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September 5, 202310:21 PM GMT+10Updated 9 hours ago
For Albemarle, Liontown and its Kathleen Valley lithium deposit would "increase our opportunity to meet rapid and growing lithium demand," CEO Kent Masters said on a Tuesday call with investors.
The deal is non-binding and still must be formalized and approved by shareholders. Liontown has agreed to let Albemarle look at some of its private records as part of a due diligence process that will also include a review of Liontown's agreement to supply lithium to Ford (F.N), Tesla (TSLA.O) and others through 2030.
"That's one part of due diligence, to go and understand those contracts," Masters said.
Masters and other Albemarle executives said that if the Liontown deal closes, the company likely would have to build processing facilities for the Kathleen Valley mine, which is expected to start producing 320,000 metric tons of lithium spodumene concentrate next year, with the potential to hit 700,000 metric tons per year by 2030.
Albemarle's shares fell 1% to $197.99 in premarket trading.
https://www.reuters.com/markets/deals/albemarle-aims-close-buyout-lithium-developer-liontown-by-mid-2024-2023-09-05/
Not sure if this has been postedSeptember 5, 202310:21 PM...
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