- This year marks the start of the 'Terra era', as global battery factory capacity rises above 1 terrawatt hour
- Distrust remains between carmakers and miners
This week, top lithium company Albemarle (US:ALB) withdrew from an agreed deal for Australian developer Liontown Resources (AU:LTR). Albemarle had been prepared to pay more than $4bn (£3.5bn) for the company in order to take over its in-progress Kathleen Valley mine and processing plant.
The trigger for the collapse of the deal was unrelated to the project itself – it was the mining industry’s foibles getting in the way of an important deal for the energy transition, yet again. After Albemarle launched its buyout, Hancock Prospecting, owned by Australia's richest person, Gina Rinehart, bought up 19.9 per cent of Liontown. Albemarle blanched at having to deal with Hancock Prospecting as a major shareholder or potential holdout to the transaction and pulled out, and now Liontown has to find $235mn to fund the rest of the build costs of its mine.