- Mineral Resources revised a lithium deal with Albemarle, worth US$1.3 billion
- The agreement will see Albemarle gain a 60 per cent interest in Mineral’s Wodgina Lithium Project and Mineral will receive a 40 per cent interest in two modules at Albemarle’s lithium hydroxide facility
- Mineral Resources’ share price is up two per cent today, currently sitting at $16.40 per share
ASX 200 lister Mineral Resources has revised a lithium deal with chemical company Albemarle, bringing its worth to US$1.3 billion.
Albemarle will increase its holding in Mineral Resources’ Wodgina Lithium Project from 50 per cent to 60 per cent.
Under the revised agreement, Mineral Resources will gain a 40 per cent interest in two modules at Albemarle’s battery-grade lithium hydroxide facility, located in Kemerton, Western Australia.
Mineral Resources Managing Director Chris Ellison said “the revised arrangements between Mineral Resources and Albemarle are a testament to the strong working relationship and open dialogue we have been able to develop”.
The Kemerton modules upon completion will be able to process spodumene coming out of Wodgina.
Both companies said the partnership leverages each other’s “strengths and positions in the global lithium industry.”
Mineral Resources specified the deal will accelerate the company’s rate heading into the lithium hydroxide market.
Wodgina is labeled one of the worlds largest hard rock lithium deposits, according to the company.
Options are available for the companies to produce a downstream processing facility at Wodgina, or elsewhere, if required.
Mineral Resources’ share price is up two per cent at market close today, currently sitting at $16.40 per share.
Albemarle is listed on the New York Stock Exchange and is currently trading at USD$72.96 per share.