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Albemarle (ALB) Secures $90M Grant to Expand Lithium Production
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Albemarle Corporation (ALB - Free Report) announced that it has secured a $90-million grant from the U.S. Department of Defense to support the expansion of domestic mining and lithium production for the nation's battery supply chain.
This funding is being provided through the Office of the Assistant Secretary of Defense for Industrial Base Policy, utilizing Defense Production Act authorities. The grant will be instrumental in acquiring a fleet of mining equipment, a crucial component of Albemarle's strategy to reopen its lithium mine in Kings Mountain, NC.
The Kings Mountain mine holds significant importance because it is one of the few known hard rock lithium deposits in the United States. This site is expected to supply sufficient material to convert 50 kt LCE (Lithium Carbonate Equivalent) and support the initial production of approximately 1.2 million electric vehicles each year.
Albemarle sees that the Kings Mountain mine will become operational as early as late 2026, subject to permitting processes. In preparation for this, the company is implementing "IRMA-Ready" standards, which serve as an operational playbook for mine sites during the exploration phase. The Initiative for Responsible Mining Assurance (IRMA) standards underscore the importance of environmental stewardship and community engagement in mining operations.
This commitment to responsible mining practices aligns with Albemarle's dedication to sustainability and ensuring a positive impact on the local community and the environment. With its involvement in lithium extraction, processing and groundbreaking lithium battery material research in the United States, Albemarle is a key player in driving the clean energy revolution forward.
Albemarle’s shares have declined 40% in a year compared with a 4.7% rise recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Albemarle currently carries a Zacks Rank #3 (Hold).
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 75.2% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating a year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 25.3% in the past year.
The earnings estimate for Alamos’ current year is pegged at 43 cents, indicating a year-over-year growth of 53.6%. The Zacks Consensus Estimate for AGI current-year earnings has been revised 13.1% upward in the past 60 days. The company’s shares have risen roughly 61.4% in the past year.
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Albemarle (ALB) Secures $90M Grant to Expand Lithium Production
Albemarle Corporation (ALB - Free Report) announced that it has secured a $90-million grant from the U.S. Department of Defense to support the expansion of domestic mining and lithium production for the nation's battery supply chain.
This funding is being provided through the Office of the Assistant Secretary of Defense for Industrial Base Policy, utilizing Defense Production Act authorities. The grant will be instrumental in acquiring a fleet of mining equipment, a crucial component of Albemarle's strategy to reopen its lithium mine in Kings Mountain, NC.
Albemarle Corporation Price and Consensus
Albemarle Corporation price-consensus-chart | Albemarle Corporation Quote
The Kings Mountain mine holds significant importance because it is one of the few known hard rock lithium deposits in the United States. This site is expected to supply sufficient material to convert 50 kt LCE (Lithium Carbonate Equivalent) and support the initial production of approximately 1.2 million electric vehicles each year.
Albemarle sees that the Kings Mountain mine will become operational as early as late 2026, subject to permitting processes. In preparation for this, the company is implementing "IRMA-Ready" standards, which serve as an operational playbook for mine sites during the exploration phase. The Initiative for Responsible Mining Assurance (IRMA) standards underscore the importance of environmental stewardship and community engagement in mining operations.
This commitment to responsible mining practices aligns with Albemarle's dedication to sustainability and ensuring a positive impact on the local community and the environment. With its involvement in lithium extraction, processing and groundbreaking lithium battery material research in the United States, Albemarle is a key player in driving the clean energy revolution forward.
Albemarle’s shares have declined 40% in a year compared with a 4.7% rise recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Albemarle currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Carpenter Technology Corporation (CRS - Free Report) and Akzo Nobel N.V. (AKZOY - Free Report) , both sporting a Zacks Rank #1, and Alamos Gold Inc. (AGI - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 75.2% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating a year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 25.3% in the past year.
The earnings estimate for Alamos’ current year is pegged at 43 cents, indicating a year-over-year growth of 53.6%. The Zacks Consensus Estimate for AGI current-year earnings has been revised 13.1% upward in the past 60 days. The company’s shares have risen roughly 61.4% in the past year.