Lithium giant Albemarle’s plans to reopen a rich mine in North Carolina will take years to complete
Publishing timestamp: 2024-05-03 11:22:39
Summary
Albemarle's plans to reopen the Kings Mountain lithium mine in North Carolina have been delayed due to a collapse in lithium prices. The company is still moving forward with the project, which is crucial for setting up a domestic electric-vehicle battery supply chain. Despite facing challenges, Albemarle received a $90 million grant from the Defense Department to support domestic mining. The company's profit plummeted in the first quarter, but investors reacted positively to the news, with shares closing higher.
Sentiment: MIXED
Tickers: ALB,
Keywords: climate, business news, breaking news: markets, energy, markets, albemarle corp, business,