OTCQX:AVLIF - Post by User
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goodtoreadthison Nov 09, 2018 2:17am
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Albemarle STOPS Chilean expansion
Albemarle STOPS Chilean expansion Albemarle stops Chile expansion plans amid lithium tech scrutiny
Albemarle (ALB -1.3%) CEO Luke Kissam defends the company's process that it has said could boost lithium production in Chile but is postponing two expansion projects that would have needed the new technology to be successful.
ALB said during today's earnings conference call that it would stop engineering work on its planned La Negra V and VI expansion projects.
Chilean regulators "want to see is some proof that it’s going to work before they give it to us. That’s it. It is not a big deal... and we only need it if we build" La Negra V and VI, Kissam said.
Earlier: Albemarle -2.5% as unexpected shutdowns at lithium plants hurt Q3 results (Nov. 8)