Albemarle and Caterpillar forge partnership to pave the way for zero-emissions lithium mining
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(Kitco News) - Albemarle (NYSE: ALB), the world’s leading lithium producer, today signed agreements with Caterpillar (NYSE: CAT) to collaborate on solutions to support the full circular battery value chain and sustainable mining operations.
According to Albemarle, the collaboration aims to support the company’s efforts to establish Kings Mountain, N.C. as the first-ever zero-emissions lithium mine site in North America.
The company said these efforts include utilization of next-generation, battery-powered mining equipment, adding that Caterpillar and Albemarle signed an agreement making Albemarle’s North American-produced lithium available for use in Caterpillar battery production.
The two companies will also explore opportunities to collaborate on research and development of battery cell technology and recycling techniques.
Albemarle indicated that the planned Kings Mountain mine contains "one of the few" known hard rock lithium deposits in the U.S.
The site is expected to feed sufficient material for 50 kt lithium carbonate equivalent (LCE) of conversion capacity and support the manufacturing initially of approximately 1.2 million electric vehicles annually.
The company estimates that Kings Mountain will become operational as early as late 2026, pending permitting.
Albemarle is a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity, and health.
With 2022 sales and revenues of $59.4 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
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