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. The agreement also calls for a royalty fee for each ton of aggregate sold by Martin Marietta to be paid to Albemarle, which plans to transfer the royalty to a non-profit entity that focuses on funding initiatives to support Kings Mountain and the surrounding communities.

“Through this relationship, we can advance our journey of responsible resource management and environmental stewardship to ensure a more sustainable future,” said Jennifer Skurski, Albemarle`s vice president of resources development and business planning. “We view it as our responsibility to maximize the value of our critical resources and build the strength and resiliency of our surrounding communities.”

“As stewards of our natural resources, we strive to minimize our environmental impact while providing materials on which our communities grow,” said Ron Kopplin, Martin Marietta`s east division president. “We are pleased to collaborate with Albemarle and view this agreement as consistent with both companies` commitments to our respective stakeholders, including the community and sustainability. Together we`re working to ensure a positive impact that lasts well beyond the current generation.”

The Kings Mountain Mine is one of the few known hard-rock lithium deposits in the U.S. and is expected to play a critical role in strengthening the U.S. lithium supply chain. The mine, which closed in the early 1990s, is being redeveloped to align with the Initiative for Responsible Mining Assurance`s Standard for Responsible Mining, a comprehensive and rigorous set of expectations that independent auditors can use to benchmark mining operators` practices.

Albemarle is currently preparing permits for submittal to regulatory agencies and undergoing studies and social impact assessments to determine the feasibility of reopening the mine. Once operational, the mine has the potential to produce approximately 420,000 tons of spodumene concentrate yearly.

Since 2016, Albemarle has contributed more than $2 million to Kings Mountain and the surrounding communities toward programs focused on education, health and wellness, and cultural initiatives. This includes a recently announced $1 million donation to Cleveland Community College to support the college`s workforce development programs.