Liontown Resources Limited has announced Albemarle Corporation has withdrawn its Indicative Proposal and will not proceed with its proposed acquisition of Liontown.
Albemarle has informed Liontown that it has decided to withdraw its proposal due to the increasing challenges associated with carrying out the transaction.
Additionally, the company said Albemarle has confirmed its support for the flagship Kathleen Valley project and Liontown’s management.
According to Liontown, it is dedicated to executing its strategic plan, focusing on the Kathleen Valley Lithium Project, maximising its assets, and generating long-term value for shareholders, with the Board of Directors and leadership team confident in its ability to thrive independently.
“We acknowledge Albemarle’s decision. They were constructive and respectful throughout the diligence process. Notwithstanding, our position to maintain momentum on our base plan has allowed us to keep line of sight of first production from the Kathleen Valley Project in mid-2024. The Board remains focused on delivering outstanding performance and value to its stakeholders,” Liontown Managing Director and CEO Tony Ottaviano said.
