(Adds details)
Feb 22 (Reuters) - Albemarle Corp said on
Wednesday it has signed agreements with Mineral Resources
Limited to restructure their MARBL lithium joint
venture in Australia and for MinRes to invest in Albemarle's
conversion assets in China.
Spodumene, the most widely exploited mineral source of
lithium, has to be converted to lithium for industrial usage,
which is then used to manufacture lithium-ion batteries widely
utilized in portable electronic devices, electric vehicles and
renewable energy storage systems.
Albemarle will increase its interest in two spodumene
conversion trains of the Kemerton processing plant in Western
Australia to 85% from 60%, and will also operate them.
MinRes will increase its interest in Wodgina Lithium Mine
Project in the Pilbara region of Western Australia to 50% from
40%, offsetting Albemarle's increased stake in Kemerton.
In China, MinRes will acquire a 50% interest in Albemarle's
100%-owned Qinzhou and Meishan plants in China.
The Qinzhou plant will also undergo modifications to be able
to convert spodumene and is expected to commence early next
year, the company added, while the Meishan plant is scheduled to
be commissioned by the end of 2024.
(Reporting by Arshreet Singh; Editing by Krishna Chandra Eluri)
