Albemarle and Patriot Battery Metals will not extend the terms of an MoU assessing the development of downstream refining at the Corvette lithium project.

Albemarle and Patriot Battery Metals announced that the MoU between the two companies to assess downstream development of lithium hydroxide processing capacity at the Corvette project in British Columbia, Canada. The non-binding MoU, originally signed in July 2023, was stated to run for a 9-month period. The lack of an extension to the MoU is not expected to impact the 4.9% ownership of Patriot Battery Metals by Albemarle, acquired for C$109M (US$82.3M) in 2023.

Patriot Battery Metals has stated that it will look to engage with other downstream focussed companies in the lithium supply chain, suggesting that production of lithium hydroxide at an integrated facility remains the long-term focus for the Corvette project. The company continues to report attractive assay results from the Corvette project and wider CV Lithium Trend group of pegmatites, including the CV5 pegmatite with an estimated resource of 109.2Mt grading 1.42% Li₂O.      

After a turbulent start to 2024, in which Albemarle announced it would look to cut staff and pause expansions after continued lithium price decline, Albemarle’s support for development and expansion projects has been reborn, with planned expansions at the La Negra plant in Chile, Kemerton in Australia, Qinzhou in China and Silver Peak in the USA, along with the Megaflex facilities in the USA and Europe, reinforced in May.