CHARLOTTE, N.C., Oct. 18,
2023 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity, and health, announced today it has closed on
the restructuring of its MARBL joint venture with Mineral Resources
Limited (ASX: MIN.AX) announced earlier this year after receiving
the required regulatory approvals.
The amended agreements were entered into by the parties to
further simplify commercial arrangements. Albemarle now has 100% ownership of the
Kemerton lithium hydroxide processing facility in Australia and retains full ownership of its
Qinzhou and Meishan lithium processing facilities in
China.
Other key aspects of the revised agreements include the
April 1, 2022, economic effective
date (EED) and joint ownership of the Wodgina mine, with
Albemarle and Mineral Resources
each owning a 50% share and Mineral Resources serving as the
operator.
Albemarle expects to pay
Mineral Resources US$380 - 400
million which includes net consideration for the estimated EED
settlement adjustments and the remaining 15% ownership of
Kemerton.
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 actual consideration to be paid to Mineral
resources, 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.
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SOURCE Albemarle Corporation