Joint venture for lithium mine between Albemarle and Mineral Resources approved
Albemarle’s agreement with Mineral Resources Limited on a joint venture on the Woodgina Lithium mine in western Australia passed Australian regulatory muster in November 2019. The two companies originally signed the deal in December 2018 and was amended in July 2019. Originally, the venture was to be an even split, but Albemarle acquired a 60.0% stake for $1.3 billion. The payment includes $820.0 million in cash and transfer of a 40.0% stake in two 25.0 kilo-tonnes per annum lithium hydroxide conversion trains at its Kemerton site in Western Australia
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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