The California-based company developed an ion exchange technology for lithium extraction from brine resources.

The company reported an 87% fall in quarterly adjusted profit on Thursday.

Albemarle produces lithium in Chile and Australia and sends it to China for final processing.

A deterioration in the global economic outlook has also led the company to scale back a planned expansion of its manganese mining operation in Gabon.

Orocobre is currently the largest shareholder in Advantage Lithium.

Those who owe money are being given until April 30 to pay up, failing which the mining title will be lost.