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Home » News » Albemarle Corporation Receives Increase in Lithium Quota for Chile Operations

Albemarle Corporation (NYSE: ALB), a leader in the production of lithium and lithium derivatives, announced that as expected, it has received approval from Chile's Economic Development Agency (CORFO) for an increase in the company's lithium quota to sustainably increase Albemarle's lithium production in Chile to as much as 145,000 metric tons of lithium carbonate equivalent (LCE) annually through 2043.  As previously announced, this quota increase will be enabled by the company's deployment of innovative technology to extract more lithium without the need for additional brine pumping at the Salar de Atacama.

"We are pleased that, with this new quota, we have the opportunity to add additional capacity in the Atamaca in a highly efficient and sustainable manner," said John Mitchell, Albemarle President of Lithium. "Albemarle's new brine yield technology is a part of our already announced Wave 2 capacity expansions targeted for commissioning after 2021. We will continue to actively monitor the market and bring this capacity on, as needed, to meet the needs of our contracted customers."

Albemarle's new brine yield technology coupled with the terms of this CORFO quota increase will result in similar cost and margin structure to what Albemarle has with its current production processes.

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