Albemarle flags lithium expansion

US-based Albemarle Corporation has forecast a growth in lithium demand and is planning an expansion to its global operations, including Western Australia.

Albemarle markets lithium from the Mineral Resources-operated Wodgina Project and has a 49 per cent interest in a lithium mine in Greenbushes.

The company also started construction of the Kemerton lithium hydroxide processing plant in 2019.

Albemarle said the assets of the construction would form the basis of a joint venture with MinRes once the Kemerton plant was completed.

Demand for lithium is forecast to grow by 15 per cent on current levels by 2030 due to strong electric vehicle demand, according to Albemarle 2023 strategic update presentation today.

The presentation revealed Albemarle will accelerate global expansion plans to address a future gap in lithium supply, with 3.7 million tonnes demand expected by 2030.

Albemarle said it would capitalise on growth opportunities in EV and beyond, estimating 15.7 million electric vehicles to be produced this year and growing to 46.9 million by 2030.

Its fourth quarter 2022 results include net sales of between $2.59 billion and $2.65 billion, which Albemarle said was up from the previous year.

Albemarle chief executive Kent Masters said the 2022 results exceeded previous projections.

“Albemarle is a leading producer of critical ingredients for some of the most powerful trends transforming the modern world, and we are partnering with other industry leaders to provide secure supply, innovative technologies and improved sustainability,” he said.

“Our virtual strategy event will give investors a deeper understanding of who we are, where we are headed and how we plan to manage our growth to balance short- and long-term opportunities.”