Albemarle Announces Amendment to its Definitive Agreement with Mineral Resources Limited to Form Lithium Joint Venture in Western Australia
Under the revised arrangements, upon closing of the transaction, Albemarle will acquire 60% ownership of MRL's Wodgina hard rock lithium mine in
Under the revised arrangements, Albemarle will pay
It is anticipated that the 50 ktpa lithium hydroxide conversion capacity at Kemerton will be commissioned in stages starting in the first half of 2021. The timing and location of any further lithium hydroxide conversion capacity in this joint venture will be based on market dynamics, the forecasted demand of customers and will be funded 60-40 by ALB and MRL.
ALB will continue to have responsibility for the marketing of all product produced by the joint venture.
"The ALB-MRL joint venture will generate great value by bringing together the mining expertise of MRL and the conversion process and market knowledge of Albemarle," said
The amendments to the transaction have been approved by the Boards of Directors of both companies. The transaction is expected to close in the second half of 2019 subject to receipt of any required regulatory approvals and satisfaction of other customary closing conditions.
Additional information about this amended joint venture arrangement can be found in a current report on Form 8-K filed with the
Additional details and commentary will be provided during Albemarle's Q2, 2019 earnings call on
Discovering and implementing new and better performance-based sustainable solutions is what motivates all of us. We think beyond business-as-usual to drive innovations that create lasting value. Albemarle employs approximately 5,400 people and serves customers in approximately 100 countries. We regularly post information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations,
Some of the information presented in this press release, including, without limitation, information and amendments related to the proposed joint venture, plans and anticipated benefits in relation to the proposed joint venture, expected timing of closing 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. 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 by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; adverse 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 closing conditions, including regulatory approvals; the occurrence of regulatory actions, proceedings, claims or litigation; and the other factors detailed from time to time in the reports we file with the
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Media Contact: Hailey Quinn, (980) 299-5640, Hailey.Quinn@albemarle.com; Investor Relations Contact: David Ryan, (980) 299-5641, David.Ryan@albemarle.com