Albemarle Corp. has reached a key milestone in reviving its long-dormant Kings Mountain lithium mine in Cleveland County, North Carolina, by completing dewatering of the open pit site. This progress supports the company’s strategic focus on lithium production for EV batteries amid cost-cutting elsewhere.
Project Milestones
Dewatering removed 1.57 billion gallons of rainwater accumulated since the 1990s, enabling early-stage development. Recent drilling campaigns, totaling nearly 42,000 feet, bolster potential resource updates next year, with annual output targeted at 420,000 tons of spodumene concentrate once operational.
Financial Strategy
Despite a 5.6% full-year revenue drop to $5.1 billion, Q4 results beat expectations at $1.4 billion, driven by energy storage growth. Measures include shutting the Kemerton plant in Australia, targeting $100-150 million more in 2026 savings, and divesting non-core assets for $660 million in cash to reduce debt.
Lithium Market Outlook
Albemarle raised its 2030 global lithium demand forecast by 10%, projecting 1.8-2.2 million tons in 2026 (15-40% growth). This reflects booming stationary storage for grids, AI data centers, and renewables, offsetting prior price drops that prompted layoffs and project deferrals like Richburg, SC.
Local Impact
The 1,200-acre site, acquired in 2015, awaits 13 permits; costs could reach hundreds of millions. Charlotte/Kings Mountain employment fell to ~900 from 1,100, aligning with global cuts to 7,800 workers. The mine emphasizes stormwater reuse for sustainability.
