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Piedmont Lithium said on Tuesday it had laid off 27% of its workforce as a sharp downturn in the lithium market is forcing miners to cut production and look for cost-cutting measures. The battery metal producer, which has a joint venture operation in Canada and a lithium project in Ghana, said it expects to complete the majority of its cost saving initiatives by the end of the first quarter.
Piedmont Lithium noted it aimed to achieve about $10 million in annual savings. “These cost reductions, while difficult, are necessary to position the company for the long-term,” chief executive Keith Phillips “The lithium market is going through tumultuous times,” Allan Pedersen, principal analyst for lithium at WoodMac, said last week. “While demand has nearly tripled in the past three years, reaching around one million tonnes in 2023, the growth rate is expected to moderate. Nevertheless, the industry’s fundamentals remain excellent, driven by the global push to decarbonize,” Pedersen added. UBS said in January it expected global lithium supply to jump by 40% in 2024, to more than 1.4 million tons of lithium carbonate equivalent. Output in top producers Australia and Latin America will rise 22% and 29% respectively, the bank said. Production in Africa is expected to double, driven by projects in Zimbabwe, according to UBS.Piedmont, an Australian company redomiciled to the US, intents to position itself as one of the world’s lowest cost producers of lithium hydroxide.renegotiated in January 2023This means a decision on the open-pit Piedmont lithium mine should be ready in coming weeks. If approved, the operation would be one of the few lithium-producing sites in the US. Shares in the company closed 7.5% lower in Sydney to A$0.19, leaving it with a market capitalization of A$374 million .Nickelates may be crucial for high-temperature superconductors that are much easier to cool and thus are far more promising for potential future applications.The future is copper: insights into the metal’s pivotal role in global growth and sustainability The metal is poised not just as a material of historical significance but as a pivotal element in driving forward the next phase of economic and technological progress.The accident took place on Jan 26, 2023 at the Diavik mine, which is located about 200 km south of the Arctic Circle in the Northwest Territories.
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