Albemarle amends MARBL JV: will fully own Kemerton lithium conversion assets, pay MRL $380-400M

ALBEMARLE CORP

MARBL JV limited to Wodgina lithium mine; each of Albemarle (AWPL) and MRL (WLPL) to own 50% after closing.
Kemerton conversion assets become 100% owned by Albemarle; WLPL sells additional 15% interest, with net payment of $380-400M from Albemarle.
Various prior agreements terminated: supply term sheet, conversion agreement, investment agreement in China plants (Qinzhou, Meishan) remain 100% with Albemarle.
Transitional tolling agreement: Albemarle will arrange conversion of up to 15,000 tonnes/month spodumene concentrate for WLPL until June 30, 2024.
Closing expected in Q4 2023, pending Australian regulatory approval; MRL loses rights to Kemerton lithium hydroxide.

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