Lithium giant distances itself from billionaire’s attack on China

afr.com:

Albemarle has distanced itself from Mineral Resources boss Chris Ellison and his attack on China after he pulled out of a billion dollar-deal lithium processing deal with the global battery chemical giant on the Chinese mainland last month.

Kent Masters, Albemarle’s chief executive, said he didn’t share the same perspective that led Mr Ellison to tear up his commitment to a processing joint venture after the West Australian billionaire declared the economy high-risk and MinRes “don’t want to trap money in China”.

Albemarle’s Kent Masters checking out the Kemerton lithium hydroxide plant in WA. Tony McDonough

“We have different views of the geopolitical risk between Australia and China. They’re (MinRes) an Australian company, we’re a US company,” he said. “The lithium business is a significant business in China, and we’ve got a significant footprint there and our customers all operate there for the most part.”

Mr Masters said Albemarle had been open about its pivot to the West under a strategy to continue serving the Chinese battery chemicals market and localising supply chains in Western nations.

MinRes and Albermarle are still partners in the Wodgina lithium mine in WA.

Mr Ellison said China imposed trade bans on Australian commodities, including coal and wine, but didn’t dare lean on the US in the same way. Last year the Biden administration banned the sale of advanced chips to China essential for high-end technology applications.

Albemarle said there had been no meaningful engagement with the Liontown board since its spurned $5.5 billion takeover bid for pre-production lithium miner Liontown Resources.

But Charlotte-headquartered Albemarle did highlight a change in approach securing downstream assets, suggesting it