08:08 AM EDT, 05/16/2024 (MT Newswires) -- Albermarle (ALB) has made an agreement with Chile's economy development agency CORFO for an option to more than double its lithium mining quota, the Chilean government organization said Wednesday.

Under the agreement, the US chemical company has the option to increase its production quota by 240,000 metric tons of lithium metal equivalent from about 460,000 metric tons of lithium metal equivalent currently, CORFO said in a statement.

In return, Albemarle must use sustainable extraction technology, consult local communities, and adhere to environmental regulations, according to the statement.

The agreement is part of an April 26 settlement in which Albemarle agreed to pay Chile $15.2 million to resolve 2021 claims it underpaid commissions.

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