ALBEMARLE AND MARTIN MARIETTA SIGN INNOVATIVE AGREEMENT FOR BENEFICIAL USE OF MATERIAL FROM KINGS MOUNTAIN MINE
CHARLOTTE, N.C., May 8, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced an innovative agreement with Martin Marietta Materials, Inc. (NYSE: MLM) a leading supplier of building materials — including aggregate, cement, ready mixed concrete and asphalt — to make beneficial use of extracted limestone material from Albemarle's proposed Kings Mountain Mine project. This agreement is part of Albemarle's plan to resume lithium mining operations at the Kings Mountain Mine in an environmentally and socially responsible manner, including opportunities to repurpose byproduct material and enhance the economic benefits for the surrounding community.
- Under the agreement, Albemarle plans to deliver limestone material to Martin Marietta's Kings Mountain Quarry, adjacent to the Kings Mountain Mine.
- Martin Marietta plans to process and sell the limestone material as construction aggregate for use in infrastructure, nonresidential and residential construction projects.
- The companies intend for this agreement to help reduce both companies' operational footprints and contribute to more sustainable management of resources.
- This includes a recently announced $1 million donation to Cleveland Community College to support the college's workforce development programs.