Albemarle Corporation , 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”).
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“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 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.