Albemarle announces completion of lithium JV with Mineral Resources
7th November 2019
Under the Agreement, Albemarle has acquired a 60% interest in Mineral Resources's Wodgina spodumene mine in
The 50 ktpa lithium hydroxide conversion capacity at Kemerton is currently scheduled to be commissioned in stages starting in the first half of 2021. The timing and location of any further lithium hydroxide conversion capacity that may be developed by the joint venture will be based on market demand and will be funded 60/40 by Albemarle and MRL.
Based on current market conditions, the Wodgina mine will idle production of spodumene until market demand supports bringing the mine back into production.
"We are pleased to announce the formation of this joint venture with Mineral Resources. Over the past year, we have worked closely together and are even more confident that our investment will produce substantial, long-term value," said
The transaction was funded by borrowing of approximately