Albermarle Corporation and Mineral Resources have formally closed their $1.6 billion deal to build the Wodgina hard rock spodumene project in Western Australia.
The companies have entered a binding agreement which forms a 50:50 joint venture for the exploration, development, mining, and production of lithium hydroxide in the area.
As part of the deal,Mineral Resources will fund and construct under a build-own-operate model. This scope includes the fixed process and non-process infrastructure as well as crushing services. The company will also be responsible for supplying operations and maintenance works to the camp, airport, haulage and ship loading. Any future lithium plants will be also subject to the joint venture conditions.