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US Signs $90Mln Mining Deal With Albemarle to Boost Lithium Production

© Sputnik / Ruslan KrivobokCutting of the lithium metal ingot
Cutting of the lithium metal ingot  - Sputnik International, 1920, 12.09.2023
WASHINGTON (Sputnik) - The Biden administration has signed a $90 million deal with the Albemarle Corporation to expand the domestic production of lithium for use in batteries within the United States, the US Defense Department announced on Tuesday.
"The Office of the Assistant Secretary for Industrial Base Policy, through its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, entered an agreement with Albemarle Corporation to support the expansion of domestic mining and production of lithium," the Pentagon stated.
The $90 million agreement was signed under the Defense Production Act Title III and it used funds appropriated by the Inflation Reduction Act, the release said.
"[The deal] will help support Albemarle's planned re-opening of their Kings Mountain, North Carolina lithium mine to increase domestic production of lithium for the nation's battery supply chain," the department added.
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The Albemarle Company has estimated that the new Kings Mountain facility will become operational between 2025 and 2030, according to the Pentagon.
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