CHARLOTTE, N.C., Feb. 9, 2022 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB) ("Albemarle"), a leader in the global specialty
chemicals industry, announced today that it has signed a
non-binding letter agreement with Mineral Resources Limited (ASX:
MIN) ("MRL") to explore a potential expansion of the MARBL Lithium
Joint Venture ("MARBL").
"The expansion of MARBL would be consistent with our corporate
strategy to pursue profitable growth and to be disciplined stewards
of capital," said Kent Masters,
Albemarle CEO. "Broadening our partnership with MRL would allow us
to expand lithium conversion capacity with increased optionality
and reduced risk to help meet our global customers' growing need
for high-quality, reliable lithium supply."
The non-binding letter envisions certain key principles,
including:
- Ownership of the Wodgina mine would change from 60/40 (ALB/MIN)
to 50/50.
- Ownership of Kemerton I/II would remain 60/40 (ALB/MIN).
- Albemarle would supply
Greenbushes spodumene for use at Kemerton.
- Potential new 50/50 joint venture to own additional lithium
conversion asset(s) outside of Australia to be jointly funded 50/50 by MRL
and Albemarle. Albemarle would be the operator of these
assets.
- Albemarle would remain the
exclusive marketer of lithium products for the JV(s).
The transactions contemplated by the non-binding letter
agreement are subject to due diligence and the parties entering
into binding agreements to effect the proposed transactions.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals
company with leading positions in lithium, bromine and catalysts.
We think beyond business as usual to power the potential of
companies in many of the world's largest and most critical
industries, such as energy, electronics, and transportation. We
actively pursue a sustainable approach to managing our diverse
global footprint of world-class resources. In conjunction with our
highly experienced and talented global teams, our deep-seated
values, and our collaborative customer relationships, we create
value-added and performance-based solutions that enable a safer and
more sustainable future.
We regularly post information to www.albemarle.com, including
notification of events, news, financial performance, investor
presentations and webcasts, non-GAAP reconciliations, SEC filings
and other information regarding our company, its businesses and the
markets it serves.
Forward-Looking Statements
Some of the information presented in this press release,
including information related to any potential expansion of the
MARBL Lithium Joint Venture and all other information relating to
matters that are not historical facts may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ materially from the views expressed herein. 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;
changes in priorities, financial, and operating performance of our
major customers and industries and markets served; the timing of
orders received from customers; the gain or loss of significant
customers; competition from other manufacturers; changes in the
demand for our products or the end-user markets in which our
products are sold; the availability of financing; the satisfaction
of conditions to completion, including regulatory approvals; the
occurrence of regulatory actions, proceedings, claims, or
litigation; and the other factors detailed from time to time in the
reports Albemarle files with the
Securities and Exchange Commission, including those described under
"Risk Factors" in its most recent Annual Report on Form 10-K and
any subsequently files Quarterly Reports on Form 10-Q. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
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