Part of proceeds from agreement to support
investment in local communities
CHARLOTTE, N.C.,
May 8,
2024 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity, and health, announced an innovative agreement
with Martin Marietta Materials, Inc. (NYSE: MLM) a leading supplier
of building materials — including aggregate, cement, ready mixed
concrete and asphalt — to make beneficial use of extracted
limestone material from Albemarle's proposed Kings Mountain Mine
project. This agreement is part of Albemarle's plan to resume
lithium mining operations at the Kings Mountain Mine in an
environmentally and socially responsible manner, including
opportunities to repurpose byproduct material and enhance the
economic benefits for the surrounding community.
Under the agreement, Albemarle plans to deliver limestone
material to Martin Marietta's Kings
Mountain Quarry, adjacent to the Kings Mountain Mine. Martin Marietta plans to process and sell the
limestone material as construction aggregate for use in
infrastructure, nonresidential and residential construction
projects. The companies intend for this agreement to help reduce
both companies' operational footprints and contribute to more
sustainable management of resources. The agreement also calls
for a royalty fee for each ton of aggregate sold by Martin Marietta to be paid to Albemarle, which
plans to transfer the royalty to a non-profit entity that focuses
on funding initiatives to support Kings Mountain and the
surrounding communities.
"Through this relationship, we can advance our journey of
responsible resource management and environmental stewardship to
ensure a more sustainable future," said Jennifer Skurski,
Albemarle's vice president of resources development and business
planning. "We view it as our responsibility to maximize the value
of our critical resources and build the strength and resiliency of
our surrounding communities."
"As stewards of our natural resources, we strive to minimize our
environmental impact while providing materials on which our
communities grow," said Ron Kopplin, Martin Marietta's east division president. "We
are pleased to collaborate with Albemarle and view this agreement
as consistent with both companies' commitments to our respective
stakeholders, including the community and sustainability. Together
we're working to ensure a positive impact that lasts well beyond
the current generation."
The Kings Mountain Mine is one of the few known hard-rock
lithium deposits in the U.S. and is expected to play a
critical role in strengthening the U.S. lithium supply chain. The
mine, which closed in the early 1990s, is being redeveloped to
align with the Initiative for Responsible Mining Assurance's
Standard for Responsible Mining, a comprehensive and rigorous set
of expectations that independent auditors can use to benchmark
mining operators' practices.
Albemarle is currently preparing permits for submittal to
regulatory agencies and undergoing studies and social impact
assessments to determine the feasibility of reopening the mine.
Once operational, the mine has the potential to produce
approximately 420,000 tons of spodumene concentrate yearly.
Since 2016, Albemarle has contributed more than
$2 million to Kings Mountain and the
surrounding communities toward programs focused on education,
health and wellness, and cultural initiatives. This includes a
recently announced $1 million donation to Cleveland Community College to support the
college's workforce development programs.
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.
Martin
Marietta
Martin
Marietta (NYSE: MLM), a member of the S&P 500 Index, is
an American-based company and a leading supplier of building
materials, including aggregates, cement, ready mixed concrete and
asphalt. Through a network of operations spanning 28 states,
Canada and The Bahamas, dedicated Martin Marietta teams supply the resources
necessary for building the solid foundations on which our
communities thrive.
Forward-Looking Statements
This press release contains
statements concerning our expectations, anticipations and beliefs
regarding the future, including, without limitation, information
related to the use of and benefits derived from the donation to
Cleveland Community College, the funds
from the U.S. Department of Energy grant, the plans related to the
Kings Mountain Mine, and including 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 (investors.albemarle.com) and on the SEC's
website at www.sec.gov. 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:
Jennifer Zajac, +1 (980)
308-6259, Jennifer.Zajac@albemarle.com
Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768,
Meredith.Bandy@albemarle.com
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SOURCE Albemarle Corporation