• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Piedmont Lithium cuts 27% of workforce as prices plunge

2 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets, Mining
2 min read
0 0
0
51
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Dollar Slides as Trump Fires Fed Governor Lisa Cook

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

Piedmont Lithium cuts 27% of workforce as prices plunge

Piedmont Lithium (NASDAQ, ASX: PLL) 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 (JV) 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 said in the statement.

Prices of the lightweight metal have plunged more than 80% from a late-2022 record high, and the market consensus for the year is negative.

“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.

North Carolina project

Piedmont, an Australian company redomiciled to the US, intents to position itself as one of the world’s lowest cost producers of lithium hydroxide.

The firm took centre stage in the junior lithium space in 2020, when its stock surged almost 84% in a day’s trading in Sydney after it confirmed it had signed a sales agreement with Tesla to supply the electric vehicle maker with high-purity lithium ore mineral for up to ten years.

The deal with Elon Musk’s company was paused and then renegotiated in January 2023, after Piedmont found a temporary source for the metal from its North American Lithium (NAL) project, a JV with Sayona Mining (ASX: SYA). Piedmont’s access to that Quebec supply is expected to end by 2026.

The company, which has been trying to get its eponymous lithium project in North Carolina up and running since 2018, said it had provided State regulators additional information on the project.

This 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 ($243m).

Tags: Piedmont LithiumPiedmont Lithium cuts 27% of workforce as prices plunge
No Result
View All Result

Highlights

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Trending

Business

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook President Trump has fired Federal Reserve Governor Lisa...

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.