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Volume 136 • Issue 4
Wednesday, January 24, 2024
kmherald.com • 704-484-1047
75¢
Downtown boutique hotel in the works for KM By Loretta Cozart
ALBEMARLE KINGS MOUNTAIN (Photo by Loretta Cozart)
Albemarle reduces costs to optimize cash flow as lithium prices drop Albemarle Corporation outlined on January 18 a series of proactive measures underway to re-phase its organic growth investments and optimize its cost structure in response to changing end-market conditions, particularly in the lithium value chain. These actions are designed to unlock cash flow over the near term and generate long-term financial flexibility. Albemarle expects its 2024 capital expenditures to be in the range of $1.6 billion to $1.8 billion, down from approximately $2.1 billion in 2023. This new level of spending reflects a re-phasing of larger projects in the near term to focus on those that are significantly progressed, near completion, and in startup. Decisions made by the company include to: • Commission the Meishan lithium conversion
facility, which reached mechanical completion at the end of 2023 • Complete commissioning activities for Trains 1 and 2 at the Kemerton lithium conversion facility and focus construction on Train 3 • Prioritize permitting activities at the Kings Mountain spodumene resource and defer spending at the Richburg mega-flex lithium conversion facility • Defer investment for the Albemarle Technology Park in North Carolina • Limit sustaining capital spending to the most critical health, safety, environmental, and site maintenance projects The company is also pursuing actions to optimize its cost structure, reducing costs by approximately $95 million annually, primarily related to sales, general, and
Take the Kings Mountain Parks & Recreation Master Plan Survey by scanning the QR code below or by visiting https://www.surveymon-
This is the anticipated look for Kings Mountain’s new Cobblestone Hotel project, including an upscale chophouse. (Photo by City of Kings Mountain) investor or owner/operator during the meeting. The city manager said of the project, “We feel very comfortable that the project
can and will go forward. We are working through and completing all of the site preparations and looking to solidify the financing
model and agreements for the parking garage development while also working See BOUTIQUE Page 5A
See ALBEMARLE, Page 5A
Citizens asked to participate in Parks & Rec survey By Loretta Cozart
Last week, the Herald spoke with City Manager Jim Palenick regarding land at 200 E. Gold Street and the plans for the property once site prep is completed. During the November 9, 2023, City Council Work Session, it was unanimously voted to approve a budget amendment of $250,000 for costs associated with site prep expenses. During the meeting, the city council discussed the possibility of constructing a hotel on the property, but they also noted that the land might be used for residential purposes. The council approved site preparation work with the anticipation of further use, but they did not discuss any potential
On Friday, January 19, Kings Mountain Forward held a ribbon cutting for Back Door Antiques at 209 S. Battleground Avenue at 12 p.m. A great showing of business leaders, politicians, and citizens joined in as President David Stone welcomed the new venture to downtown Kings Mountain. Cutting the ribbon is owner Gary Nadel, with his fiancé Randi Hicks to his right. The shop will begin regular hours on Friday, January 26. (Photo by Taylor Caldera)
key.com/r/KingsMtnRecSurvey. You have until February 10th to complete the survey.
Water main breaks diverts traffic Monday On Monday, at 4 p.m., the City of Kings Mountain Water Department was in the process of repairing water main breaks at Cleveland Avenue and Countryside Court. Water services at both locations were expected to be
restored within four hours. Due to a water leak at Cleveland Avenue, the city closed the northbound lane on Cleveland Avenue, starting at the Kings Street intersection. Traffic will be diverted west on Kings Street, then north on Piedmont Ave., and turning onto the exit ramp of Hwy 74 to return to Cleveland Avenue. No cause for the breaks were shared.
City of KM crews worked to relocate city utility services in the 200 block of E. Gaston Street last week. The road was closed between Monday, January 15 and Friday, January 19. This is the proposed site for a new hotel slated for downtown Kings Mountain. (Photo by Loretta Cozart)
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