CHARLOTTE, N.C., March 9, 2018 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the production of
lithium and lithium derivatives, announced today that as expected,
it has received approval from Chile's Economic Development Agency (CORFO)
for an increase in the company's lithium quota to sustainably
increase Albemarle's lithium
production in Chile to as much as
145,000 metric tons of lithium carbonate equivalent (LCE) annually
through 2043. As previously announced, this quota increase
will be enabled by the company's deployment of innovative
technology to extract more lithium without the need for additional
brine pumping at the Salar de Atacama.
"We are pleased that, with this new quota, we have the
opportunity to add additional capacity in the Atamaca in a highly
efficient and sustainable manner," said John Mitchell, Albemarle President of Lithium.
"Albemarle's new brine yield
technology is a part of our already announced Wave 2 capacity
expansions targeted for commissioning after 2021. We will
continue to actively monitor the market and bring this capacity on,
as needed, to meet the needs of our contracted customers."
Albemarle's new brine yield
technology coupled with the terms of this CORFO quota increase will
result in similar cost and margin structure to what Albemarle has with its current production
processes.
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
5,400 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