1 February 2016
DETAILS
announced today that it has been granted approval
by the
of the
to increase its currently authorized lithium brine extraction rate
at the company's facility in the Salar de Atacama, Chile.
The increase will enable the company
to meet the accelerating demand for
lithium, especially high purity lithium compounds
required for the production of lithium batteries.
In addition, the company announced that
it has entered into a Memorandum of Understanding (MOU)
with the Chilean Government
defining the terms of a partnership for an increased lithium quota
consistent with the principles and goals
of the
as established in its final report issued in
The MOU provides Albemarle with sufficient lithium
to support the production, over a 27-year period, of
* 70,
battery grade lithium carbonate and
* 6,000
at Albemarle's two manufacturing facilities
in La Negra,
that Albemarle will commit to construct under the MOU.
The MOU provides for commission payments
to the Chilean Government based on sales price/MT
and Albemarle's support of research and development in
in lithium applications and solar energy.
In addition, the MOU
* recognizes the principle of community value sharing and
* acknowledges the cooperation agreements that
Albemarle has entered into with local, indigenous communities
under which Albemarle provides financial support for
social, environmental and economic development.
Finally, the MOU provides Albemarle with an exclusive option
for an additional lithium quota in connection with
the development of lithium hydroxide production
directly from brine.
Albemarle Media Contact:
Ashley Mendoza,
(225) 388-7137,
Ashley.Mendoza@albemarle.com,
or
Albemarle Investor Relations Contact:
Matt Juneau,
(225) 388-7940,
Matt.Juneau@albemarle.com
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