https://www.miningweekly.com

Lake Resources to cut more than 50% of global workforce

Lake Resources CEO David Dickson

Lake Resources CEO David Dickson

1st July 2024

By: Reuters

  

Font size: - +

Australia's Lake Resources said on Monday it will slash more than 50% of its global headcount, including six members of the company's executive team, to cut costs and maximise the value of its flagship Kachi project in Argentina.

Last week, the lithium developer said that it is laying off staff and selling assets as prices for the metal crucial in the production of electric vehicle batteries have fallen, due to Chinese oversupply and concerns that the EV industry is not growing as fast as expected.

Earlier in March, it said it would reduce global headcount by nearly 50% across its non-core operational and administrative workforce.

The company also said that it is managing an ongoing process for the potential sale of its non-core assets and lithium tenements in Jujuy and Catamarca provinces in Argentina.

It added that the cost reductions are expected to reduce consumption through the second half of 2024.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Lilak Aluminium
Lilak Aluminium

For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.05 1.171s - 128pq - 2rq
Subscribe Now