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Shares of Albemarle Corporation (NYSE:ALB) are trading higher Wednesday alongside several other lithium stocks after Lithium Americas Corp. (NYSE:LAC) surged on reports that the Trump administration is seeking an equity stake in the company.
What To Know: According to Reuters, the Trump administration is seeking up to a 10% equity stake in Lithium Americas as a part of a renegotiation of a $2.26 billion loan for the Thacker Pass lithium project. The move aims to strengthen the domestic lithium supply chain for national security purposes.
General Motors, which invested $625 million for a 38% stake in Thacker Pass, holds rights to purchase the mine's lithium output, though officials are reportedly pushing for guarantees and potential shifts in project control. Thacker Pass is poised to become the largest lithium operation in the Western Hemisphere, with production expected to begin in 2028.
Albemarle shares are moving higher on Wednesday as the anticipated deal boosted investor sentiment across lithium-related stocks. Several other lithium stocks were trading higher at last check, with the Global X Lithium & Battery Tech ETF (NYSE:LIT) up about 4% at the time of publication.
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ALB Price Action: At the time of writing on Wednesday, Albemarle shares were up 2.53% at $82.15, according to data from Benzinga Pro.
Image via Shutterstock
