Albemarle restructures MARBL Lithium JV, splits into Wodgina and Kemerton JVs; MRL to invest in China assets

ALBEMARLE CORP

Albemarle sells 10% of Wodgina to MRL for $216M, resulting in 50/50 ownership; buys 25% of Kemerton for $216M, raising stake to 85%.
Net cash adjustments from AWPL to WLPL estimated at $100M–$150M; MRL to pay Albemarle ~$350M for past downstream costs.
Australia completion expected Q2 2023; China completion (MRL acquiring 50% of Albemarle UK) expected H2 2023 or Q1 2024.
MRL will fund 50% of costs at nominated downstream assets up to 100,000 tpa LCE capacity; Albemarle retains operational control.
Marketing agreement terminated; tail volume of 1,000 kt/month of WLPL's lithium hydroxide sold to Albemarle US through Dec 2024.

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