MARBL JV settles into new normal
PERTH (miningweekly.com) – The amended MARBL joint venture (JV) between ASX-listed Mineral Resources (MinRes) and partner Albemarle Corporation, has become effective.
The JV partners in July this year agreed to amend the terms of the JV in order to simplify the commercial arrangements between the two companies and ensure each has the flexibility and focus required to deliver value for their shareholders in an evolving market.
Under the amendments, MinRes’ share of the Wodgina lithium mine will increase from 40% to 50% with the Australian company to remain the operator of the mine, while Albemarle will take full ownership of the Kemerton lithium hydroxide plant, which it currently operates.
Albemarle will pay MinRes an estimated $380-million to $400-million including the net consideration for MinRes’ share of Kemerton and completion adjustments at Wodgina and Kemerton. MinRes on Thursday said that this payment was expected by December this year.
Under the updated agreements, MinRes will no longer invest in any Chinese conversion assets with Albemarle and will not make any payments to Albemarle for joint downstream investments.
MinRes will enter a transitional tolling arrangement with Albemarle to convert Wodgina spodumene until the end of June 2024 to allow MinRes to continue to build its team in China. MinRes will transition to market its own share of Wodgina spodumene concentrate and lithium battery chemicals within two months of the completion date and has established an office and warehouse in Ningbo, China.
MinRes told shareholders that with the completion of the transaction, the company would now report its 50% ownership interest in Wodgina and market its share of Wodgina spodumene concentrate and lithium battery chemicals.
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