Mineral Resources/Albemarle complete Wodgina deal, shuts mine

ASX-listed Mineral Resources and US-based Albamarle Corporation have formed a joint venture after completing a transaction on the Wodgina lithium project, in Western Australia, only to mothball the operation given the low lithium prices.

The two companies in December of last year struck a $1.15-billion agreement under which Albemarle would acquire a 50% interest in the Wodgina project, with the companies to form a joint venture (JV) to develop, mine, process and produce lithium and other minerals, apart from iron-ore, at the Wodgina project.