Albemarle Unveils Plan for Kings Mountain Lithium Mine
Albemarle Corporation (NYSE: ALB), a leader in essential elements for mobility and energy, introduced its plan for the Kings Mountain Mine in the U.S., a significant hard-rock lithium deposit. Pending approvals, the mine is set to produce about 420,000 tons of lithium-bearing spodumene concentrate annually, supporting sustainable transportation and defense applications.
"The Kings Mountain Mine is a world-class resource that can provide an essential element to power our future," said Albemarle Energy Storage President Eric Norris. "We are pleased to share our plan with the community as we continue to seek their engagement to redevelop this rich, domestic resource in a safe and responsible manner."
The project plan, shared at a community open house, includes:
- Reduced Land Disturbance: Utilizing former mines for operations and tailings storage.
- Sustainable Materials Management: Transferring non-ore-bearing material to a nearby quarry for use as construction aggregate.
- High Standards and Accountability: Aligning with the Initiative for Responsible Mining Assurance's (IRMA) Standard and undergoing third-party verification.
- Sustainable Water Management: Using collected precipitation for operations.
With the U.S. producing less than 2% of the world's lithium, the Kings Mountain Mine is crucial for the domestic supply chain. Albemarle received a $90 million grant from the U.S. Department of Defense for equipment and a $150 million grant from the U.S. Department of Energy for expanding battery manufacturing.
Albemarle also began a voluntary Environmental and Social Impact Assessment (ESIA) to understand and manage the mine's impacts on the environment, local economy, and community health and safety. This will guide the development of plans to minimize adverse effects and enhance benefits.
