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ALBEMARLE TO DOUBLE LITHIUM HYDROXIDE OUTPUT IN AUSTRALIA

Investment to deliver on global growth strategy; highlights critical role of Australia in lithium supply chain

PERTH, WESTERN AUSTRALIA, May 3, 2023 – Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced today its decision to build two additional processing trains at the leading-edge Kemerton lithium hydroxide plant in Western Australia.

The additional trains will be wholly owned and operated by Albemarle and would increase the facility’s production by 50 kilo-tonnes per annum (50,000 metric tonnes per annum). Operating at full capacity, the Kemerton plant would produce up to 100 ktpa (100,000 metric tonnes per annum) of lithium hydroxide, supporting the manufacturing of an estimated 2.4 million electric vehicles annually.

This investment, combined with the existing two trains at Kemerton owned by Albemarle’s MARBL joint venture, represents the biggest investment by any company in downstream processing of lithium in Australia and would make Albemarle the largest producer of lithium in Australia.

“Australia is essential to the global supply chain for energy storage and an important part of our diverse portfolio,” said Albemarle CEO Kent Masters. “Our decision to expand was driven by our confidence in future demand and allows us to offer customers additional supply from Greenbushes, well known as one of the world’s best lithium mines.”

“This leverages Albemarle’s industry-leading technology and capability to design, build, and operate lithium conversion plants,” said Albemarle’s President of Energy Storage, Eric Norris. “Kemerton is a world-class facility, and we’re proud to be making another significant investment in downstream processing in Australia.”

Albemarle Country Manager Beverley East said Albemarle had created a specialised manufacturing industry in the south west of Western Australia and would continue to deliver local economic benefits including jobs and business opportunities for decades.

“Albemarle is already a significant employer in the region with more than 480 operational staff currently and about 370 more employees needed to operate the expanded project by 2026,” said Ms East. “Our construction workforce for the expansion project is predicted to be about 1,000 workers, with our preference being to recruit locally for construction and operations as much as we can.”

The expansion at Kemerton is part of Albemarle's larger presence in Western Australia, which includes various interests and stakes in spodumene resources at Greenbushes and Wodgina.

Kemerton Expansion Project Snapshot

Location: Kemerton Industrial Park – 160 Km south of Perth, Western Australia
Product volume: The expansion project would increase the facility’s production by 50 ktpa. When combined with the portion of Kemerton owned by Albemarle’s MARBL joint venture, the facility could produce up to 100 ktpa of lithium hydroxide.
Employees: 480 operational staff plus ~370 after expansion = ~850 jobs
Construction: About 1,000 construction workers for Trains 3 & 4
Local workforce: 90% of operational employees are from the region

About Albemarle Corporation

Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on Twitter @AlbemarleCorp.

Forward-Looking Statements

This press release contains statements concerning our expectations, anticipations, and beliefs regarding the future, which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “should,” “would,” and “will”. Forward-looking statements may include expectations regarding the Kermerton project, including its commissioning, construction and production, plans for our future or expected financial and operating results, production capacity, volumes, and pricing, demand for our products, capital projects, acquisition and divestiture transactions, market and economic trends, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle’s actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market pricing; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle’s partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under “Risk Factors” in Albemarle’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission (the “SEC”) and available on the investor section of Albemarle’s website (investors.albemarle.com) and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release or the date they are presented, as applicable. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Media Contact United States: Hailey Quinn +1 (980) 299-5640 [email protected]

Albemarle Media Contact Australia: Stacey Molloy Mb: 0423 974 149 [email protected]