CHARLOTTE, N.C., Sept. 15, 2017 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the production of
lithium and lithium derivatives, announced today that it has
developed an innovative technology that could enable Albemarle to sustainably increase total
lithium production in Chile to as
much as 125,000 metric tons of lithium carbonate equivalent (LCE)
annually, without the need for additional brine pumping at the
Salar de Atacama. As a result of this development, Albemarle has requested that Chile's Economic Development Agency (Corfo)
increase Albemarle's lithium
quota.
"Our efforts to improve efficiencies and sustainability in our
Atacama operations are consistent with the spirit of our agreement
with Corfo and the way we operate globally," commented John Mitchell, Albemarle President of Lithium
and Advanced Materials. "We are focused on adding value to our
Chilean operations while supporting the creation of a downstream
industry in the country."
Assuming the technology proves commercially viable, Albemarle plans to build and start-up
additional lithium carbonate capacity in Chile in the early 2020s, once current
expansion projects are completed and producing at capacity.
Projects already underway should increase Albemarle's total annual production capacity
in Chile to greater than 80,000
metric tons of LCE by 2020.
About Albemarle
Albemarle Corporation (NYSE:
ALB), headquartered in Charlotte,
NC, is a global specialty chemicals company with leading
positions in lithium, bromine and refining catalysts. We power the
potential of companies in many of the world's largest and most
critical industries, from energy and communications to
transportation and electronics. Working side-by-side with our
customers, we develop value-added, customized solutions that make
them more competitive. Our solutions combine the finest technology
and ingredients with the knowledge and know-how of our highly
experienced and talented team of operators, scientists and
engineers.
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
4,500 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, SEC filings
and other information regarding our company, its businesses and the
markets it serves.
This press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. These risks
include, but are not limited to, the viability of the new
technology, Corfo approval of an increased lithium quota and other
risks identified in the Company's Annual Report on Form 10-K and
its other filings with the Securities and Exchange Commission.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may
differ materially from those projected in the forward-looking
statements. The forward-looking statements in this press release
are made as of the date hereof and the Company does not undertake
any obligation to update the forward-looking statements, except
where required by law.
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SOURCE Albemarle Corporation