Albemarle, Mineral Resources To Explore Potential Expansion Of MARBL Lithium JV

(RTTNews) - Albemarle Corp. (ALB) has signed a non-binding letter agreement with Mineral Resources Limited to explore a potential expansion of the MARBL Lithium Joint Venture. The non-binding letter envisions: ownership of the Wodgina mine would change from 60/40 (ALB/Mineral Resources) to 50/50; and ownership of Kemerton I/II would remain 60/40. The potential new 50/50 joint venture to own additional lithium conversion assets outside of Australia will be jointly funded 50/50 by Mineral Resources and Albemarle. Albemarle would be the operator of these assets. Albemarle would remain the exclusive marketer of lithium products for the JVs.

"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.