Albemarle Expects to Sell Stake in Australian Lithium Mine
Following the announcement of its 2024 capital expenditure reduction and project re-scheduling plan, the world's largest lithium producer, Albemarle, is expecting to sell its shares in Australian mining company Liontown Resources. Earlier, Australia's richest person, Gina Rinehart's company, blocked Albemarle's $6.6 billion Australian dollar (approximately $4.3 billion USD) acquisition bid for Liontown in October.
According to a term sheet released on Wednesday, Albemarle will price its 96 million shares at around 1.21 billion Australian dollars. Liontown also confirmed Albemarle's intention to sell to local media.
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