Mineral Resources and Albemarle agree $1.15 bln lithium deal

Dec 14 (Reuters) - Australia's Mineral Resources on Friday signed a binding deal to sell a stake in its Wodgina Lithium Project and form a lithium joint venture with U.S.-based Albemarle Corp for $1.15 billion.

The deal allows Albemarle Corp, the world's top lithium producer, to expand its presence in Australia at a time when demand for lithium is expected to boom.

Albemarle will take a 50 percent stake in the joint venture that will own and operate the Wodgina mine and develop a plant producing lithium hydroxide.

(Reporting by Nikhil Kurian Nainan in Bengaluru; editing by Darren Schuettler)