Funding to support restart of company's
Kings Mountain, N.C., mine and
increase domestic processing of critical materials for the nation's
battery supply chain
CHARLOTTE, N.C., Sept. 12,
2023 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity and health, announced today that the U.S.
Department of Defense has approved a $90
million grant to help support the expansion of domestic
mining and the production of lithium for the nation's battery
supply chain.
The funding will be provided by the Office of the Assistant
Secretary of Defense for Industrial Base Policy, utilizing Defense
Production Act authorities, and will be used to purchase a fleet of
mining equipment as part of the company's planned reopening of its
lithium mine in Kings Mountain,
North Carolina.
The planned Kings Mountain mine
contains one of the few known hard rock lithium deposits in
the U.S. The site is expected to feed sufficient material for 50 kt
LCE of conversion capacity and support the manufacturing initially
of approximately 1.2 million electric vehicles annually.
"As one of the only U.S.-based lithium companies to carry out
lithium extraction, processing, and novel lithium battery material
research in the United States,
Albemarle is uniquely positioned
to help power the clean energy revolution," said Albemarle's President of Energy Storage,
Eric Norris. "Lithium is an
essential ingredient in our sustainable energy future. Demand is
expected to increase significantly, and it is imperative to secure
our nation's supply of this critical resource."
Albemarle estimates that
Kings Mountain will become
operational as early as late 2026, pending permitting. At
Kings Mountain, Albemarle is implementing "IRMA-Ready"
standards – an operational playbook for mine sites in exploration
phase. Initiative for Responsible Mining Assurance (IRMA) standards
emphasize environmental stewardship and community engagement.
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 allow 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.
Forward-Looking Statements
This press release contains
statements concerning our expectations, anticipations and beliefs
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, often contain words
such as "anticipate," "believe," "estimate," "expect," "guidance,"
"intend," "may," "outlook," "should," "would," and "will".
Forward-looking statements may include statements regarding
expectations for the timing and amount of funding received under
the DPA Investments Program, future demand for lithium, the
production capacity and timing of construction of Albemarle's Kings
Mountain lithium mine, and all other information relating to
matters that are not historical facts. Factors that could cause
Albemarle's actual results to
differ materially from the outlook expressed or implied in any
forward-looking statement include: changes in economic and business
conditions; financial and operating performance of customers;
timing and magnitude of customer orders; fluctuations in lithium
market pricing; production volume shortfalls; increased
competition; changes in the product demand; availability and cost
of raw materials and energy; technological change and development;
fluctuations in foreign currencies; changes in laws and government
regulation; regulatory actions, proceedings, claims or litigation;
cyber-security breaches, terrorist attacks, industrial accidents or
natural disasters; political unrest; changes in inflation or
interest rates; volatility in the debt and equity markets;
acquisition and divestiture transactions; timing and success of
projects; performance of Albemarle's partners in joint ventures and
other projects; changes in credit ratings; and the other factors
detailed from time to time in the reports Albemarle files with the SEC, including those
described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q,
which are filed with the SEC and available on the investor section
of Albemarle's website
(investors.albemarle.com) and on the SEC's website at www.sec.gov.
These forward-looking statements speak only as of the date of this
press release. Albemarle assumes
no obligation to provide any revisions to any forward-looking
statements should circumstances change, except as otherwise
required by securities and other applicable laws.
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SOURCE Albemarle Corporation