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Piedmont Lithium slashes more tasks under cost-cutting plan

U.S. miner Piedmont Lithium has actually nearly halved its total labor force after completing an extra 32% reduction in October as part of a continuous costcutting strategy, it said on Tuesday.

The business said in February it had actually completed a 27%. reduction in its labor force amid a supply glut in the lithium. market that had actually dragged down prices of the ultra-light metal. used in electrical vehicles.

Piedmont has now decreased its overall workforce by 48% between. February and October, the business said in a declaration.

Expense cost savings from Piedmont's layoffs and lower operating. costs led to cost savings of $14 million, greater than the $10. million it had actually anticipated to save at the beginning of the year.

Last week, competing Albermarle reported it had lost. more than $1 billion in profits in the 3rd quarter and that. it would slash its capital budget.

In the post-earnings conference call, executives at Piedmont. said they anticipate air and water authorizations for the Carolina Lithium. task in the very first half of 2025.

It likewise expects parliamentary ratification of the mining. lease for its Ewoyaa task in Ghana in the first half of next. year.

It's the trigger for a $28 million financial investment by the. sovereign wealth fund in Ghana ... they would be purchasing a 6%. stake and that would be money readily available to money capital on an. interim basis and part of the capital beyond that, said Keith. Phillips, CEO of Piedmont.

Piedmont Lithium on Tuesday reported an adjusted loss of 42. cents for the third quarter, compared to experts' estimates. for a loss of 58 cents per share, according to data put together by. LSEG.

(source: Reuters)