Yahoo Finance Albemarle (ALB)-Martin Marietta Team Up for Kings Mountain Mine
Albemarle Corporation ALB recently entered into an agreement with Martin Marietta Materials, Inc. MLM, a prominent supplier of building materials. This collaboration aims to use extracted limestone material from Albemarle's proposed Kings Mountain Mine project in an environmentally-conscious manner.
The agreement entails Albemarle supplying limestone material to Martin Marietta's nearby Kings Mountain Quarry. Martin Marietta intends to process and distribute this material as construction aggregate for infrastructure and construction projects. Both companies envision this alliance as a step to reduce their operational footprints and promote sustainable resource management.
Per the agreement, Martin Marietta will pay a royalty fee to Albemarle for each ton of aggregate sold. Albemarle plans to channel these royalties to a non-profit organization dedicated to supporting Kings Mountain and its surrounding communities.
Albemarle Corporation Price and Consensus
Albemarle Corporation price-consensus-chart | Albemarle Corporation Quote
Albemarle emphasized the importance of responsible resource management and community support in its endeavor. Martin Marietta echoed this sentiment, highlighting its commitment to environmental stewardship and community welfare.
The Kings Mountain Mine, which is being redeveloped in line with sustainability standards, is poised to play a key role in bolstering the U.S. lithium supply chain. Albemarle is currently in the process of obtaining permits and conducting feasibility studies to reopen the mine, which could potentially produce 420,000 tons of spodumene concentrate annually once operational.
Over the years, Albemarle has invested significantly in Kings Mountain and neighboring communities, contributing to education, health and cultural initiatives. This includes recent support for Cleveland Community College's workforce development programs with a $1-million donation.
Shares of Albemarle have lost 35.5% in the past year compared with a 0.9% rise of the industry.
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Zacks Rank & Key Picks
Albemarle currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are ATI Inc. ATI and Carpenter Technology Corporation CRS, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.34%. The company’s shares have soared 64.7% in the past year.
CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company’s shares have soared 106%% in the past year.
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Martin Marietta Materials, Inc. (MLM) : Free Stock Analysis Report
