Albemarle, Australia's Mineral Resources reach $1.15B lithium JV deal

|About: Albemarle Corporation (ALB)|By:, SA News Editor

Albemarle (NYSE:ALB) agrees to acquire a 50% interest in Mineral Resources Ltd.'s Wodgina hard rock lithium project in Western Australia for $1.15B.

The two companies will form a joint venture to own and operate the Wodgina Project to produce spodumene concentrate and battery grade lithium hydroxide.

ALB says the JV will jointly fund, design, build and operate a battery grade lithium hydroxide plant to be constructed at Wodgina in two stages of up to 50 kt/year LCE each, utilizing its core design.

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