Albemarle Announces Definitive Agreement with Mineral Resources Limited to Form Lithium Joint Venture in Western Australia
December 14, 2018
Upon closing of the transaction, Albemarle would acquire a 50 percent interest in all mineral rights within the Wodgina tenements, other than iron ore (which will be retained exclusively by MRL) and tantalum (which remain held by a third party), the spodumene concentration plant and all other fixed infrastructure, utility assets and mobile mining equipment to be used in the
After closing of the acquisition and completion of the construction and ramp-up of the spodumene concentration plant, the
The parties 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.
The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2019, subject to receipt of required antitrust and other regulatory approvals and satisfaction of other customary closing conditions.
Albemarle will hold a conference call to discuss the Agreement on
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To avoid registration wait times, participants are encouraged to dial in at least five minutes before the start of the call. Albemarle will post additional materials to the company's website two hours prior to the call. An online replay of this call will be available on Albemarle's website for 12 months.
BofA Merrill Lynch is acting as financial advisor to Albemarle in connection with this transaction. JP Morgan is acting as financing advisor to Albemarle. MinterEllison and
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 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; 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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