TOP LITHIUM SUPPLIER BETS ON TURNAROUND AMID GREEN-CAR WAVE

Albemarle Corp. has earmarked almost all the proceeds from a US$1.5-billion equity offering to expand its lithium capacity as the global battery boom gathers momentum. Already the world's biggest lithium supplier, the Charlotte, N.C.-based company will allocate about 90 per cent, or US$1.35 billion, of a capital raise to expand operations in Chile and Australia and processing plants in China, chief executive Kent Masters said. Producers of the key ingredient in rechargeable batteries are starting to ramp up. Chinese spot prices of the metal rebounded this year as a wave of green-vehicle targeting boosts demand prospects. Ford Motor Co. announced last week its passenger-vehicle range will be all-electric in Europe by 2030. General Motors Co. plans to sell only zero-emission models by 2035.