Plan includes responsible land and material
use, environmental protection measures and ongoing community
engagement
CHARLOTTE, N.C., June 11,
2024 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity, and health, has introduced its project plan
for the Kings Mountain Mine, one of the few known hard-rock lithium
deposits in the U.S. The plan includes the proposed site footprint,
primary physical features and details of the mining processes.
Pending permitting approval and a final investment decision, the
mine is anticipated to produce approximately 420,000 tons of
lithium-bearing spodumene concentrate yearly, providing a crucial
building block for sustainable transportation and to support key
defense applications.
"The Kings Mountain Mine is a world-class resource that can
provide an essential element to power our future," said Albemarle
Energy Storage President Eric
Norris. "We are pleased to share our plan with the community
as we continue to seek their engagement to redevelop this rich,
domestic resource in a safe and responsible manner."
The proposed project plan, shared today at a community open
house and available online, includes several environmentally and
socially responsible mining features and practices:
- Reduced land disturbance: The plan includes the use of
the former Kings Mountain Mine to support mining operations and the
use of a former mica mine for tailings storage—both designed to
minimize the amount of land disturbance necessary.
- Sustainable materials management: Non-ore-bearing
material from mining operations is planned to be transferred to the
adjacent Martin Marietta Kings Mountain
Quarry for processing and sale as construction aggregate.
The arrangement is intended to contribute to a more sustainable
management of resources and a portion of the sales are planned to
be used to support Kings Mountain
and the surrounding communities. In addition, Albemarle is currently testing secondary
markets for processed ore tailings, which may have applications in
ceramics or construction materials industries.
- High standards and accountability: Planning for
environmental protection measures and community engagement has been
conducted to align with the Initiative for Responsible Mining
Assurance's (IRMA) Standard for Responsible Mining, a comprehensive
set of requirements designed to reduce adverse environmental and
social impacts and create benefits for local communities. Once
operational, the mine would undergo a full third-party verification
assessment conducted by an IRMA-approved certification body.
- Sustainable water management: The mine is designed to
operate with collected precipitation to support its operations,
relying on external sources only for drinking water, fire
protection and sanitary purposes.
With the U.S. currently producing less than 2% of the world's
supply of lithium, the Kings Mountain Mine is expected to play a
key role in growing the U.S. supply chain. In 2023,
Albemarle was awarded a
$90 million grant from the U.S.
Department of Defense to help support the purchase of a fleet of
mining equipment as part of the mine's redevelopment. Lithium is a
critical element for key defense applications including batteries
for communications equipment and remote and deep-sea sensors, and
for carbon dioxide adsorption in submarines, gas masks and the
space program. In 2022, Albemarle
was also awarded a $150 million
grant from the U.S. Department of Energy as part of President
Biden's Bipartisan Infrastructure Law to expand domestic
manufacturing of batteries for electric vehicles.
Along with the project plan, Albemarle also commenced the public
participation portion of a voluntary Environmental and Social
Impact Assessment (ESIA). As a key element of IRMA's Standard for
Responsible Mining, the assessment seeks to better understand and
manage potential impacts from the proposed mine with consideration
to the surrounding environment, local economy, and the community's
health and safety. Albemarle plans
to use the outcomes of the assessment to develop environmental and
social management plans to minimize adverse impacts and enhance
benefits.
Stakeholder participation is essential to the ESIA's development
and Albemarle is encouraging the
community to engage in the process via planned meetings and by
submitting comments. Albemarle
plans to publish and share the assessment's findings and
anticipated management measures with the community stakeholders
throughout 2024 and 2025. More information about the
assessment, including a draft scoping report, can be found at
https://albemarlekingsmountain.com.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming
essential resources into critical ingredients for mobility, energy,
connectivity, and health. We partner to pioneer new ways to move,
power, connect and protect with people and planet in mind. A
reliable and high-quality global supply of lithium and bromine
allows us to deliver advanced solutions for our customers.
Forward-Looking Statements
This press release
contains statements concerning our expectations, anticipations and
beliefs regarding the future, including, without limitation,
project plans related to the Kings Mountain Mine, information
related to the use of and benefits derived from government grants,
plans related to community support, and all information relating to
matters that are not historical facts, which constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are based on assumptions that we have made as of
the date hereof and are subject to known and unknown risks and
uncertainties, often contain words such as "anticipate," "believe,"
"estimate," "expect," "guidance," "intend," "may," "outlook,"
"should," "would," and "will." Forward-looking statements may
include statements regarding the timing of resumption of mining
operations at Kings Mountain Mine, Albemarle's and Martin
Marietta's performance under the agreement, and expectations
regarding organizations to receive benefits from any royalties to
be received under the agreement, and all other information relating
to matters that are not historical facts. Factors that could cause
Albemarle's actual results to
differ materially from the outlook expressed or implied in any
forward-looking statement include: changes in economic and business
conditions; financial and operating performance of customers;
timing and magnitude of customer orders; fluctuations in lithium
market prices; production volume shortfalls; increased competition;
changes in product demand; availability and cost of raw materials
and energy; technological change and development; fluctuations in
foreign currencies; changes in laws and government regulation;
regulatory actions, proceedings, claims or litigation;
cyber-security breaches, terrorist attacks, industrial accidents or
natural disasters; political unrest; changes in inflation or
interest rates; volatility in the debt and equity markets;
acquisition and divestiture transactions; timing and success of
projects and collaborations; performance of Albemarle's partners in joint ventures and
other projects; changes in credit ratings; and the other factors
detailed from time to time in the reports Albemarle files with the SEC, including those
described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q,
which are filed with the SEC and available on the investor section
of Albemarle's website () and on
the SEC's website at. These forward-looking statements speak only
as of the date of this press release. Albemarle assumes no obligation to provide any
revisions to any forward-looking statements should circumstances
change, except as otherwise required by securities and other
applicable laws.
Media Contact:
Ryan Dean,
912-424-7411, Ryan.Dean@albemarle.com
Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768,
Meredith.Bandy@albemarle.com
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SOURCE Albemarle Corporation