HomeAbout

TL;DR CNBC


Lithium giant Albemarle’s plans to reopen a rich mine in North Carolina will take years to complete - TL;DR CNBC

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: climatebusiness newsbreaking news: marketsenergymarketsalbemarle corpbusiness

Source: https://www.cnbc.com/2024/05/03/albemarle-plans-to-reopen-kings-mountain-lithium-mine-will-take-years.html


Developed by Leo Phan