Top Lithium Miner Bets on Turnaround in Wave of Green-Car Goals
Bloomberg 2/22/2021 Yvonne Yue Li
(Bloomberg) Albemarle Corp. has earmarked almost all the proceeds from a $1.5 billion equity offering to expand its lithium capacity as the global battery boom gathers momentum.
Already the world’s biggest lithium supplier, the Charlotte, North Carolina-based company will allocate about 90%, or $1.35 billion, of a bigger-than-planned capital raise to expand operations in Chile and Australia and processing plants in China, Chief Executive Officer Kent Masters said.
Producers of the key ingredient in rechargeable batteries are starting to ramp up amid signs the market is finally recovering from a glut. Chinese spot prices of the soft, slivery white metal have rebounded this year as a wave of green-vehicle targeting boosts demand prospects. Ford Motor Co. announced last week that its passenger-vehicle range will be all-electric in Europe by 2030. General Motors
Albemarle Corp. has earmarked almost all the proceeds from a $1.5 billion equity offering to expand its lithium capacity as the global battery boom gathers momentum.