雅保公司 (ALB) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2021 Albemarle Corporation Earnings Conference Call. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加雅保公司（Albemarle Corporation）2021 年第三季（Q3 2021）財報電話會議。（接線員指示）

I would now like to hand the conference over to your speaker today, David Burke, Director of Investor Relations. Thank you. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係總監 David Burke。謝謝。請開始。

Thank you, and welcome to Albemarle's Third Quarter 2021 Earnings Conference Call. Our earnings were released after close of market yesterday, and you'll find our press release, earnings presentation and non-GAAP reconciliations posted on our website under the Investors section at www.albemarle.com. Joining me on the call today are Kent Masters, our Chief Executive Officer; and Scott Tozier, our Chief Financial Officer; Raphael Crawford, President of Catalyst; Netha Johnson, President of Bromine Specialties; and Eric Norris, President of Lithium, are also available for Q&A.

謝謝，歡迎參加雅保 2021 年第三季財報電話會議。我們的財報已於昨日收盤後發布，您可在 www.albemarle.com 網站「投資人」專區找到新聞稿、財報簡報以及非 GAAP 調節表。今天與我一同參與電話會議的有：執行長 Kent Masters；財務長 Scott Tozier；另外，催化劑事業總裁 Raphael Crawford、溴素特殊產品事業總裁 Netha Johnson，以及鋰事業總裁 Eric Norris 也將出席問答環節。

As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance, and timing of expansion projects may constitute forward-looking statements within the meaning of federal securities laws. Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation. Same language applies to this call.

提醒各位，本次電話會議中所作的部分陳述，包括我們的展望、指引、預期公司表現以及擴產專案的時程，可能構成聯邦證券法所定義的前瞻性陳述。請留意我們新聞稿與財報簡報中關於前瞻性陳述的警示性用語；同樣的用語亦適用於本次電話會議。

Please also note that some of our comments today refer to non-GAAP financial measures. A reconciliation to the GAAP financial measures can be found in our earnings release and the appendix of our earnings presentation, both of which are posted on our website.

也請注意，我們今天的部分評論將提及非 GAAP 財務衡量指標。與 GAAP 財務衡量指標的調節可在我們的財報新聞稿及財報簡報附錄中找到，兩者皆已發布於我們的網站。

Now I will turn the call over to Kent.

現在我把電話交給 Kent。

Thanks, David, and thank you all for joining us today. On today's call, I will highlight our quarterly results, provide an update on our goals for 2021 and discuss the progress of our ongoing expansion plans. Scott will provide more detail on our results, outlook, and guidance.

謝謝你，David，也感謝各位今天加入我們。在今天的電話會議中，我將重點說明本季業績、更新我們 2021 年目標的進展，並討論我們持續推動的擴產計畫進度。Scott 將就我們的業績、展望與指引提供更詳細的說明。

We reported another solid quarter with net sales of $831 million and adjusted EBITDA of $218 million. Sales improved by 11% on a year-over-year basis, while adjusted EBITDA was relatively flat compared to the third quarter last year. Excluding FCS from our third quarter 2020 results, our net sales were 19% higher and EBITDA was up 14%. Scott will get into more detail on our financials in a few minutes including favorable revisions to our guidance. As we stated in our earnings release this morning, we increased our guidance based on the third quarter results.

我們再度繳出穩健的一季，淨銷售額為 8.31 億美元，調整後 EBITDA 為 2.18 億美元。銷售額年增 11%，而調整後 EBITDA 與去年第三季相比大致持平。若將 2020 年第三季的 FCS 影響排除，我們的淨銷售額高出 19%，EBITDA 則成長 14%。Scott 稍後將更詳細說明我們的財務表現，包括對指引所做的有利修訂。正如我們今早在財報新聞稿中所述，我們已基於第三季結果上調指引。

During our recent Investor Day, we did a deep dive into our accelerated growth strategy and provided color on how we think about the near-term expansion of our Lithium business as well as our disciplined investment approach. Since that event in early September, we are pleased to have announced several updates on those efforts. This includes signing an agreement to acquire Guangxi Tianyuan New Energy Materials, or Tianyuan, which owns a recently built conversion plant near Qinzhou. We are totaling to ensure the plant operates as advertised and expect to close this transaction in the first quarter of next year. This puts us on track for first sales from this plant in the first half of next year.

在近期的投資人日活動中，我們深入說明了加速成長策略，並就我們如何看待鋰業務的短期擴張，以及我們嚴謹的投資方法提供更多說明。自 9 月初該活動以來，我們很高興宣布多項相關進展，包括簽署協議收購廣西天源新能源材料（Guangxi Tianyuan New Energy Materials，簡稱 Tianyuan）。Tianyuan 擁有一座近期建成、位於欽州附近的轉換工廠。我們正在進行全面查核，以確保該工廠如其宣稱般運作，並預期於明年第一季完成交易。這使我們有望於明年上半年自該工廠開始首次銷售。

In addition to this plant, we have signed 2 recent agreements for investments in China to support 2 greenfield projects, each initially targeting 50,000 metric tons per year. These projects position us for initial added conversion capacity of up to 150,000 metric tons of lithium hydroxide on an annual basis to meet our customers' growing demands. In addition, our MARBL joint venture announced the restart of the Wodgina Lithium Mine in Western Australia.

除該工廠外，我們近期亦在中國簽署兩項投資協議，以支持兩個綠地（greenfield）專案，每個專案初期目標為年產 50,000 公噸。這些專案使我們具備新增最高達年產 150,000 公噸氫氧化鋰的初始轉換產能，以滿足客戶日益成長的需求。此外，我們的 MARBL 合資企業也宣布重啟位於西澳的 Wodgina 鋰礦。

On Slide 5, you will see the objectives we set for 2021. When we set these goals, we did so with the intent of challenging ourselves with plans that were aggressive, but achievable. As we approach the end of the year, I'm excited by the significant progress and proud of the effort our team has put into achieving these goals. As you see on this slide, we have accomplished the vast majority of what we set out to do. For example, we are successfully progressing high-return, fast payback Bromine projects at both Magnolia and JBC. These projects will increase our capacity and improve the efficiencies of our operations. We've also made significant progress on our lithium growth projects.

在第 5 張投影片中，您將看到我們為 2021 年設定的目標。設定這些目標時，我們的用意是以積極但可達成的計畫來挑戰自己。隨著年末將近，我對我們取得的重大進展感到振奮，也為團隊為達成目標所付出的努力感到自豪。如投影片所示，我們已完成絕大多數原先設定的事項。例如，我們在 Magnolia 與 JBC 兩地的高報酬、快速回收期溴素專案正順利推進。這些專案將提升產能並改善營運效率。我們在鋰成長專案方面也取得顯著進展。

Now let's turn to Slide 6. First, at La Negra III and IV, our team continues to execute to plan. I'm excited to announce that we recently completed a major milestone by achieving first lithium carbonate production in late October. Initial production volumes will be used to qualify the plant and the material with our customers to ensure we are meeting their requirements. This qualification process is proceeding on track with first sales expected in the first half of next year.

現在請看第 6 張投影片。首先，在 La Negra III 與 IV，我們的團隊持續依計畫執行。我很高興宣布，我們近期在 10 月下旬達成一項重要里程碑：首次產出碳酸鋰。初期產量將用於工廠與產品的認證，以確保符合客戶需求。此認證流程正按計畫進行，預期於明年上半年開始首次銷售。

In Western Australia, the ongoing labor shortages and pandemic-related travel restrictions have continued to significantly impact virtually all companies in that region and show no signs of easing in the near term. Despite these efforts and with Herculean efforts, our team has managed to hold Kemerton I construction completion to year-end 2021. We now expect Kemerton II construction completion in the second half of 2022. While we are facing challenges at these projects, our strategy to consolidate resources and prioritize the first train continues to mitigate additional risks.

在西澳，持續的勞動力短缺與疫情相關的旅行限制，已持續對該地區幾乎所有公司造成重大影響，且短期內看不到緩解跡象。儘管面臨這些情況並付出極大努力，我們的團隊仍成功將 Kemerton I 的施工完工時間維持在 2021 年底。我們目前預期 Kemerton II 將於 2022 年下半年完成施工。雖然這些專案面臨挑戰，但我們整合資源並優先推進第一條產線（first train）的策略，仍持續有助於降低額外風險。

On Slide 7, I'll highlight the progress we've made on our Wave III program since we last spoke to you at our Investor Day. At the end of September, we announced an agreement to acquire Tianyuan for $200 million, including a recently built conversion plant near the port of Qinzhou designed to produce up to 25,000 metric tons of lithium per year with the potential to expand to 50,000 metric tons per year.

在第 7 張投影片中，我將重點說明自投資人日以來，我們在 Wave III 計畫上取得的進展。9 月底，我們宣布以 2 億美元收購 Tianyuan 的協議，其中包含一座近期建成、位於欽州港附近的轉換工廠，設計年產能最高可達 25,000 公噸鋰，並具備擴產至年產 50,000 公噸的潛力。

We expect this acquisition to follow a similar path as our acquisitions of Xinyu and Chengdu facilities back in 2016. Following the close of the transaction, which is expected in the first quarter of next year, we plan to make additional investments to bring Qinzhou plant to Albemarle standards and ramp to initial production of 25,000 metric tons. This acquisition enables us to accelerate conversion capacity growth and leverage our world-class resource base.

我們預期此次收購將走出與 2016 年收購新余（Xinyu）與成都（Chengdu）設施相似的路徑。交易完成後（預期於明年第一季），我們計畫進一步投資，使欽州工廠達到雅保標準，並將產能爬坡至初期 25,000 公噸的產量。此收購使我們得以加速轉換產能成長，並發揮我們世界級資源基礎的優勢。

Together with our partner, we agreed to restart operations at the Wodgina Lithium Mine in Western Australia. Initially, Wodgina will begin 1 of 3 processing lines, each of which can produce up to 250,000 metric tons of lithium spodumene concentrate. This resource will be critical as we ramp our conversion capacity in Western Australia with our Kemerton sites.

我們也與合作夥伴同意重啟位於西澳的 Wodgina 鋰礦營運。初期，Wodgina 將啟動 3 條處理線中的 1 條，每條處理線可生產最高達 250,000 公噸的鋰輝石精礦。隨著我們在西澳 Kemerton 廠區提升轉換產能，該資源將至關重要。

We also signed agreements to invest in 2 greenfield conversion sites in China at Zhangjiagang and Meishan. We plan to build identical conversion plants with initial target production of 50,000 metric tons of battery-grade lithium hydroxide at each site. These investments offer additional optionality for future growth and have expansion potential. Investing in China offers capital-efficient, high-return growth with proximity to our low-cost Australian spodumene resources and many of our major cathode and battery customers. We continue to explore global expansion of our conversion capacity as the battery supply chain shifts west.

我們也簽署協議，投資於中國張家港與眉山兩處綠地轉換基地。我們計畫在兩地建置相同的轉換工廠，每個基地的初期目標產量為年產 50,000 公噸電池級氫氧化鋰。這些投資為未來成長提供額外的選擇性，並具備擴產潛力。在中國投資可在資本效率高、報酬率高的前提下實現成長，同時靠近我們低成本的澳洲鋰輝石資源，以及眾多主要正極材料與電池客戶。隨著電池供應鏈向西移轉，我們也持續探索全球轉換產能的擴張。

Turning to Slide 8 for a review of our global project pipeline. As you can see, Albemarle is executing a robust pipeline of projects all around the world. For example, our bromine business is pursuing incremental expansions in Jordan and the United States. These high-return projects leverage our low-cost resources and technical know-how to support customers in growing and diverse markets, like electronics, telecom and automotive.

接著請看第 8 張投影片，回顧我們的全球專案管線。如您所見，雅保正在全球各地執行一系列強勁的專案管線。例如，我們的溴素業務正在約旦與美國推動增量擴產。這些高報酬專案運用我們的低成本資源與技術專長，以支援電子、電信與汽車等成長且多元的市場客戶。

In Chile, the Salar Yield Improvement Project allows us to increase lithium production without increasing our brine pumping rates utilizing a proprietary technology to improve efficiency and sustainability. In Australia, we continue to progress study work on additional Kemerton expansions to leverage greater scale and efficiency with repeatable designs. Finally, in the United States, we are expanding our Silver Peak facility in Nevada to double lithium carbonate production. This is the first of several options to expand local U.S. production. In Kings Mountain, North Carolina, we continue to evaluate restarting our mine. And at our bromine facility in Magnolia, Arkansas, we're evaluating the process technologies to leverage our brines to extract lithium.

在智利，Salar 產量提升專案（Salar Yield Improvement Project）使我們能在不提高鹵水抽取速率的情況下增加鋰產量，並運用專有技術提升效率與永續性。在澳洲，我們持續推進對 Kemerton 額外擴建的研究工作，以透過可複製的設計取得更大的規模與效率。最後，在美國，我們正在擴建內華達州的 Silver Peak 設施，使碳酸鋰產量倍增。這是擴大美國本土產量的數個選項之一。在北卡羅來納州 Kings Mountain，我們持續評估重啟礦山；而在阿肯色州 Magnolia 的溴素設施，我們正在評估製程技術，以運用我們的鹵水萃取鋰。

We'll continue to update you periodically on our pipeline. I hope this gives you a sense of the diversity and optionality Albemarle has as a global lithium producer. I'll now turn the call over to Scott for a look at the financials.

我們將持續定期向各位更新我們的專案管線。我希望這能讓各位了解，作為全球鋰生產商，Albemarle 擁有的多元性與選擇性。接下來我將把電話交給 Scott，請他帶各位看看財務表現。

Thanks, Kent, and good morning, everyone. Let's begin on Slide 9.

謝謝你，Kent，各位早安。我們從第 9 頁投影片開始。

During the third quarter, we generated net sales of $831 million, an 11% increase from the same period last year. This improvement was driven by strong sales for our lithium and bromine segments. Adjusted EBITDA was essentially flat on a year-over-year basis, resulting from the sale of FCS and increased freight and raw material costs. The GAAP net loss of $393 million includes a $505 million after-tax charge related to the recently announced Huntsman arbitration decision. While we continue to assess our legal options, we have also initiated discussions with Huntsman regarding a potential resolution. Excluding this charge, adjusted EPS was $1.05 for the quarter, down 4% from the prior year.

在第三季，我們創造了 8.31 億美元的淨銷售額，較去年同期成長 11%。這項改善主要由鋰與溴兩大事業部門的強勁銷售所帶動。調整後 EBITDA 與去年同期相比基本持平，主要受到 FCS 出售以及運費與原物料成本上升的影響。依 GAAP 計算的淨損為 3.93 億美元，其中包含與近期公布的 Huntsman 仲裁裁決相關的 5.05 億美元稅後費用。雖然我們仍在評估法律選項，但也已與 Huntsman 展開討論，尋求可能的解決方案。若排除此項費用，本季調整後 EPS 為 1.05 美元，較去年同期下降 4%。

Now let's turn to Slide 10 for a look at adjusted EBITDA by business. Third quarter adjusted EBITDA of $218 million increased by 14% or $27 million compared to the prior year, excluding the sale of FCS. Higher adjusted EBITDA for lithium and bromine was partially offset by a $13.5 million out-of-period adjustment regarding inventory valuation in our international locations, impacting all 3 GBUs. Lithium's adjusted EBITDA increased by $25 million year-over-year, excluding foreign exchange. We were able to offset the limited impact of a 1-month strike in the Salar in Chile, thanks to higher tolling volumes and higher spodumene shipments from our Talison joint venture.

現在請看第 10 頁投影片，了解各事業的調整後 EBITDA。第三季調整後 EBITDA 為 2.18 億美元，若排除 FCS 出售影響，較去年同期增加 14% 或 2,700 萬美元。鋰與溴的調整後 EBITDA 增加，部分被一筆 1,350 萬美元的跨期調整所抵銷，該調整與我們海外據點的存貨評價有關，並影響所有 3 個 GBU。若排除匯率影響，鋰事業的調整後 EBITDA 年增 2,500 萬美元。儘管智利 Salar 發生為期 1 個月的罷工影響有限，我們仍能透過更高的代工（tolling）量，以及來自 Talison 合資企業更高的鋰輝石（spodumene）出貨量來加以抵銷。

Adjusted EBITDA for bromine increased by $5 million compared to the prior year due to higher pricing partially offset by increased freight and raw material costs. Volumes were flat given the chlorine constraints in the quarter. And Catalyst adjusted EBITDA declined $4 million from the previous year. This was due to lower sales and cost pressures, partially offset by higher-than-expected joint venture income, which included a favorable tax settlement in Brazil.

溴事業的調整後 EBITDA 較去年同期增加 500 萬美元，主要因價格上升，部分被運費與原物料成本增加所抵銷。由於本季氯供應受限，銷量持平。催化劑事業的調整後 EBITDA 則較去年下降 400 萬美元，原因是銷售下滑與成本壓力，部分被高於預期的合資收益所抵銷，其中包含巴西一項有利的稅務和解。

Slide 11 highlights the company's financial strength that is key to our ability to execute our growth plans over the coming years. Our net debt to EBITDA at the end of the quarter was 1.7x and is below our targeted long-term range of 2x to 2.5x. This provides us with capacity to fund growth while supporting modest dividend increases. We don't expect the recent arbitration decision to impact our current growth plans, but it could temporarily reduce our flexibility to take advantage of upside growth opportunities.

第 11 頁投影片突顯公司的財務實力，這是我們未來幾年執行成長計畫的關鍵。本季末我們的淨負債對 EBITDA 比率為 1.7 倍，低於我們長期目標區間 2 倍至 2.5 倍。這讓我們在支持溫和股利成長的同時，仍有能力為成長提供資金。我們不預期近期的仲裁裁決會影響目前的成長計畫，但可能會在短期內降低我們把握上行成長機會的彈性。

Turning to Slide 12, I'll walk you through the updates to our guidance that Kent mentioned earlier. Higher full year 2021 net sales and adjusted EBITDA guidance reflects our strong third quarter performance. Net cash from operations guidance is unchanged due to the timing of shipments to customers and increased raw materials and inventory costs. Capital expenditures were revised higher related to the continuing tight labor markets and COVID-related travel restrictions in Western Australia, as well as accelerated investments in growth.

接著看第 12 頁投影片，我將說明 Kent 先前提到的財測更新。全年 2021 年淨銷售額與調整後 EBITDA 指引上調，反映我們第三季的強勁表現。營運活動淨現金流指引維持不變，主要因對客戶出貨時點，以及原物料與存貨成本上升所致。資本支出則上修，原因包括西澳勞動市場持續緊俏與 COVID 相關的旅行限制，以及加速成長投資。

Turning to Slide 13 for a more detailed outlook on each of our GBUs. Lithium's full year 2021 adjusted EBITDA is now expected to grow in the mid- to high teens year-over-year. That's up from our previous guidance due to higher volumes and pricing. The volume growth is driven primarily by tolling. And our full year average realized pricing is now expected to be flat to slightly higher compared to 2020. As a reminder, most of our battery-grade lithium sales are on long-term contracts with structured pricing mechanisms that are partially exposed to the market. We also benefit from stronger market pricing on shorter-term technical grade sales and on spot and tolling sales of battery-grade lithium.

接著看第 13 頁投影片，針對各 GBU 提供更詳細的展望。鋰事業 2021 年全年調整後 EBITDA 現預期年增中段至高段十位數百分比，較先前指引上調，主因是銷量與價格提高。銷量成長主要由代工（tolling）帶動。而我們 2021 年全年平均實現價格目前預期與 2020 年持平至略高。提醒各位，我們多數電池級鋰的銷售採長期合約，並具有結構化定價機制，部分與市場價格連動。我們也受惠於較短期的技術級產品銷售，以及電池級鋰的現貨與代工銷售所帶來的較強市場價格。

Full year 2021 average margins are expected to remain below 35% due to higher costs related to the project startups and tolling partially offset by productivity improvements. Bromine's full year 2021 adjusted EBITDA growth is now expected to be in the low double digits. That's also up from previous guidance due to the continued strength in demand and pricing for flame retardants. Our bromine volumes remain constrained due to sold-out conditions and a lack of inventory. The outlook for chlorine availability has improved since last quarter, but the market remains tight and the impact of higher chlorine pricing is expected to be felt more in 2022 than in 2021 due to the timing of inventory changes and shipments.

2021 年全年平均毛利率預期仍低於 35%，原因是專案啟動與代工相關成本較高，但部分被生產力改善所抵銷。溴事業 2021 年全年調整後 EBITDA 成長目前預期為低雙位數百分比，也較先前指引上調，主因阻燃劑需求與價格持續強勁。我們的溴銷量仍受限，因為供不應求、庫存不足。氯供應可得性的展望自上季以來已有改善，但市場仍然吃緊；由於存貨變動與出貨時點的影響，較高的氯價格對 2022 年的影響預期將比 2021 年更為明顯。

Year-to-date, higher bromine pricing has mostly offset higher raw material and freight costs.

年初至今，較高的溴價格大多已抵銷原物料與運費成本上升。

Catalyst full year 2021 EBITDA is now expected to decline between 20% and 25%. That's also an improvement from our previous guidance, owing to the higher-than-expected joint venture income. The year-over-year decline in adjusted EBITDA is primarily due to the impact of the U.S. Gulf Coast winter storm earlier in the year, product mix and the previously disclosed change in our customers' order patterns. Catalyst fourth quarter margins will also be impacted by product mix, including a greater proportion of lower-margin FCC and CFT resid orders. FCC demand continues to improve with increasing global fuel demand, while HPC orders continue to be delayed. Overall, market conditions are improving but volumes and Catalysts are not expected to return to prepandemic levels until late 2022 or 2023.

催化劑事業 2021 年全年 EBITDA 目前預期將下滑 20% 至 25%。這也較先前指引有所改善，原因是合資收益高於預期。調整後 EBITDA 的年減主要來自今年稍早美國墨西哥灣沿岸冬季風暴的影響、產品組合，以及先前揭露的客戶下單模式變化。第四季催化劑毛利率也將受到產品組合影響，包括低毛利的 FCC 與 CFT 渣油（resid）訂單占比提高。隨著全球燃料需求增加，FCC 需求持續改善，而 HPC 訂單仍持續延後。整體而言，市場狀況正在改善，但催化劑銷量預期要到 2022 年底或 2023 年才會回到疫情前水準。

In total, we expect EBITDA margins to be lower in the fourth quarter due to higher raw materials, energy and freight costs across all 3 of our businesses. We are closely watching several key risk factors, including global supply chain disruptions, global impacts of the energy rationing in China and chip shortages. Supply chain and logistics challenges are the most immediate. Our teams are working day and night to navigate these port issues, the lack of drivers and upstream supply disruptions to ensure our customers get their orders on time.

整體來看，由於三大事業皆面臨原物料、能源與運費成本上升，我們預期第四季 EBITDA 利潤率將較低。我們正密切關注數項關鍵風險因素，包括全球供應鏈中斷、中國能源配給的全球影響，以及晶片短缺。供應鏈與物流挑戰是最迫切的。我們的團隊日以繼夜地因應港口問題、司機短缺與上游供應中斷，確保客戶能準時收到訂單。

We also continue to monitor the global situation with regard to chip shortages. We recognize that the auto industry has been struggling with those shortages. But to date, we have not seen a direct impact on either our lithium or bromine orders.

我們也持續監控全球晶片短缺的情況。我們了解汽車產業一直受晶片短缺所苦。但截至目前，我們尚未看到對鋰或溴訂單有直接影響。

And with that, I'll hand it back to Kent.

接下來，我把時間交還給 Kent。

Thanks, Scott. I'll end our prepared remarks on Slide 14. As Scott mentioned, we are disappointed by the outcome of the Huntsman arbitration decision. But regardless of the ultimate outcome of that dispute, Albemarle will continue to focus on the execution of our growth strategy.

謝謝你，Scott。我將在第 14 頁投影片結束我們的事先準備發言。如 Scott 所提到，我們對 Huntsman 仲裁裁決的結果感到失望。但無論該爭議最終結果如何，Albemarle 都將持續專注於執行我們的成長策略。

As we highlighted during our Investor Day in September, we have a well thought out and focused operating model that we are implementing across our businesses. This model, the Albemarle Way of Excellence, provides us with a framework to execute our objectives effectively and efficiently and will help us to remain on target as we pursue significant growth opportunities ahead. And as we pursue these opportunities, we will be disciplined in our approach to capital allocation. Our primary capital priority is accelerating high-return growth. This means that we will invest not just to get bigger but to create tangible shareholder value and maintain financial flexibility to take advantage of future opportunities. Utilizing this approach with our low-cost resources, we believe our annual adjusted EBITDA will triple by 2026.

正如我們在 9 月投資人日所強調的，我們正在各事業推動一套經過周密思考且聚焦的營運模式。這套模式——Albemarle Way of Excellence——為我們提供一個架構，使我們能有效率且有效地達成目標，並在追求前方重大成長機會時，協助我們維持在正軌上。在追求這些機會的同時，我們將以嚴謹的方式進行資本配置。我們最優先的資本重點是加速高報酬成長。這表示我們投資不僅是為了做大規模，而是為了創造可衡量的股東價值，並維持財務彈性以把握未來機會。透過此一方法並結合我們的低成本資源，我們相信到 2026 年，我們的年度調整後 EBITDA 將成長至三倍。

Finally, at the core of all of this is sustainability. As one of the world's largest lithium producers and innovators, we were able to work closely with our customers to create value and drive better sustainability outcomes for all stakeholders.

最後，所有這些工作的核心都是永續發展。作為全球最大的鋰生產商與創新者之一，我們得以與客戶緊密合作，創造價值，並為所有利害關係人推動更佳的永續成果。

With that, I'd like to open the call for questions. I'll hand over to the operator.

接下來，我想開放提問。我把時間交給電話會議主持人。

(Operator Instructions) Your first question comes from the line of John Roberts with UBS.

（主持人指示）第一個問題來自 UBS 的 John Roberts。

This is Matt Skowronski on for John. In the past, you mentioned that Kemerton may be able to ramp to 40% to 50% of capacity in a year following its commissioning and qualification process. Is this still the case for that first line that's supposed to be done with construction at the end of this year? Or is it going to take some additional time due to the constraints going on right now?

我是 Matt Skowronski，代替 John 提問。過去你們提到，Kemerton 在投產並完成試車與認證流程後的一年內，可能可以爬坡到產能的 40% 到 50%。對於預計在今年底完成建造的第一條產線，現在仍是如此嗎？還是因為目前的各種限制，會需要額外的時間？

So I think the -- we've got to get through mechanical completion, then we've got the commissioning and qualification. So then I think what we said is after that, and that's about a 6-month process. Then after that, we think we would be able to ramp to maybe 50% in the first 12 months. That's probably a little aggressive, but that's what we're targeting. And then I think the labor and all those issues are primarily around construction. We've got operators staffed and onboard and they're helping with commissioning. So I mean the labor market is going to be tied, and we may fight to keep the ones we want. I'm not sure, but the real labor issue is around construction.

我想是這樣——我們得先完成機械完工，接著進入試車與認證。所以我認為我們之前說的是，在那之後（大約是一個 6 個月的流程），再往後的 12 個月內，我們應該可以爬坡到大概 50%。這可能有點積極，但這是我們的目標。然後我想勞動力以及那些問題主要都在施工階段。我們的操作人員已經到位並完成入職，他們也在協助試車。所以我的意思是，勞動市場會很吃緊，我們可能得努力留住我們想要的人。我不確定，但真正的勞動力問題是在施工方面。

And then, Scott, you mentioned the Huntsman arbitration issue could impact your ability to opportunistically take hold of growth opportunities. Is that organic or just inorganic opportunities?

另外，Scott，你提到 Huntsman 的仲裁問題可能會影響你們把握成長機會的能力。這是指有機成長，還是僅指無機成長機會？

Yes, I think it's really more -- it's really 2. I think partly on the organic side, it's our ability to accelerate or further accelerate our projects. We'll be able to do some of it, but clearly, it's a big drag. And then the second is any sort of larger type of inorganic would be -- would need some sort of more creative type of financing to do.

是的，我想主要是——其實是兩方面。我認為一部分在有機面，是我們加速或進一步加速專案的能力。我們仍能做其中一部分，但很明顯這會造成很大的拖累。第二部分是任何較大型的無機案——可能需要採用更具創意的融資方式才能進行。

Your next question comes from the line of P.J. Juvekar with Citi.

下一個問題來自 Citi 的 P.J. Juvekar。

Yes. So now that you expect lithium prices to be flat to up for this year in sort of down, are you -- you must be expecting price gains in 4Q that are well into double digits. Can you comment on that? And then as you look forward into next year, what percent of your contracts will be renewed next year and do you have any early look into negotiations?

是的。既然你們現在預期今年鋰價大致持平到上升，而不是下跌，那你們應該是預期第四季的價格漲幅會是明顯的雙位數。你們能評論一下嗎？另外，展望明年，你們有多少比例的合約會在明年續約？對於談判進展是否已有初步觀察？

So P.J., it's Eric here. I want to make sure I understand your first question. Your first question was, would they be double digit in Q4? Is that what you said?

P.J.，我是 Eric。我想先確認我理解你的第一個問題。你的第一個問題是：第四季會是雙位數（漲幅）嗎？你是這個意思嗎？

Yes. I was wondering into double digits for Q4 for your pricing?

是的。我想了解你們第四季的定價是否會是雙位數（漲幅）。

We -- the way to think about pricing is -- and the flat to down comment is that it's progressive throughout the year. Prices were at their lowest point late last year and early this year and have been gradually rising as we've gone through the year due to 2 factors. One is the exploration and a concession we gave against a fixed-priced long-term agreement. And the second would be just the movement of spot prices for that portion of our business is exposed to that -- those markets, which I'm sure you're aware, no, those prices have gone up significantly and throughout the course of the year.

我們——看待定價的方式是——而「持平到下滑」的評論是指它在全年是逐步變化的。價格在去年底與今年初處於最低點，之後隨著今年的推進逐步上升，原因有兩個。第一是我們針對一份固定價格的長期協議，做了重新談判與讓步。第二則是我們業務中有一部分曝險於現貨市場，那部分的現貨價格變動——我相信你也知道，那些價格在今年期間已大幅上升，且是貫穿全年的上行。

So as the guidance we've given that Scott gave at Investor Day for next year was at least 15% to 20% year-on-year increase for 2022 versus 2021. And certainly, that's a progressive sort of trend. So you could certainly see those kinds of increases starting to happen in Q4 versus a year ago.

至於我們給出的指引，Scott 在投資人日對明年的說法是：2022 年相較 2021 年，年增至少 15% 到 20%。而且這確實是一種逐步推進的趨勢。所以你當然可能會在第四季相較一年前開始看到那種幅度的增長。

Okay. Great. And then on MARBL, you're restarting 1 of the 3 lines. Rock prices have skyrocketed. So why just 1 line? And then where would you concentrate that rock? Would that be at Kemerton, would that be in China? Can you just talk about that?

好的，很好。接著關於 MARBL，你們要重啟 3 條產線中的 1 條。礦石價格已經飆升。那為什麼只重啟 1 條？另外你們會把這些礦石集中到哪裡？會送到 Kemerton，還是送到中國？能否談談？

Yes. So the -- P.J., it's Kent. So I think -- I mean we're going to get started on 1 and we'll ramp other facilities over time, but it's really our capacity to convert. So we're not really mining rock to sell spodumene into the market. We're mining rock to convert spodumene into finished products. And then we would -- and we'll do that at Kemerton initially. I mean, I guess we haven't worked out exactly kind of what the logistics are. So that product may go to China and other products go to Kemerton. So we just have to balance our sourcing of facilities, but that's the next tranche of our product in that part of the world.

是的——P.J.，我是 Kent。我想——我的意思是我們會先啟動 1 條，之後再逐步把其他設施爬坡起來，但關鍵在於我們的轉化（加工）產能。我們並不是為了把礦石開採出來、把鋰輝石精礦（spodumene）賣到市場；我們開採礦石是為了把鋰輝石精礦轉化成最終產品。然後我們——一開始會在 Kemerton 進行。我想我們還沒有把物流細節完全定案。所以部分產品可能會送到中國，其他產品送到 Kemerton。我們必須在各個設施的供料之間取得平衡，但那就是我們在那個地區下一批的產品安排。

Your next question comes from the line of Laurence Alexander with Jefferies.

下一個問題來自 Jefferies 的 Laurence Alexander。

First, on the bromine pricing, can you discuss how much of that you feel is transitory versus sustainable given the demand trends you're seeing? And can you give any sense of the magnitude of the chlorine headwind for this year so that the -- we have some better context for the larger than this year kind of headwind next year?

首先，關於溴的定價，基於你們看到的需求趨勢，你們認為其中有多少是短期因素、多少是可持續的？另外，能否說明一下今年氯氣帶來的不利影響（headwind）大概有多大，讓我們對明年更大的不利影響有更好的脈絡？

Yes. I think in terms of the pricing, we could probably figure most of that is this transitory. It's based on the raw material pricing that we pay and then the ability for us to absorb that and manage that as we price forward. And in terms of the chlorine impact, it's more of a timing issue. We're going to get more chlorine next year, probably at different price than we're going to get this year. So you'll see that really impact us starting mostly in Q1 next year throughout the year.

是的。我想就定價而言，我們可能會認為其中大部分是短期性的。它主要取決於我們支付的原料價格，以及我們在向前定價時吸收與管理這些成本的能力。至於氯氣的影響，更多是時間點的問題。明年我們會取得更多氯氣，價格也可能與今年不同。所以你會看到這個影響主要從明年第一季開始，並在全年反映出來。

And then with catalysts, the recovery next year, how much of -- should that be lagging or coincident with production ramp-ups at the refineries?

另外，關於觸媒（catalysts）明年的復甦，其中有多少——會落後於或與煉油廠的產量爬坡同步？

Laurence, this is Raphael. The FCC business is very ratable to miles driven and that correlates to refining output. So I think FCC has as was mentioned, sequentially, continues to improve from a volume standpoint. So that one you would see first, and there's usually a lag on hydro processing, which is a 12- to 18-month lag. As conditions improve in refineries, they get more capital availability and then reinvest in change-outs for HPC. So that has more of a lag effect. But overall, look, we see sequential improvement. We see refining conditions improving. We're very tied to that with our performance products. So we see that as a favorable outlook going forward.

Laurence，我是 Raphael。FCC 業務與行駛里程高度相關，而行駛里程又與煉油產出相關。所以我認為 FCC 如先前提到的，從量的角度來看，仍在逐季改善。這一塊你會先看到改善；而加氫處理（hydro processing）通常會有落後，約落後 12 到 18 個月。當煉油廠狀況改善時，他們會有更多資本可用，然後再投入於 HPC 的更換（change-outs）。因此那一塊的落後效應更明顯。但整體來看，我們看到逐季改善，也看到煉油狀況在改善。我們的績效產品與此高度連動。所以我們認為未來展望是有利的。

Your next question comes from the line of Bob Koort with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Bob Koort。

Yes. This is actually Mike Harris sitting in for Bob. If I could, my guess a question around the lithium business. Looking at the energy storage-related sales, why is there a potential 1- to 2-quarter lag behind the EV production versus those sales actually maybe leading?

是的。其實我是 Mike Harris，代替 Bob 提問。我想問一個關於鋰業務的問題。看你們與儲能相關的銷售，為什麼相對於電動車（EV）產量，可能會落後 1 到 2 個季度，而不是那些銷售實際上可能領先？

Yes, Mike, it's Eric here. It's simply a factor of the length of supply chain. Lithium is consumed in the cathode material, which then is formulated into an electrode that's put into a battery, the battery is then assembled and then put into an EV car. So it's just the length of time that takes and the geographies involved. Most of the cathode -- nearly all the cathode production and a good amount of the battery production still is in Asia. And of course, cars are produced at various points around the world. So it's just the length of the supply chain. We are -- we see that lag, but recall, we're well positioned. We're able to supply anywhere in the world. So we look -- we're well positioned to grow with the industry, but that lag is likely to remain there given the length of the supply chain.

是的，Mike，我是 Eric。這純粹是供應鏈長度的因素。鋰被用在正極材料（cathode material）中，接著被製成電極並放入電池，電池再被組裝，最後裝到電動車上。這整個流程所需時間，以及涉及的地理分布，就是原因。大部分的正極——幾乎所有正極產能，以及相當一部分的電池產能仍在亞洲。當然，汽車是在全球不同地點生產。所以這就是供應鏈的長度。我們——確實看到那個落後，但請記得，我們的布局很好，我們能供應全球任何地方。因此我們——我們具備隨產業成長的良好位置，但鑑於供應鏈的長度，那個落後現象很可能仍會存在。

Got it. Okay. That helps. And then also just as a follow-up. When I think about lithium recycling, can you give me an idea of what kind of assumptions you guys have made around recyclement and perhaps the potential impact on your business, if any at all?

了解。好的，這有幫助。那再追問一下：談到鋰回收（lithium recycling），你能否說明你們對回收率（recyclement）的假設大概是什麼？以及它對你們業務可能造成的影響（如果有的話）？

Recycling is a phenomenon that follows the end of life of batteries and further still one has to factor in potential reuse of batteries. And given the 10-year life cycle that is warranted on most batteries produced for automotive production, that's the kind of lag you're looking at. So batteries being produced today wouldn't even be considered for recycle until 10 years from now. When we look at that, that means that we see recycling becoming important as the decade wears on, but still by the middle of the decade being fairly small amount of lithium needed in the supply chain and maybe reaching a double-digit amount of -- low double-digit amount of possible coming back into the stream by 2030.

回收是電池壽命終結後才會出現的現象，而且還必須進一步把電池可能再利用的情況納入考量。鑑於多數車用電池通常保固 10 年的生命週期，這就是你所面對的時間落差。因此，今天生產的電池，至少要到 10 年後才會被納入回收考量。從這個角度來看，回收會在本十年後期變得更重要，但即便到本十年中期，供應鏈中所需的鋰仍會是相當小的量，並且到 2030 年，可能回流到供應體系中的量也許才會達到兩位數的水準——偏低的兩位數。

Your next question comes from the line of David Begleiter with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 David Begleiter。

This is David Wang here for Dave. I guess, first, can you talk about your feedstock forcing strategy for the 150,000 ton of lithium hydroxide capacity you're adding in China?

我是 David Wang，代 Dave 提問。首先，能否談談你們在中國新增 15 萬噸氫氧化鋰產能的原料供應（feedstock）保障策略？

I'm sorry. So that was the feedstock strategy for the 150 new projects in China?

抱歉，所以你問的是在中國那 150 個新專案的原料策略嗎？

Yes.

是的。

So they'll be fed with our -- with spodumene coming out of Australia.

所以它們將由我們的——由澳洲產出的鋰輝石（spodumene）來供料。

Okay. And then secondly, are there any incremental headwinds or tailwinds to your 2022 guidance you provided at Investor Day, especially for bromine and catalyst? Or do you still stand by those guidance?

好的。第二個問題，你們在投資人日提供的 2022 年指引，是否有任何新增的逆風或順風因素，特別是溴素和催化劑業務？還是你們仍維持那些指引？

Yes, we haven't updated our guidance since Investor Day. So we're going through our annual operating planned process right now. In fact, the next meeting is next week. And we'll give you a more definitive guidance in our fourth quarter earnings call.

是的，我們自投資人日以來尚未更新指引。我們目前正在進行年度營運規劃流程；事實上，下次會議就在下週。我們會在第四季財報電話會議上提供更明確的指引。

Your next question comes from the line of Joel Jackson with BMO Capital Markets.

下一個問題來自 BMO 資本市場（BMO Capital Markets）的 Joel Jackson。

This is Bria Murphy on for Joel. Just back on the pricing discussions in 2022. Can you just give us a little bit more color on how these discussions with your lithium contract customers are going? And then our pricing mechanism is going to be similar in '22 to '21? Or is there a move more to benchmark pricing?

我是 Bria Murphy，代 Joel 提問。回到 2022 年的定價討論，你能否再多提供一些你們與鋰合約客戶的談判進展細節？另外，你們在 2022 年的定價機制會與 2021 年類似嗎？還是會更轉向採用基準（benchmark）定價？

So the -- generally speaking, Bria, the discussions we're having with our customers are for price increase next year per -- and that aligns with the guidance I gave in a remark just a few moments ago. We have a book of contracts we've had under our -- in our basket, I should say, for some years now. Those are going back either to -- while those are -- the fixed portion of those contracts are going back to the original long-term agreement, which is significantly higher in some cases than the average price that we're seeing for 2021.

Bria，一般來說，我們與客戶的討論是針對明年價格上調——這也與我剛才幾分鐘前在發言中給出的指引一致。我們有一組合約（book of contracts），我應該說是在我們的合約籃子裡，已經維持了好幾年。其中固定價格部分可追溯到最初的長期協議，在某些情況下，該固定價格顯著高於我們在 2021 年看到的平均價格。

And then there's -- many of those contracts have a variable component. And there's no one contract that looks exactly like the other, but that variable component can -- we'll also see increases. Some of those variable components are tied to indices. Others are just an annual increase nomination that's possible, our max increased nomination.

此外，許多合約還包含浮動（variable）部分。沒有任何兩份合約長得完全一樣，但那個浮動部分也可能——我們也會看到上調。有些浮動部分與指數掛鉤；另一些則只是每年可提名（nomination）的調升幅度，也就是我們可提名的最高調升幅度。

And then finally, we have a good deal of technical grade contracts, where we'll see rising prices based upon an adjustment to what the rises we've seen this year as we roll into next year. The last piece will be our China spot business, and that's hard to say that we'd see a pretty big increase on that next year because prices are already extraordinarily high in China right now.

最後，我們還有相當多的技術級（technical grade）合約，隨著我們進入明年，會基於今年已看到的漲幅進行調整，因而帶動價格上升。最後一塊是我們在中國的現貨業務，這部分很難說明年還會出現非常大的增幅，因為目前中國的價格已經異常地高。

But we'll continue to see possibly some upside on a year-over-year basis, particularly in the early part of the year next year on that. So those are all the components that are driving our increase and the types of discussions we're having with our customers, which will give us nice leverage -- upside leverage to the improving market conditions.

不過，我們仍可能在年增（year-over-year）基礎上看到一些上行空間，特別是在明年年初的那段時間。因此，以上就是推動我們價格上調的各項組成，以及我們與客戶正在進行的討論類型；這將使我們能很好地受惠——在市場條件改善時取得上行槓桿。

Okay. That's really helpful. And then I guess just like given the large upswing in LFP demand and recent Tesla commentary, with that background, I just want to understand how you're thinking about investments into carbonate versus hydroxide. It seems kind of your incremental investments are mostly focused on hydroxide currently.

好的，這很有幫助。接著我想問，考量到 LFP 需求的大幅上升以及特斯拉近期的評論，在這樣的背景下，我想了解你們如何看待對碳酸鋰（carbonate）相對於氫氧化鋰（hydroxide）的投資取捨。看起來你們新增投資目前多數聚焦在氫氧化鋰。

We see -- we monitor this very closely. We have a lot of analytics suite and customer dialogues up and down the supply chain from OEMs all the way back through the battery and cathode producers to assess those trends. What we believe and has been confirmed in our discussions with customers is while there is an uptick in LFP demand, there's also been an uptick in vehicle production outlook as well for electric vehicles.

我們會——非常密切地監控這件事。我們有大量的分析工具組合，並且與供應鏈上下游的客戶持續對話，從 OEM 一直到電池與正極材料（cathode）製造商，以評估這些趨勢。我們的看法是，而且在與客戶的討論中也得到確認：雖然 LFP 需求確實上升，但電動車的整體產量展望也同樣上修。

And where LFP is occupying a sweet spot is in the lower cost range -- lower cost and lower driving range portion of the vehicle mix. For some automotive producers, that will be a larger percent of their mix than others. Bottom line, we see strong growth in both of those products, albeit we see still pretty -- the growth rate in hydroxide will be higher over the coming 5 years. And hence, we feel we're extremely well positioned.

而 LFP 的甜蜜點在於車款組合中較低成本——低成本且較低續航里程的那一段。對某些車廠而言，這會占其產品組合較高的比例；對另一些則較低。總結來說，我們看到這兩種產品都將強勁成長，儘管我們仍預期未來 5 年氫氧化鋰的成長率會更高。因此，我們認為自身的布局非常到位。

We're bringing on 40,000 tons of carbonate capacity as we speak. And we have the hydroxide expansion strategy in addition to the Kemerton ramp that Kent earlier described and feel we're well positioned to meet both LFP demand and rising high nickel demand for cathodes.

我們目前正在新增 4 萬噸的碳酸鋰產能。同時，除了 Kent 先前提到的 Kemerton 產能爬坡（ramp）之外，我們也有氫氧化鋰的擴產策略，並認為我們已做好準備，同時滿足 LFP 需求以及正極材料高鎳（high nickel）需求的上升。

Your next question comes from the line of Jeff Zekauskas with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Jeff Zekauskas。

You've described your lithium prices as perhaps being up 15% to 20% or more next year. Is the 15% to 20% representative? Given market conditions, could it be up 30%?

你們描述明年的鋰價可能上漲 15% 到 20% 或更多。這個 15% 到 20% 是具代表性的嗎？以目前市場狀況來看，是否可能上漲 30%？

Well, I think it depends as you might think, Jeff, on market conditions. There's a portion of our business that is exposed to market -- pure market conditions the majority of our business, even while they're under these long-term contracts, there's a variable component that the anchor around that is going to be around the fixed price, which is also going up because of the exploration and concessions we gave.

Jeff，我想如你所料，這取決於市場狀況。我們的業務中有一部分直接暴露於市場——純市場條件；而我們的大部分業務即使在長期合約之下，也有一個浮動部分，其錨定基準會圍繞固定價格，而固定價格也會因我們所做的探索（exploration）與讓步（concessions）而上調。

So at this point, it's probably too early to say what we think about price be above 15% to 20% because our guidance was at least 15% to 20%. So we'll have to provide you as the quarter wears on and the discussions continue, that guidance as we get into the February call, the earnings call that we'll have in February.

因此，就目前而言，現在要判斷價格是否會高於 15% 到 20% 可能還太早，因為我們的指引是至少 15% 到 20%。隨著季度推進、討論持續進行，我們會在 2 月的財報電話會議上提供更新的指引。

Okay. And then for my follow-up, when I look at quoted bromine prices in China. Maybe since August, they're up 60%, something like that? Is that a representative price for what's going on in the market or it's not a representative price? Or can you speak to bromine pricing in Asia and where it's been and where you see it going? What's driving it?

好的。那我的追問是，當我看中國報價的溴素價格，可能自 8 月以來上漲了 60%，大概是這樣？這是否能代表市場正在發生的情況，還是不具代表性？你能否談談亞洲溴素定價的走勢、目前位置與你們的展望？是什麼在驅動？

Yes, Jeff, this is Netha. That's a reflection of a couple of things. First of all, demand is up clearly across the market and raw material pricing are up to produce brominated products that are being required. So what you're seeing is that's what's driving an inordinate amount of price increase in the Chinese spot price.

是的，Jeff，我是 Netha。這反映了幾個因素。首先，整體市場需求明顯上升；其次，為了生產所需的溴化產品（brominated products），其原材料價格也在上漲。因此，你看到的就是這些因素在推動中國現貨價格出現不成比例的漲幅。

Your next question comes from the line of Ben Kallo with Baird.

下一個問題來自 Baird 的 Ben Kallo。

One of the things that we're thinking about is -- I'd love to hear your perspective is with materials maybe being a bottleneck for EV production in sales. That's how you guys view that as a risk, just overall meaning is there enough lithium? Is there enough copper? Is there enough nickel? And then how are customers, I guess, approaching you and your competitors for security in the supply chain. Does that -- does your scale and your diversity of your resources give you an advantage there over other people are trying to wrap up.

我們在思考的一件事是——我很想聽聽你們的觀點：材料可能成為電動車生產與銷售的瓶頸。你們如何看待這作為一項風險？也就是整體而言，鋰是否足夠？銅是否足夠？鎳是否足夠？另外，客戶大概是如何向你們以及你們的競爭對手尋求供應鏈安全（security in the supply chain）？你們的規模與資源多元性，是否讓你們相較於其他正在試圖鎖定供應的人更具優勢？

So we'll talk a little bit about lithium. So copper, nickel, I don't know that we want to weigh in on that. But on -- just talk -- I'll make a few comments and then Eric can add some detail to it. But I mean we're investing heavily to kind of keep up with that demand and maintain our share, which has been our strategy. And so we're investing along with our customers.

我們先談一下鋰。至於銅、鎳，我不確定我們是否想在這裡多做評論。但就——就鋰而言——我先講幾點，然後 Eric 可以補充一些細節。我的意思是，我們正在大幅投資，以跟上需求並維持我們的市占率，這一直是我們的策略。因此，我們正與客戶一起投資。

And security of supply has always been a key part of the value proposition from Albemarle to their customers and particularly around lithium, as you mentioned, the diversity of resources, the diversity of locations where we produce and we have carbonate and we have hydroxide today, and then we'll continue to evolve those chemistries as the market shift over time.

而供應安全一直是Albemarle向客戶提供價值主張的關鍵部分，特別是在鋰方面；正如你提到的，我們擁有資源的多元性、生產地點的多元性；我們目前同時有碳酸鋰與氫氧化鋰，並且會隨著市場隨時間推移而轉變，持續演進這些化學產品組合。

So I think the network that we built is really -- a lot of that is focused around security of supply and part of the key value proposition that we talk about constantly with our customers.

所以我認為我們建立的網絡確實——其中很大一部分都聚焦在供應安全上，這也是我們與客戶持續不斷談論的關鍵價值主張之一。

Ben, I'd just add on the lithium side of material risk, there's enough material. There's enough lithium out there. The issue is the investment required to get there. And the fact that it's going to be at a higher cost, right? The cost curve is upward sloping as you go to lower-quality lithium resources that are out there.

Ben，我想在鋰材料風險這一塊補充一下：材料是足夠的，市面上的鋰資源夠多。問題在於要把它開發出來所需的投資，以及它會是更高的成本，對吧？當你轉向品質較低的鋰資源時，成本曲線是向上傾斜的。

The discussions we're having with our customers are ones of deep desire for commitment and partnership. That's both the existing ones we've had and as we bring on new capacity, new ones that we would look to target. And that's at various points in the value chain, but I would tell you the most significant and ardent discussions around security are the closer you get to the automotive OEM.

我們與客戶進行的討論，核心是他們對承諾與夥伴關係的強烈渴望。這既包括我們既有的客戶，也包括在我們新增產能時、我們希望鎖定的新客戶。這些討論涵蓋價值鏈的不同環節，但我會告訴你，圍繞供應安全最重要、也最迫切的討論，往往是在越接近汽車OEM的地方。

And so I think our track record of executing gives us that advantage for sure. And I think that's where the discussions land as us being sort of a baseload partner from any of these automotive and battery firms. So I do think there is an advantage we have for sure.

因此我認為我們的執行紀錄確實給了我們優勢。我也認為討論最後往往落在：我們成為這些汽車與電池公司某種「基載」合作夥伴。所以我確實覺得我們有優勢。

And not to get too ahead of ourselves here, but are you at a point that you are allocating to customers. So you're picking your customers and more than they're picking you? Or is it not like that?

另外，不要太超前問，但你們是否已經到了要分配給客戶的階段——也就是你們在挑客戶，而不只是客戶在挑你們？還是並不是這樣？

So I would say that's the merit of the partnership and why we have the discussions we do because any one -- any volume who is not committed to us in a long-term way. So that could be a spot buyer on the battery side, that could be tech grade buyer on the industrial side is does risk not getting the volume that they would like as we roll into 2022.

所以我會說，這正是夥伴關係的價值所在，也是我們之所以進行這些討論的原因：任何——任何沒有以長期方式對我們做出承諾的量。比如電池端的現貨買家，或工業端的技術級買家，都有可能在我們進入2022年時，面臨拿不到他們想要的供應量的風險。

So that's the basis for the partnership discussions that we're having is that desire for security of supply, given the points and time of the supply in the coming 5 years where things will be tightened, they are quite tight right now.

因此，我們正在進行的夥伴關係討論，其基礎就是在未來5年供應在某些時間點會趨緊的背景下，客戶對供應安全的渴望——而且目前供應確實已經相當吃緊。

Your next question comes from the line of Vincent Andrews with Morgan Stanley.

下一個問題來自Morgan Stanley的Vincent Andrews。

This is Angel Castillo on for Vincent. Just back to the Huntsman arbitration, curious what other alternatives are there in terms of discontinued process? I know you mentioned you've started to have discussions around settlement. So what other kind of from a legal perspective, what other alternatives are there? And then how should we think about the timing of all of this?

我是代Vincent提問的Angel Castillo。回到Huntsman仲裁案，想請教在終止程序方面還有哪些其他替代方案？我知道你提到已開始就和解進行討論。那麼從法律角度來看，還有哪些其他選項？另外，我們應該如何看待整件事的時間安排？

Well, I think it's the -- it's a range, right? And we're not going to get into too much of this an active process. So it is either through the arbitration process or from discussions that we've initiated that we would be able to -- we could potentially reach agreement and resolve that matter. But it's a pretty -- those are the options and it's -- the time frame is pretty wide.

嗯，我認為它——範圍很廣，對吧？而且我們不會在一個仍在進行的程序上談太多細節。所以要嘛透過仲裁程序，要嘛透過我們已啟動的討論，我們可能能夠——有機會達成協議並解決該事項。但大致上——選項就是這些，而時間範圍也相當寬。

Understood. And then as we think about Kemerton and your ability to fulfill those contracts, I guess, particularly Kemerton II, given the longer delay. Will those be fulfilled through more tolling? Or how should we think about kind of the volume and how that will be, I guess, allocated, I guess, in terms of -- as we think about next year or 2023, would that be kind of less volume overall or just kind of lower margin from tolling?

了解。那再談到Kemerton以及你們履行那些合約的能力，我想特別是Kemerton II，因為延遲更久。這些會透過更多代工（tolling）來履約嗎？或者我們應該如何看待量的變化，以及這些量將如何——我想——被分配？也就是說，展望明年或2023年，會是整體量更少，還是只是因為代工而毛利較低？

Well, I think you'll see us -- we'll fill that with tolling. And with this acquisition that we've done, and we expect to get that up to speed relatively quickly. I mean there'll be some -- we expect to do make rights to get it to our standard and the quality that we want, but we'll be aggressive around that. And those will be the 2 kind of methods that we use to stay on our plan.

嗯，我想你會看到我們——會用代工來補足。再加上我們完成的這項收購，我們預期能相對快速地把它拉到正常運轉。我是說，會有一些——我們預期會做一些改善（make rights），讓它達到我們的標準與我們想要的品質，但我們會積極推進。而這兩種方式將是我們用來維持既定計畫的主要手段。

Your next question comes from the line of Kevin McCarthy with Vertical Research.

下一個問題來自Vertical Research的Kevin McCarthy。

This is Cory Murphy on for Kevin. I wanted to follow on -- I think it was P.J.'s question earlier about Wodgina, you said you were starting up one line, and it looks like it's going to start production maybe in the third quarter of 2022. Can you help me understand what the delays are or why the restart process seems to take maybe upwards of 6 to 10 months. And then given spodumene prices, why wouldn't you start up or try to start up all 3 lines? Are you able to sell the spodumene in the spot market? Or is it that there's contractual reasons not to?

我是代Kevin提問的Cory Murphy。我想延續——我想是先前P.J.關於Wodgina的問題，你說你們會啟動一條產線，看起來可能在2022年第三季開始投產。你能幫我理解延遲的原因，或為什麼重啟流程似乎需要長達6到10個月嗎？另外，考量到鋰輝石價格，為什麼不啟動或嘗試啟動全部3條產線？你們能在現貨市場出售鋰輝石嗎？還是因為合約因素而不能？

Well, it's on the selling spodumene really strategic reasons is that we want to convert it and sell the finished products to customers where we make commitments, and we have long-term arrangement. So we might sell some spodumene here and there, but that's not our strategy. And then just starting up. I mean, we might -- we're going to do -- start the first train than the other. It's really meant to be in line with our conversion capacity.

嗯，關於出售鋰輝石，主要是策略性原因：我們希望把它轉化加工，並把成品賣給我們做出承諾、且有長期安排的客戶。所以我們可能會零星賣一些鋰輝石，但那不是我們的策略。至於啟動方面，我是說，我們可能——我們會先啟動第一條產線，再啟動其他產線。這主要是要與我們的轉換（conversion）產能相匹配。

And then that time line that you referenced or whatever the time frame is to get it going, you've got labor issues in Western Australia, we face the same things there that we do at Kemerton to some degree. And really, the lead time is on some of the big equipment that's necessary in mining. Some of the yellow -- they call it yellow equipment that's necessary in operating these mines and the lead time on that.

至於你提到的那個時間線，或不管具體時間框架是什麼，你在西澳會遇到勞動力問題，我們在那裡面臨的情況在某種程度上與Kemerton相同。真正的前置時間在於採礦所需的一些大型設備。有些——他們稱之為黃色設備（yellow equipment）——是礦山運營必需的，而這些設備的交期就是關鍵。

Understood. That's very helpful. And then I just wanted to ask about tolling as well. It sounds like there's more tolling due to labor shortages or labor strikes in Chile. How would your volume trend without tolling? And when do you anticipate rolling off the tolling contracts related to the La Negra start-up. I think you said you were bridging some capacity with that.

了解，這很有幫助。然後我也想問代工（tolling）。聽起來因為智利的勞動力短缺或罷工，代工量增加了。如果不考慮代工，你們的出貨量趨勢會如何？另外，你們預期何時會結束與La Negra投產相關的代工合約？我記得你說你們用它來銜接一些產能。

Right. Well, I would say tolling is a strategy we use for bridging. That is correct. We do that. We are -- we expect to continue to toll next year for the business of La Negra but also for the purposes of Cameron. Look, I mean, it's a bridging strategy, but the market is extremely strong right now. And because Kemerton has been delayed, there's spodumene that we can take advantage of.

對。嗯，我會說代工是我們用來銜接（bridging）的一種策略。沒錯，我們確實這麼做。我們——預期明年會繼續代工，既是為了La Negra的業務，也是為了Cameron的需求。你看，我的意思是，這是一種銜接策略，但目前市場非常強勁。而且因為Kemerton延遲了，我們手上有鋰輝石可以加以利用。

And as long as we have qualified tolling partner that is someone with whom we have a good relationship, we trust our quality. We have a business relationship where we can collaborate together, then we'll take advantage of that, both to bridge and to take advantage of the strong market that's before us. So I think it's a variety of purposes. When it rolls off, it's hard for me to say, but we will have it as part of next year for sure.

只要我們有合格的代工夥伴——也就是我們關係良好、信任其品質，並且有可共同協作的商業關係——那我們就會利用這一點，既用來銜接，也用來把握眼前強勁的市場。所以我認為它有多重目的。至於何時會結束，我很難說，但可以確定的是，明年我們肯定會把它納入計畫的一部分。

Your next question comes from the line of Colin Rusch with Oppenheimer & Co.

下一個問題來自Oppenheimer & Co.的Colin Rusch。

I'm curious about the order patterns from your customers, and this is across the units. If you're seeing any sort of double ordering that you can track or and try to follow the sell-through for those individual customers. Just -- it seems like that there may be some folks trying to build some inventory or really trying to get prepared for any other incremental demand that they can pay.

我想了解你們客戶的下單模式，這涵蓋各個事業單位。你們是否看到任何可以追蹤到的重複下單（double ordering），或能否嘗試追蹤這些個別客戶的終端銷售（sell-through）？只是——看起來可能有些客戶想建立庫存，或真的想為任何他們願意付費的額外增量需求做準備。

Colin, Eric, from a lithium perspective, I would say that there is -- we're very -- we touch all aspects of the supply chain. And so I don't see any double ordering. And furthermore, to buttress that remark, I would say that the discussions we have with our customers, we know they don't have any inventory. They are hand to mouth.

Colin，我是Eric。從鋰的角度來看，我會說——我們非常——我們觸及供應鏈的各個環節。所以我沒有看到任何重複下單。而且為了強化這個說法，我會說，我們與客戶的討論顯示他們沒有任何庫存；他們是手到口（hand to mouth）。

So we know that because with the crisis existing around the global supply chain, you can imagine we're not always able to precisely target the week or the day at which a shipment is going to arrive, and that causes pain for the customer, right? It causes -- it does for us, it does for them as well. So it's a very tight market still in lithium.

所以我們知道，因為全球供應鏈周遭仍存在危機，你可以想像，我們並不總是能精準鎖定某一批貨會在某一週或某一天到港，而這會讓客戶很困擾，對吧？這會造成——對我們是如此，對他們也是如此。所以鋰市場仍然非常吃緊。

And Colin, on bromine, we're not seeing any double ordering quote. Customers are not trying to build inventory at their sites in anticipation of supply chain disruptions. Supply chains are tight and things are difficult, but we've been able to manage it to a certain extent to where we can deliver within a window that they can live with. So we're not seeing those double orders or customers try to build up inventory by ordering more than they need right at this time.

Colin，至於溴素，我們沒有看到任何所謂的重複下單。客戶並沒有試圖在其廠區建立庫存，以因應供應鏈中斷的預期。供應鏈很緊、事情也很困難，但我們在某種程度上仍能管理到可以在他們可接受的時間窗口內交付。因此，我們目前沒有看到那些重複訂單，或客戶透過下超過需求的訂單來建立庫存。

Nor in catalyst either, Colin.

催化劑也沒有，Colin。

Okay. And then just on the lithium content per kilowatt hour. Are you guys seeing any real trend lines on that certainly, as some of these battery chemistries change and also looking to figure out how to optimize some of the materials. Are you seeing lithium content increase, decrease, or kind of hold steady? And where would you pick that level right now?

好的。那再談一下每千瓦時的鋰含量。你們是否看到任何明顯的趨勢線？尤其是隨著一些電池化學體系改變，同時也在思考如何優化部分材料。你們看到鋰含量是增加、減少，還是大致持平？而你們會把目前的水平定位在哪裡？

For the most part, I don't think as we sit here and look at the year 2021, we've seen any material change. Certainly, we would expect it over a period of years as prelithiation enters the equation on the anode side and as further as progress on solid-state or lithium metal anode technology progresses, that's definitely going to increase the content as it does, obviously, the energy intensity, which is sort of the whole point of those technology innovations.

就大多數情況而言，我不認為我們坐在這裡回看2021年時，看到任何實質性的變化。當然，我們預期在數年期間，隨著負極端的預鋰化（prelithiation）納入考量，以及固態電池或鋰金屬負極技術的進一步進展，鋰含量確實會增加；而且顯然也會提高能量密度，這正是那些技術創新的核心目的。

But I'd say as we sit here today, I think that the technology trends are alive and well, but it's on a quarterly basis during 2021, we really haven't seen significant change necessarily in that.

但我會說，就我們今天所處的狀況來看，我認為技術趨勢仍然活躍且發展良好；只是以2021年的季度尺度來看，我們確實沒有看到在這方面出現顯著變化。

Your next question comes from the line of Arun Viswanathan with RBC Capital Markets.

下一個問題來自RBC Capital Markets的Arun Viswanathan。

I guess I had a question just on the contracting process here. What are you hearing from your customers as far as length? Are those contracts in lithium extending out now to 4 or 7 or 10 years? Or -- and then when you do those contracts how do you kind of bridge the divide between this huge spot price of $28,000 plus per ton and something more reasonable and more in line with increases from where you are on the contract side. I guess I'm just asking, are you -- have you seen a material rise in the cost curve that would justify contracts going closer to spot?

我想我有個問題是關於這裡的簽約流程。就合約期限而言，你從客戶那邊聽到的是什麼？鋰的合約現在是否延長到4年、7年或10年？或者——另外，當你們簽這些合約時，如何在每噸28,000美元以上的巨大現貨價格與更合理、且更符合你們合約端漲幅的價格之間取得平衡？我想問的是，你們——是否看到成本曲線出現實質上升，足以讓合約價格更接近現貨？

Arun, I would say that there's -- the duration of requests from customers are increasing. I think we've characterized in the past that on average, it's about 3 years in our current mix. The new contracts under discussion, which would be slated to supply against the China expansions that Kent described or future Kemerton expansions, sorry, or even down the road expansions we could have in the U.S. Those discussions are either 5-year plus or they don't even start until '24, '25. So we're having discussions with certain customers who are contracting for increments of time into the future, say, '23 to '26 or '24 to '28.

Arun，我會說——客戶提出的需求期限確實在拉長。我想我們過去的描述是，目前組合的平均期限大約是3年。正在討論中的新合約，將會對應Kent所描述的中國擴產，或未來Kemerton的擴產（抱歉），甚至更長遠來看我們在美國可能的擴產。這些討論要嘛是5年以上，要嘛甚至要到24年、25年才開始。因此，我們正與某些客戶討論在未來更長時間區間的簽約，例如23到26年，或24到28年。

Those are the kinds of durations that people are thinking about, and that's largely driven by the investments made on the automotive side. From a pricing standpoint, you can imagine because prices are rising, there's certainly a desire on behalf of those buyers if they can to not have to pay spot prices. But the reality is they're either -- the discussion is either towards a much higher fixed price if they want some stability in their pricing term or we're pricing against that an established index so that it will rise with time.

人們正在考慮的就是這類期限，而這在很大程度上是由汽車端的投資所驅動。就定價而言，你可以想像，因為價格正在上升，買方當然希望如果可以的話，不必支付現貨價格。但現實是——如果他們想在定價期間獲得一些穩定性，討論要嘛會走向更高的固定價格；要嘛我們會依據既定指數來定價，讓價格隨時間上升。

Now remember, the price you gave was a spodumene price when you said $2,800 a ton (sic) [$28,000 plus per ton]. The pricing in China is on a U.S. basis is in high 20s, close to 30 on a delivered basis. When you look at many of the indices around the world, most of these people are buying against a blend. And so the pricing around that is not quite as high, but it's still well into the high teens, if not the low 20s of where a lot of those pricing indices are. So we continue to have a discussion with customers and -- but those are some of the dynamics at play, which are leading us to long-term contracts with significantly higher price potential than what we've seen in the past.

現在請記得，你提到的價格是鋰輝石（spodumene）價格，當你說每噸2,800美元（原文如此）[每噸28,000美元以上]。中國的定價以美元計，在到岸交付基礎上是20多美元高位、接近30。當你看全球許多指數時，多數人是依據一個混合（blend）來採購。因此，該定價水準沒有那麼高，但仍然遠在十幾美元高位，甚至不少指數落在20美元出頭。所以我們仍在與客戶持續討論——但這些就是正在發生的一些動態，正引導我們走向長期合約，而其價格上行潛力顯著高於我們過去所見。

Great. And then I guess I just wanted to ask about if there's any risk you see on the political front in Chile. Yes, just a broad question, I guess, in the next month or 2 or so.

很好。然後我想再問一下，你們是否看到智利在政治面有任何風險？是的，我想這是一個比較廣泛的問題，大概在接下來一兩個月左右。

Yes. Well, there's a lot happening in Chile. So there's definitely political risk in Chile. They rewrite the constitution and things are changing. I mean -- and we watch it closely and we operate there. So we -- and we're pretty close. I mean, we're close to the government. We see what's happening, but they're rewriting their constitution and there'll be changes in Chile.

是的。嗯，智利正在發生很多事情。所以智利確實存在政治風險。他們正在重寫憲法，事情正在改變。我的意思是——我們密切關注，而且我們在那裡營運。所以我們——而且我們相當貼近。我是說，我們和政府關係很近。我們看到正在發生的事，但他們正在重寫憲法，智利將會有變化。

I think that Chile wants to participate in lithium industry. They're looking to expand their participation, the contracts, the agreements they have with us are very progressive, so they participate as prices go up. So that's an upside for them. So I believe they want to participate in that economically, but there's a lot happening in Chile at the moment, and we're watching it very closely.

我認為智利希望參與鋰產業。他們希望擴大參與度；他們與我們的合約、協議非常進步，因此當價格上升時，他們也能參與其中。這對他們而言是上行空間。所以我相信他們希望在經濟上參與其中，但目前智利正在發生很多事情，我們正非常密切地關注。

Your next question comes from the line of Matthew DeYoe with Bank of America.

下一個問題來自美國銀行（Bank of America）的Matthew DeYoe。

So we touched a bit on tolling. But I wanted to kind of delve a little bit into it a little bit more because I know you said it's a bridging strategy and maybe we can be opportunistic. But you're sitting on a fair amount of latent capacity at Greenbushes. And the read seems to be that converters are struggling to find enough merchant supply of spodumene to actually kind of continue to operate in some respect.

我們稍微談到了一些代工（tolling）。但我想再更深入一點，因為我知道你說這是一種過渡策略，而且我們可能可以伺機而動。不過你們在Greenbushes其實有相當多的潛在產能。而市場的解讀似乎是，轉換廠（converters）正苦於找不到足夠的鋰輝石商品供應（merchant supply），以致於在某種程度上難以持續運轉。

So why not get more aggressive on the volume? I have to think, one, prices right now are really attractive. But, two, almost somewhat concerning as it relates to the potential for overinvestment and overheating in markets and things like that. I feel like if you -- with your volume, you might have an ability to kind of regulate this a little bit.

那為什麼不在量上更積極一些？我得想，一來，現在的價格非常有吸引力；但二來，這也幾乎有點令人擔心，因為可能導致市場過度投資、過熱之類的情況。我覺得如果你——以你們的供應量，或許有能力在某種程度上調節一下。

Yes. So I'll make a comment, Eric can add some color. I mean, we don't -- we can't just turn a toller on because they're going to our customers, we have to qualify them. So there's a process there. And not all of those tollers would qualify with our customers. So it's -- we just can't just turn them on. It's not quite that simple even if we had the product.

是的。所以我先評論一下，Eric可以補充一些細節。我的意思是，我們不能——我們不能只是把某個代工方打開就行，因為他們的產品是要供給我們的客戶，我們必須對其進行認證（qualify）。所以那裡有一個流程。而且並非所有代工方都能通過我們客戶的認證。因此——即使我們有產品，也不能說開就開。事情沒那麼簡單。

So now we're ramping and getting more spodumene going to give us optionality from spodumene standpoint going forward, but we still have to make sure we choose the ones and Eric talked about it before, there are people -- there are tollers that we have relationships with that have been previously qualified or currently qualified with our customers.

所以現在我們正在爬坡增產，讓更多鋰輝石供應出來，從鋰輝石的角度為未來提供更多選擇性，但我們仍必須確保我們選對對象。Eric之前也談過，有一些——有一些代工方是我們有合作關係的，而且先前已通過或目前正通過我們客戶的認證。

So you have to fit in all those elements into it. And to really ramp it up, it would be -- it's not a 6-month strategy. It's going to take a little longer to implement that. Eric, you want to add anything?

所以你必須把所有這些要素都納入考量。而要真正把它大幅拉升，這不會是——這不是一個6個月的策略。落實起來會需要更長一些時間。Eric，你要補充什麼嗎？

No, I think you've handled it well. I mean it's -- don't think of these conversion as a dime a dozen. There are people who are in the industry, but there's only several that we would consider as being partners or meeting our standards for serving our customers.

沒有，我覺得你處理得很好。我的意思是——不要把這些轉換（conversion）想成隨處可得。產業裡確實有人在做，但我們會認為能成為合作夥伴、或符合我們服務客戶標準的，只有少數幾家。

So that's why there's a length involved that in the qualification process. So if there's opportunities, we'll take advantage of them. But we're very discriminating in how we approach that from -- when it comes to serving our customers.

所以這就是為什麼在資格認證流程中會涉及一段時間。因此，如果有機會，我們會加以把握。但在如何著手——尤其是在服務客戶方面——我們會非常審慎。

Yes. And key for us is -- I mean, that again, security of supply, quality for the customer, customer has to trust us. So if we're going to toll, we have to make sure that product meets our specs and our customers' standards as well.

是的。而對我們而言關鍵在於——我的意思是，再次強調，供應安全、對客戶的品質，客戶必須信任我們。所以如果我們要做代工（toll），就必須確保產品符合我們的規格，也符合客戶的標準。

Yes, fair point. And we almost got there with Jeff's question, but if you look at Chinese bromine price, I know in the past, it's been kind of comments are maybe it's not correct on an absolute basis, but directionally it's consistent with what you're seeing.

是的，很公平的觀點。我們差不多已經在 Jeff 的問題上談到這點了，但如果你看中國的溴價格，我知道過去有一些評論，可能在絕對值上不一定完全正確，但就方向性而言，與你所看到的情況是一致的。

So I mean given the move, should we think of this move as real and capturable in any capacity? And if so, is this a 2-year process, a 1-year process, a 3-year process? It would seem like there's a lot of room to offset higher chlorine costs as well, but I'm not sure if that's the case or not.

所以我的意思是，鑑於這一波變動，我們是否應該把這次變動視為真實且在某種程度上可捕捉的？如果是，這會是一個 2 年的流程、1 年的流程，還是 3 年的流程？看起來也有很大空間可以抵消更高的氯成本，但我不確定是否真是如此。

Yes, this is Netha. Those prices are real and they're really driven by demand. The demand is outstripping the supply. It takes almost 2 years to really bring on additional bromine supply in a meaningful way. So you'll continue to see that demand outstrip supply and similar to what we said in our Investor Day for the next planning period that we use, and we think that will continue. The question is by how much. We've announced processes and things we want to add, and I'm sure others have as well. But right now, it's not complex. Demand is really exceeding supply, and that's what's driving the Chinese bromine price up.

是的，我是 Netha。那些價格是真實的，而且確實是由需求所驅動。需求正在超過供給。要以有意義的方式新增溴供應，幾乎需要 2 年時間。因此你會持續看到需求超過供給；也如同我們在投資人日所說，在我們使用的下一個規劃期間內，我們認為這種情況會持續。問題在於幅度有多大。我們已宣布一些流程與我們想要新增的項目，我相信其他人也有。但就目前而言，並不複雜：需求確實超過供給，這就是推升中國溴價格的原因。

Your next question comes from the line of Christopher Parkinson with Mizuho.

下一個問題來自 Mizuho 的 Christopher Parkinson。

This is Harris Fein on for Chris. Turning back to Wodgina. So how should we be thinking about the cost that's associated with bringing that back into production? And then understanding that Greenbushes is in a class of its own when it comes to cost per ton, how should we be thinking about the relative cost of spodumene that comes out of Wodgina?

我是代 Chris 提問的 Harris Fein。回到 Wodgina。那麼我們應該如何看待讓它恢復生產所相關的成本？另外，考量到 Greenbushes 在每噸成本方面自成一格，我們應該如何看待 Wodgina 所產出的鋰輝石（spodumene）的相對成本？

Yes. This is Scott. So I think, as you said, Talison spodumene world class, right, low cost in the world. Wodgina, we haven't operated yet, but we do believe it's going to be relatively close. Ultimately, it does have a lower concentration. So it won't meet -- it won't meet it, but it will be relatively close.

是的，我是 Scott。我想如你所說，Talison 的鋰輝石是世界級的，對吧，是全球低成本。Wodgina 我們尚未營運，但我們確實相信它會相對接近。最終它的品位（濃度）較低，所以它不會——不會達到那個水準，但會相對接近。

In the -- maybe, say, in the ballpark.

在——也許可以說，大概在那個區間。

Yes. It's up.

是的。它會更高一些。

And I think, Scott, the cost for this, Harris is asking about how to think about that, we captured them in the guidance we provided, both capital and cash flow. It's largely joint venture capital cost to acquire this yellow equipment that we've talked about and ramp the JV.

而且我想，Scott，關於這部分成本，Harris 問的是該如何看待；我們已把它們納入我們提供的指引中，包括資本支出與現金流。這主要是合資企業的資本成本，用於採購我們談到的那批黃色設備，並讓合資企業爬坡（ramp）。

Got it. And then a lot of the Wave III announcements that you made so far, actually, all of them that have been disclosed are really planned in China. So I'm curious what the strategic rationale was to focus so much on China. And I'm wondering whether it was a matter of lower capital cost or whether or not you see the Chinese market drifting more towards high nickel and whether or not you expect most of those tons to stay domestic or make their way into other markets?

了解。接著，你們目前為止所做的許多 Wave III 公告——其實已披露的全部——都計畫在中國進行。所以我很好奇，為什麼策略上會如此聚焦中國？我想知道這是否因為資本成本較低，或是你們是否看到中國市場更偏向高鎳，並且你們是否預期大部分產量會留在國內，或是會流向其他市場？

Yes. So I mean I think it's -- I mean, Eric can get into detail, but kind of at the high level. I mean it is -- I mean we do see lower capital costs there. That's probably not the driver of the driver. That's where the market is today. And then that product can either serve Chinese market or be exported as well.

是的。所以我的意思是，我想——Eric 可以談更細，但從高層來看。我的意思是——我們確實看到那裡的資本成本較低。這可能不是最主要的驅動因素。主要原因是市場目前就在那裡。而且那些產品既可以服務中國市場，也可以出口。

And then as we -- I mean we anticipate seeing the battery supply chain shifting to the west and then we will invest ahead of that. But for the near term, we see that market in China today. And then we see that kind of -- as we go forward, you hear us talking about North America and Europe, to some degree, but we see that moving west and then we'll invest with it. Eric, do you want to?

另外，隨著我們——我的意思是，我們預期會看到電池供應鏈向西方轉移，然後我們會提前投資。但就短期而言，我們看到市場目前在中國。然後我們看到——隨著往前走，你會聽到我們談北美與歐洲，在某種程度上，但我們看到它往西移動，然後我們會跟著投資。Eric，你要補充嗎？

I mean I think if you look at the percent of production of cathode on the world market, China is well over half of it today, and it will be -- and that will increase between now and the middle of the decade. So China is the center of the world for all cathode technologies. Now many of those are being developed. The supply chain is being developed prospectively to come into and match up to battery production ultimately in North America and Europe. And that's why we have a way for plan that addresses that, and we'll speak to those opportunities to localize supply, and it's an active program with us.

我的意思是，如果你看全球市場正極材料（cathode）的產量占比，中國今天已經遠超過一半，而且在現在到本十年中期之間還會——而且那個占比還會提高。所以中國是所有正極技術的世界中心。現在其中很多正在開發中。供應鏈也正在前瞻性地建置，以便最終能進入並對接北美與歐洲的電池生產。這也是為什麼我們有一個計畫來因應這點；我們會談到在地化供應的機會，這對我們而言是一個正在積極推進的專案。

But as we've said many times, Wave III is largely Asia-centric, heavily China-focused because that's where the market is. And we will build that repeatability of capital design and execution there that will serve us well as we continue to grow around the world.

但如同我們多次說過的，Wave III 主要以亞洲為中心，且高度聚焦中國，因為市場就在那裡。我們也會在那裡建立資本設計與執行的可複製性，這將在我們持續於全球成長時對我們非常有利。

It's also where a large amount of our resources are in the Asia, albeit Australia but in the Asia region as opposed to the -- in the Western part of the world. So those are all the elements that play that strategy, and we look forward to growing with our customers as they expand into the West.

此外，我們大量資源也在亞洲——雖然是在澳洲，但仍屬亞洲區域——而不是在世界的西方部分。所以這些都是構成該策略的要素；我們也期待隨著客戶向西方擴張，與他們一同成長。

There are no further questions. I would now like to turn the call back over to Mr. Kent Masters for closing remarks.

目前沒有其他問題。現在我想把電話交回給 Kent Masters 先生作結語。

Okay. Thank you, and thank you all again for your participation on our call today. As we approach the end of the year, I'm extremely pleased with the progress and the focus our team has demonstrated. I look forward to updating you in February when we announce full year results and provide more detail on 2022 objectives and outlook. This concludes our call, and thank you for your interest in Albemarle.

好的。謝謝，也再次感謝各位今天參與我們的電話會議。隨著我們接近年底，我對團隊所展現的進展與專注感到非常滿意。我期待在二月更新各位，屆時我們將公布全年業績，並就 2022 年目標與展望提供更多細節。本次電話會議到此結束，感謝各位對 Albemarle 的關注。

Ladies and gentlemen, thank you for your participation in today's call. You may now disconnect at this time.

各位女士、先生，感謝您參與今天的電話會議。您現在可以掛線。