US prosecutors indict Gautam Adani on bribery charges
The billionaire was charged with participating in a scheme that involved paying more than $250 million in bribes to Indian government officials.
Albemarle (NYSE: ALB), the world’s largest lithium producer, is collaborating with mining equipment manufacturer Caterpillar (NYSE: CAT) on solutions to support the full circular battery value chain and sustainable mining operations.
The partnership aims to support Albemarle’s efforts to establish Kings Mountain, North Carolina, as the first-ever zero-emissions lithium mine site in North America, according to a statement released Wednesday. These efforts include utilization of next-generation, battery-powered mining equipment.
The planned Kings Mountain mine contains one of the few known hard-rock lithium deposits in the US. The site is expected to feed sufficient material for 50 kilotonnes of lithium carbonate equivalent (LCE) of conversion capacity and support the manufacturing initially of approximately 1.2 million electric vehicles annually.
As per an agreement signed by the companies, lithium produced by Albemarle’s North American sites will be made available for use in Caterpillar’s battery production. The companies will also explore opportunities related to the research and development of battery cell technology and recycling techniques.
“It’s a win-win-win scenario, in which we are both customers and suppliers of each other, and the innovation we pursue together benefits the world,” Eric Norris, Albemarle’s Energy Storage president, said in Wednesday’s press release.
“Beyond supplying infrastructure and materials, battery-powered Caterpillar machinery and potential improvements to cell technology will open up new possibilities for the future of sustainable mining,” Norris said.
Albemarle said it aims to replicate the same progress that it has made toward social and environmental responsibility at the Salar de Atacama operation, where the company became the world’s first lithium producer to complete a third-party audit and publish a report through the Initiative for Responsible Mining Assurance’s (IRMA) stringent standard.
“Through this collaboration with Caterpillar, Albemarle is creating a new pathway where we can make a global impact – outside of the leadership we’re known for with EVs,” added Anita Natesh, Albemarle’s commercial VP for North America, Europe and India for Energy Storage.
“Caterpillar is developing lithium-ion batteries and battery-electric products today for our customers around the world who, like Albemarle, are driving toward net zero carbon emissions goals,” said Rod Shurman, senior vice president of electrification and energy solutions at Caterpillar.
“The agreements for lithium offtake and potential collaboration on R&D signed today will help to advance this work and further build out a secure, resilient and sustainable value chain for electrified equipment across the Caterpillar portfolio, while also supporting Albemarle’s journey to more sustainable operations.”
The announcement comes on the heels of Albemarle’s recent award of $90 million from the Department of Defense to help support the expansion of domestic mining and the production of lithium for the nation’s battery supply chain.
