Albermarle Lithium-Processing Plant Incident In Chile Being Investigated: Report

Albemarle Corp (ALB) is reportedly facing scrutiny after an incident at its Chile lithium-processing plant last week became the subject of an investigation.

According to a Bloomberg News report, which cited people with knowledge of the matter, there were no injuries reported following the incident. Meanwhile, the stock traded over 2% lower on Tuesday morning.

Meanwhile, according to a Reuters report, lawmaker Jaime Araya has asked Chile's mining regulator and labor office to look into the plant after receiving a complaint about a burst from a pipe containing acid. Araya represents the Antofagasta region where the plant is located.

Araya has been informed that an investigation has been opened by the labor inspector’s office, Reuters added.

Retail sentiment on Albemarle remained unchanged in the ‘bullish’ territory, with chatter at ‘high’ levels, according to data from Stocktwits. The retail user message count on the stock jumped nearly 130% on Stocktwits in the last 24 hours after lithium producers' shares rose on media reports about Contemporary Amperex Technology (CATL) suspending production at its lithium mine in China’s Jianxiawo for at least three months.

Lithium producers have long faced an issue of global oversupply, with added pressure from weakening demand for electric vehicles along with U.S. President Donald Trump’s rollback of industry incentives.

Albemarle’s stock has lost nearly 8% of its value this year and gained nearly 3% in the last 12 months. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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