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ALB

Albemarle

$95.76

-3.825 (-3.84%)

06:11
11/21/18
11/21
06:11
11/21/18
06:11

Albemarle signs exclusivity agreement with Mineral Resources for lithium JV

Albemarle announced that it has signed an exclusivity agreement with Mineral Resources in relation to the potential creation of a 50/50 joint venture, or JV, to own and operate the Wodgina hard rock lithium mine and ultimately develop an integrated lithium hydroxide operation at the resource site. Wodgina, located in the Pilbara region of Western Australia, is a hard rock lithium deposit, with an estimated mine life of over 30 years. The proposed JV, which remains subject to negotiation of definitive documents, would combine Albemarle's lithium production and marketing expertise with Mineral Resources, or MRL, regional presence and mining capabilities. Under the terms of the agreement, Albemarle would manage the marketing and sales of lithium hydroxide produced by the JV via Albemarle's long term agreement strategy. The purchase price for Albemarle's 50% interest in the JV would be $1.15B, which Albemarle expects to fund with available cash and new credit facilities. It is expected that the transaction will be accretive to Albemarle's earnings. Albemarle would acquire a 50% interest in all mineral rights within the Wodgina tenements, other than iron ore and tantalum, all fixed infrastructure and utility assets, the spodumene concentration plant and the mobile mining equipment. The parties would jointly manage the JV, through a company to be owned in equal shares by the parties. After construction and ramp-up of the spodumene concentration plant, the JV is expected to produce up to 750Ktpa of 6% spodumene concentrate from Wodgina which is planned to be used as feedstock to the future lithium hydroxide plant. The parties would jointly fund, design, build and operate a lithium hydroxide plant in stages at Wodgina utilizing Albemarle's core design. The first stage, once fully commissioned, is expected to produce at least 50ktpa of battery grade lithium hydroxide. Construction would commence as soon as the necessary licenses and approvals are in place. The second stage is expected to convert the remaining volume of spodumene concentrate to battery grade lithium hydroxide, at which point the plant is expected to be producing at least 100Ktpa of lithium hydroxide. An exclusivity period until December 14 for the parties to agree upon and execute binding definitive documents. While the above terms have been commercially agreed and the agreement is binding in respect to the exclusivity period, the parties will only become legally bound to enter into the proposed joint venture upon execution of definitive documents and board approval by the parties. Completion of the transaction will be subject to satisfaction of conditions of an administrative nature, any regulatory approvals and any third party consents.

ALB Albemarle
$95.76

-3.825 (-3.84%)

10/19/18
LOOP
10/19/18
NO CHANGE
Target $130
LOOP
Buy
Downdraft in Albemarle stock creates buying opportunity, says Loop Capital
Loop Capital analyst Chris Kapsch kept his Buy rating and $130 price target on Albemarle (ALB), saying the recent downdraft on the investment case for the stock is yielding a buying opportunity. The analyst notes that sentiment may have been clouded further by concerns around pricing at which the company has to sell its Chilean-based lithium carbonate production to local cathode manufacturers and also the expansion challenges in Chile experienced by Albemarle and SQM (SQM). Kapsch states however that his conversations with the management as well as other industry contacts will prove that the incremental Chilean concerns are just "noise".
10/30/18
BMOC
10/30/18
INITIATION
Target $18
BMOC
Market Perform
Livent initiated with a Market Perform at BMO Capital
BMO Capital analyst Joel Jackson initiated Livent (LTHM) with a Market Perform rating and a price target of $18. The analyst notes that while he likes the company's position of an "established, U.S.-listed, integrated, lithium pure play with a specialties/hydroxide focus", he sees neutral risk-reward on the stock based on its valuation trading at only a "slight discount" to the lithium business of Albemarle (ALB) and Sociedad Quimica (SQM). Jackson also points to the overhang of the FMC Corp (FMC) spin until the middle of Q1.
11/15/18
BUCK
11/15/18
INITIATION
Target $106
BUCK
Neutral
Albemarle initiated with a Neutral at Buckingham
Buckingham analyst Dmitry Silversteyn initiated Albermarle with a Neutral and $106 price target citing valuation.
11/15/18
11/15/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. PayPal (PYPL) initiated with an Overweight at Barclays. 2. Albemarle (ALB) initiated with a Neutral at Buckingham. 3. Galapagos NV (GLPG) initiated with a Strong Buy at Raymond James. 4. Mogo Finance (MOGO) initiated with a Buy at B. Riley FBR. 5. Altice USA (ATUS) initiated with a Buy at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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