ALB - Albemarle Mineral Resources to speed up restart at Australia lithium mine

Mineral Resources Ltd. (OTCPK:MALRY) said Tuesday that it and partner Albemarle (NYSE:ALB) will accelerate the restart of production at their jointly-held Wodgina lithium mine in Australia because of "unprecedented global customer demand for lithium products." Mineral Resources said it now expects first spodumene concentrate from Train 1 operations in May, earlier than its previous estimate of Q3 2022. Mineral Resources and Albemarle also agreed to accelerate a restart of Train 2, from which first production is expected in July; each train has a nameplate capacity of 250K metric tons. The companies also will assess timing for the startup of Train 3 and possible construction of Train 4 depending on global lithium market conditions later this year. Albemarle is developing new battery technology which could cut costs by more than 50%, Growth Analyst writes in a bullish analysis posted recently on Seeking Alpha.

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Albemarle, Mineral Resources to speed up restart at Australia lithium mine