 "Albemarle receives permission to increase lithium brine extraction in Chile")
Albemarle Corporation, one of the leading producers of lithium and lithium derivatives, has been granted approval by the Environmental Assessment Commission (CEA) of the Antofagasta Region to increase its currently authorised 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, Albemarle 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 Lithium National Commission, as established in its final report issued in January 2015.
The MOU provides Albemarle with sufficient lithium to support the production, over a 27-year period, of 70,000 metric tonne (MT) annually of technical and battery grade lithium carbonate and 6,000 MT annually of lithium chloride at Albemarle's two manufacturing facilities in La Negra, Antofagasta, as well as at a third lithium carbonate facility that Albemarle will commit to construct under the MOU.
As per the terms of the agreement, Chilean Government will receive commission payments based on sales price per MT and Albemarle will extend research and development support for lithium applications and solar energy in Chile. In addition, 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.
Luke Kissam, president and CEO of Albemarle Corporation, said, “This agreement will not only establish Chile as the global leader in the production of value-added lithium-based products, it provides economics that justify Albemarle's continued investment in the region. As a result, we will be better positioned to capture 50 percent of the growth in lithium applications and solidify our leadership position in the industry.”
In addition, Albemarle 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 Lithium National Commission, as established in its final report issued in January 2015.
The MOU provides Albemarle with sufficient lithium to support the production, over a 27-year period, of 70,000 metric tonne (MT) annually of technical and battery grade lithium carbonate and 6,000 MT annually of lithium chloride at Albemarle's two manufacturing facilities in La Negra, Antofagasta, as well as at a third lithium carbonate facility that Albemarle will commit to construct under the MOU.
As per the terms of the agreement, Chilean Government will receive commission payments based on sales price per MT and Albemarle will extend research and development support for lithium applications and solar energy in Chile. In addition, 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.
Luke Kissam, president and CEO of Albemarle Corporation, said, “This agreement will not only establish Chile as the global leader in the production of value-added lithium-based products, it provides economics that justify Albemarle's continued investment in the region. As a result, we will be better positioned to capture 50 percent of the growth in lithium applications and solidify our leadership position in the industry.”
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%