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Wednesday, May 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Lithium

Patriot Battery Metals cuts ties with Albemarle after nine months of its deal

Albemarle’s strategic investment has funded a robust work program, enabling the installation of critical capital work

Patriot Battery Metals cuts ties with Albemarle after nine months of its deal
Image via Patriot Battery Metals.

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) decided to stop working with North Carolina-based Albemarle Corporation (NYSE: ALB) after nine months.

The company made this announcement on Wednesday. The company expects to move on from this with other downstream companies in the lithium supply chain. All the rights granted to Albemarle by the memorandum of understanding (MOU) have lapsed. These include include exclusivity issues regarding future mine production and other links to downstream chemical conversion facilities.

Since signing the MOU, Albemarle and Patriot have collaborated on various technical aspects of an integrated project. They advanced the scope of mine concentrate production and explored opportunities for a downstream lithium hydroxide plant integrated with the Corvette project.

Albemarle’s strategic investment has funded a robust work program, enabling the installation of critical capital works such as the camp, all-weather access road, and the recently completed eleven-rig winter drill program.

As the scale and quality of Patriot’s Corvette Project have become increasingly evident, the company has garnered significant interest from participants in the lithium industry. The draw for this interest is the potential for Corvette to be a high-quality raw material supplier for the lithium-ion battery supply chains. The decision to enable the company to fully engage with other downstream companies has been made in the best interests of shareholders.

Read more: Lithium South installs first production well at largest claim block, prepares for testing

Read more: Lithium South preliminary economic assessment shows optimism for lithium’s future

Albemarle operates all over the world

Albemarle Corporation is a global specialty chemicals company and the biggest lithium producer in the world. It’s known for its diverse portfolio of lithium, bromine, and refining catalyst solutions, among other products and services.

Its business activities span across multiple industries, including energy storage, petroleum refining, consumer electronics, construction, automotive, and pharmaceuticals. Albemarle’s global presence and innovative approach have positioned them as a key player in the specialty chemicals industry, particularly in the fast-growing lithium market.

Albemarle operates in various regions around the world, including North and South America, Europe, Asia, and Australia. It’s not without some steep competition, either. A few of its chief competitors include Chilean-based Sociedad Química y Minera de Chile (SQM) (NYSE: SQM), newly merged lithium producer Arcadium Lithium plc (NYSE: ALTM) (ASX: LTM), and promising junior Lithium South Development Corporation (TSXV: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ).

Lithium South has recently pioneered alternative lithium extraction methods at its flagship operation in Argentina’s Salta province. These aim to enhance the project’s value. The company produced two new lithium products using knowledge gained from experiments on lithium brine at Hombre Muerto North.

The first product was a highly concentrated lithium chloride brine solution containing 6 per cent lithium content by mass. Lithium South demonstrated a cumulative lithium recovery rate of 67 per cent after the pre-concentration and concentration evaporation stages.

 

Lithium South Development Corporation is a sponsor of Mugglehead news coverage

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