Albemarle Plans to Sell Stake in Australian Lithium Mine After Capital Expenditure Reduction

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.