Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Albemarle    ALB

ALBEMARLE

(ALB)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Exclusive: Albemarle pushes Chile to reverse lithium quota decision - filings

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/05/2018 | 03:54pm EST
FILE PHOTO: Water fight raises questions over Chile lithium mining

SANTIAGO/HOUSTON (Reuters) - Albemarle Co has launched an aggressive lobbying campaign after Chilean regulators denied its request to boost lithium output, stressing the company's importance to Chile's economy and workers, according to records reviewed by Reuters.

The behind-the-scenes moves come even as Albemarle has publicly brushed off worries from analysts and investors about rising regulatory pressure in Chile, home to the world's largest reserves of lithium, a crucial ingredient in electric car batteries and mobile phones.

Ellen Lenny-Pessagno, who became Albemarle's Chile country manager in October, met with the Chilean Nuclear Energy Commission (CCHEN) on Nov. 23 to discuss the rejection, according to filings with Chile's lobbyist transparency website that have been previously unreported.

The nuclear agency, which oversees lithium sales and export from Chile, had rejected Albemarle's request in September to increase its quota to sell lithium. That effectively stunted the long-term expansion plans of the world's top producer of the ultralight metal.

Albemarle Chief Executive Luke Kissam stressed in a November conference call with investors that the rejection from CCHEN was "not a big deal, OK? It's not a big deal."

But Lenny-Pessagno, a former diplomat who has held senior roles with the U.S. State Department advocating for U.S. renewable energy companies in Spain, Chile and Colombia, told CCHEN's interim director, Mauricio Lichtemberg, that the regulator's September decision was having an impact on its workers and investors, according to minutes from the meeting.

Albemarle did not immediately respond to a Reuters request for comment.

Lenny-Pessagno discussed "how important Albemarle is to Chile from an investment standpoint, as a source of direct employment and for contractors," the minutes show.

Albemarle pays Chile more than $100 million annually in lithium royalties, giving it some financial and political sway in the country.

Lenny-Pessagno's visit to CCHEN was the second in as many months by an Albemarle executive. Eric Norris, chief of Albemarle's lithium division, had flown to Santiago from the company's North Carolina headquarters in October, shortly after the rejection, according to the lobbyist transparency records.

AUSTRALIA VS. CHILE?

Lenny-Pessagno also referred to the U.S.-based miner's investments in other countries, meeting minutes show.

She told Chile's nuclear regulator that Albemarle was making new investments in Australia, which vies with Chile to be the world's top lithium producer.

The day before the meeting, Albemarle had announced a $1.15 billion deal to form a joint venture with Australia's Mineral Resources Ltd.

That venture, if finalised, would eventually produce more lithium than Albemarle has authorization to sell from Chile.

CCHEN's Lichtemberg reiterated to Lenny-Pessagno the same points it had made in the initial ruling in September, the minutes show.

The agency has not responded to Reuters requests for comment on the details of the rejection.

But it has said that Albemarle had failed to provide requested details about how it plans to triple lithium production from Chile's Salar de Atacama without using more water.

Regulators are cracking down on water use by both copper and lithium miners in the salar, which lies at the heart of the world's driest desert.

Last month, Reuters reported that environmental regulators had rejected Albemarle's plans to build a plant to process 42,500 tonnes of lithium carbonate annually on Chile's coast, another critical facet of its long-term plans.

(Reporting by Ernest Scheyder and Dave Sherwood, Editing by Rosalba O'Brien)

By Dave Sherwood and Ernest Scheyder

Stocks treated in this article : Albemarle, Mineral Resources Limited
Stocks mentioned in the article
ChangeLast1st jan.
ALBEMARLE 1.18% 81.37 Delayed Quote.5.58%
MINERAL RESOURCES LIMITED 1.69% 17.5 End-of-day quote.13.12%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALBEMARLE
01/28ALBEMARLE CORPORATION : to Attend 2019 Bank of America Merrill Lynch Global Agri..
PR
01/24ALBEMARLE : and Corfo announce resolution in Chile
PR
01/17ALBEMARLE CORPORATION TO RELEASE FOU : 00 a.m. ET
AQ
01/16ALBEMARLE CORPORATION : to release fourth quarter 2018 earnings results on Wedne..
PR
01/15Singapore's Alliance Minerals reframes lithium supply deal, seeks new custome..
RE
01/09Explainer - SQM and Chile reach lithium deal, but Atacama water woes continue
RE
01/02ALBEMARLE : Begins Earthworks at Kemerton Project, Remains On-Target in Western ..
PR
2018EXCLUSIVE : Chile to delay arbitration with top lithium producer Albemarle
RE
2018ALBEMARLE CORP : Entry into a Material Definitive Agreement (form 8-K)
AQ
2018ALBEMARLE : Announces Definitive Agreement with Mineral Resources Limited to For..
PR
More news
Financials ($)
Sales 2018 3 367 M
EBIT 2018 807 M
Net income 2018 663 M
Debt 2018 1 095 M
Yield 2018 1,68%
P/E ratio 2018 12,51
P/E ratio 2019 13,28
EV / Sales 2018 2,89x
EV / Sales 2019 2,88x
Capitalization 8 642 M
Chart ALBEMARLE
Duration : Period :
Albemarle Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ALBEMARLE
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 109 $
Spread / Average Target 34%
EPS Revisions
Managers
NameTitle
Luke C. Kissam Chairman, President & Chief Executive Officer
Scott A. Tozier Chief Financial Officer & Executive Vice President
Glen Merfeld Chief Technology Officer
Harriett Tee Taggart Independent Director
William H. Hernandez Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ALBEMARLE5.58%8 642
SAUDI BASIC INDUSTRIES CORPORATION SJSC--.--%99 200
AIR LIQUIDE-1.48%51 823
SHIN-ETSU CHEMICAL CO LTD14.19%36 400
LYONDELLBASELL INDUSTRIES0.90%33 624
GIVAUDAN7.78%22 523