Mineral Resources Limited (ASX: MIN) has confirmed that it and Albemarle Corporation (NYSE: ALB) have closed on the restructuring of their MARBL joint venture, effective 18 October 2023.
As per the 20 July 2023 announcement, MinRes’ share of the Wodgina lithium mine in the Pilbara will increase from 40% to 50%. MinRes will also remain the operator of the mine.
Following approval from the Foreign Investment Review Board, Albemarle will now take full ownership of the Kemerton lithium hydroxide plant, in WA’s South West, by picking up the remaining 15%.
Albemarle will pay MinRes an estimated US$380-400 million for the net consideration for MinRes’ share of Kemerton and completion adjustments at Wodgina and Kemerton. Full payment is expected to be received by MinRes by December 2023.
With the completion of this transaction, MinRes will now report its 50% ownership interest in Wodgina and market its share of Wodgina spodumene concentrate and lithium battery chemicals.
