Albemarle Receives Final Approval to Expand Operations in Chile

Albemarle (NYSE:ALB) has agreed, effective December 30, 2016, to amend its lithium production rights agreement with the Chilean Economic Development Agency.
As quoted in the press release:

The amended agreement provides Albemarle with sufficient lithium to produce over 80,000 MT annually of technical and battery grade lithium salts over the next 27 years at its expanding battery grade manufacturing facilities in La Negra, Antofagasta.
“The agreement, which supports the principles and goals of the Lithium National Commission, further solidifies Chile as the global leader in the production of value-added lithium products,” said Stephen Elgueta, vice president of Albemarle’s Lithium Resources group.  “We believe the Salar de Atacama is the best lithium brine reserve in the world, and we have a responsibility to ensure this strategically important resource is properly managed so that it can continue to provide value for all stakeholders.”
“We are excited to extend our partnership with the Chilean Government, and to expand our presence in the Antofagasta region, where we established the first local lithium extraction facility 36 years ago,” said John Mitchell, president of Albemarle’s Lithium and Advanced Materials Global Business Unit.  “With this agreement, we can further support growth of our long-term customers within the energy storage market and other high growth applications.   We are proud to be part of this transformational agreement that allows for broad collaboration, value sharing, and sustainable development of important lithium-based advanced materials within the country of Chile.”

Click here to read the full press release.