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    Home » Albemarle Agrees on Two Strategic Deals for Boosting Lithium Conversion Capacity in China
    Indices News

    Albemarle Agrees on Two Strategic Deals for Boosting Lithium Conversion Capacity in China

    October 22, 20211 Min Read
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    China and america are trying to get their hands on lithium reserves, concept
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    North Carolina-based Albemarle Corporation announced its intention to make strategic investments in China to support the expansion of its lithium conversion capacity.

    • The company signed investment agreements with the Yangtze River International Chemical Industrial Park in Jiangsu province and the Pengshan Economic Development Park in Sichuan Province.
    • With these deals, Albemarle would be pushing forward with its design, engineering and allowing plans to construct a conversion plant at each site. Every site has a planned production capacity targeting 50,000 metric tons of lithium hydroxide per year.
    • The company expects these plants to commence construction during 2022 and complete construction by the close of 2023, subject to regulatory approvals and other feasibility studies.
    • Jac Fourie, Chief Capital Projects Officer, stated that they were excited to work with local teams in China to produce Albemarle’s next-generation lithium hydroxide plants.

    The investments are seen as a critical step in its Capital Excellence Program with potential advantages of speed to market, reduced capital intensity, lower product costs, and enhanced sustainability.

    ALB up +0.61%

    Source: PR Newswire

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