @AlbemarleCorp.
Albemarle regularly posts
information to our website, including notification of events, news,
financial performance, investor presentations and webcasts,
non-GAAP reconciliations, SEC filings and other information
regarding the company, its businesses, and the markets we
serve.
Forward-Looking Statements
This press release
contains statements concerning our expectations, anticipations,
intentions, beliefs, or strategies regarding the future, which
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements, which are based on assumptions that we
have made as of the date hereof and are subject to known and
unknown risks and uncertainties that could cause actual results,
conditions and events to differ materially from those anticipated,
often contain words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," "would," "will"
and variations of such words and similar expressions.
Forward-looking statements may include, without limitation,
statements regarding the restructuring of the MARBL joint venture,
the receipt of regulatory approval in Australia and the closing of the amended
arrangements, the benefits and strategic opportunities associated
with such amended arrangements, and all other information relating
to matters that are not historical facts. Factors that could cause
actual results to differ materially from the outlook expressed or
implied in any forward-looking statement include, without
limitation: changes in economic and business conditions; adverse
changes in liquidity or financial or operating performance; changes
in the demand for our products or the end-user markets in which our
products are sold; fluctuations in lithium market pricing; changes
in laws and government regulation; and the other factors detailed
in the reports we file with the SEC, including those described
under "Risk Factors" in our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, which are available on the investor
section of our website (investors.albemarle.com). These
forward-looking statements speak only as of the date of this press
release. We assume no obligation to provide any revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/albemarle-amends-marbl-lithium-joint-venture-301881495.html
SOURCE Albemarle Corporation