Albemarle And Martin Marietta Sign Innovative Agreement For Beneficial Use Of Material From Kings Mountain Mine
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
