Albemarle Gets Nod For Increase In Lithium Quota In Chile
Zacks Investment Research | Mar 11, 2018 09:02PM ET
Albemarle Corporation (NYSE:ALB) received approval from Chile's Economic Development Agency for an increase in its lithium quota, enabling the company to sustainably expand its lithium production in Chile to roughly 145,000 metric tons of lithium carbonate equivalent per annum through 2043.
Per the company, this increase in quota will be enabled by deploying innovative technology for extracting more lithium without requiring additional brine pumping at the Salar de Atacama, giving it the opportunity to boost capacity in a highly sustainable and efficient manner.
Notably, the company’s new brine yield technology is part of its Wave 2 capacity expansion, which is expected to start commissioning after 2021. The quota increase along with new innovative technology will result in a cost and margin structure similar to Albemarle’s current production processes. Albemarle will continue to actively monitor the market and add capacity, per requirement, to address the needs of its contracted customers.
Shares of Albemarle have declined 21.8% in the past three months, underperforming the Zacks Investment Research
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