Albemarle's Lithium Deal Crumbles as Liontown Emerges
Albemarle, a U.S.-based miner, has abandoned its $4.2 billion buyout bid for Australian lithium developer Liontown Resources. Albemarle withdrew its proposal due to "growing complexities" after Hancock Prospecting, controlled by Australia's richest person, raised its stake in Liontown to 19.9%. Liontown has entered a trading halt to raise funding for its Kathleen Valley lithium project, which is expected to start producing lithium next year. The project is considered one of the world's top five lithium projects, and Liontown has already secured deals with Ford, Tesla, and LG Energy. Albemarle's withdrawal does not rule out potential future collaboration or supply agreements.