Albemarle halts Kemerton expansion in Australia

Albemarle's actions regarding Kemerton are part of a broader effort that will focus on the following key areas:

- Preserving Albemarle's world-class resource advantages

- Optimizing its global conversion network

- Improving the company's cost competitiveness and efficiency

- Reducing capital intensity

- Enhancing Albemarle's financial flexibility

These actions are part of the company's comprehensive review of its cost and operating structure.  The company expects to report more details during its third quarter earnings call.

"The long-term growth potential for our end markets remains strong, and we plan to leverage our core capabilities while ensuring we remain competitive," said Albemarle chairman and CEO Kent Masters. "Given the dynamics of the global markets we serve, we must be able to pivot and pace as necessary to maintain our leading position."

As part of the initial review to optimize its network, Albemarle today announced changes to the operating footprint at its Kemerton lithium hydroxide conversion site in Australia. The company will:

- Stop construction activities at Train 3

- Idle production at Train 2 and place the unit in care and maintenance

- Focus manufacturing efforts on the continued ramp and qualification of Train 1

Note: The content of this press release has not been edited by Fibre2Fashion staff.
 

ALCHEMPro News Desk (HU)