Albemarle Unit To Acquire 50% Interest In MRL's Wodgina Project - Quick Facts

(RTTNews) - Albemarle Corp. (ALB) announced the signing of an Asset Sale and Share Subscription Agreement with Mineral Resources for a subsidiary of Albemarle to acquire a 50 percent interest in MRL's Wodgina hard rock lithium project in Western Australia, for a purchase price of $1.15 billion. The companies would jointly manage the joint venture through a company to be owned in equal shares by the parties.

The companies would jointly fund, design, build and operate a battery grade lithium hydroxide plant to be constructed at Wodgina in two stages of up to 50 ktpa LCE each, utilizing Albemarle's core design.