(Adds details from release and background from paragraph 2 onwards)
Feb 6 (Reuters) - U.S. miner Piedmont Lithium PLL.O said on Tuesday it recently completed a 27% reduction in its workforce as part of a cost-cutting plan, amid a decline in the price of lithium.
The company said it expects to complete the majority of its cost saving initiatives by the end of the first quarter and aims to achieve about $10 million in annual savings. It had 40 employees as of Dec. 31, 2022.
In January, larger rival Albemarle had announced its intention to cut jobs and halt expansion in response to declining prices for the metal used in electric vehicle batteries.
“These cost reduction actions, while difficult, are necessary to position the company for the long-term. Lithiumprices have fallen sharply, and the market consensus is currently negative," CEO Keith Phillips said in a statement.
The global supply of the metal has outpaced demand from the battery market over the last year, resulting in an 81% decline in prices, according to Benchmark Mineral Intelligence.
Piedmont said on Tuesday it has provided additional information to North Carolina regulators to obtain a long-delayed mining permit and that a decision is expected in the coming weeks.
The company has also invested in Quebec-focused Sayona Mining (SYA) and Ghana-focused Atlantic Lithium (A11) , securing access to lithium from both companies.
- Forums
- ASX - By Stock
- News: A11 UPDATE 1-Piedmont Lithium lays off 27% of workforce amid weak prices
(Adds details from release and background from paragraph 2...
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add A11 (ASX) to my watchlist
(20min delay)
|
|||||
Last
25.0¢ |
Change
-0.010(3.85%) |
Mkt cap ! $159.1M |
Open | High | Low | Value | Volume |
26.0¢ | 26.0¢ | 24.5¢ | $49.68K | 198.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 42184 | 24.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
25.0¢ | 13070 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 42184 | 0.245 |
1 | 15000 | 0.240 |
1 | 100000 | 0.235 |
3 | 290000 | 0.230 |
2 | 122060 | 0.225 |
Price($) | Vol. | No. |
---|---|---|
0.250 | 13070 | 1 |
0.260 | 9226 | 1 |
0.265 | 27500 | 2 |
0.270 | 10345 | 1 |
0.280 | 47186 | 1 |
Last trade - 11.05am 13/09/2024 (20 minute delay) ? |
Featured News
A11 (ASX) Chart |