Project achieves a key milestone in the company’s phased approach to the mine’s redevelopment
CHARLOTTE, N.C., September 24, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, has submitted several state and federal permit applications for the potential redevelopment of the Kings Mountain Mine, one of the few known hard-rock lithium deposits in the U.S. Development of the mine is subject to the successful completion of permitting as well as a final investment decision prior to starting construction.
Albemarle must secure a series of permits or approvals from the City of Kings Mountain, several divisions within the State of North Carolina, and the federal government to construct and operate the proposed mine. Covering areas such as water, air, noise and land use, the permit review process is subject to agency timelines that may last two years or more and is expected to include extensive agency and stakeholder review and comment.
"Completing the submission of our primary state and federal permit applications was a key focus area for the project this year and marks a significant milestone in our journey to redevelop one of the best lithium resources in the world,” said Albemarle Senior Permitting and Sustainability Manager Erik Carlson. “We remain steadfast in our efforts to advance this project through the implementation of industry best practices for responsible mining and meeting the high standards required by governmental agencies.”
Once operational, the mine is anticipated to produce up to 420,000 tons of lithium-bearing spodumene concentrate yearly, providing a crucial building block for sustainable transportation and to support key defense applications. Lithium has been identified as a critical material for energy by the U.S. federal government and the mine’s redevelopment is supported by a combined $250 million in grants from the departments of Defense and Energy.
In addition to the preparation and submittal of permit applications, Albemarle continues a comprehensive stakeholder outreach program, sharing details of the project through a monthly Community Advisory Panel, periodic townhall and open house events, and operates a Project Center in downtown Kings Mountain. Earlier this year, Albemarle also commenced the public participation portion of a voluntary Environmental and Social Impact Assessment (ESIA). The assessment is a key element to align the mine’s redevelopment with the Initiative for Responsible Mining Assurance’s Standard for Responsible Mining, the most comprehensive set of globally recognized standards for responsible mining.
The ESIA seeks to develop environmental and social management plans to minimize adverse impacts and enhance benefits for the surrounding communities. Albemarle plans to publish and share the assessment’s findings and anticipated management measures with community stakeholders throughout 2024 and 2025.
More information about the ESIA, permitting process and progress, and the mine’s proposed project plan can be found at www.albemarlekingsmountain.com.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global leader 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 and outcome of permitting reviews, the resumption of mining operations at Kings Mountain Mine, 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: Peter Smolowitz, +1 (980) 308-6310, [email protected]
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