Piedmont Lithium slashes more jobs under cost-cutting plan
US miner Piedmont Lithium has nearly halved its total workforce after completing an additional 32% reduction in October as part of an ongoing cost-cutting plan, it said on Tuesday.
The company said in February it had completed a 27% reduction in its workforce amid a supply glut in the lithium market that had dragged down prices of the ultra-light metal used in electric vehicles.
Piedmont has now reduced its total workforce by 48% between February and October, the company said in a statement.
Cost savings from Piedmont's layoffs and lower operating expenses led to savings of $14-million, higher than the $10-million it had expected to save at the beginning of the year.
Last week, rival Albermarle reported it had lost more than $1-billion in revenues in the third quarter and that it would slash its capital budget.
In the post-earnings conference call, executives at Piedmont said they expect air and water permits for the Carolina Lithium project in the first half of 2025.
It also expects parliamentary ratification of the mining lease for its Ewoyaa project in Ghana in the first half of next year.
"It's the trigger for a $28-million investment by the sovereign wealth fund in Ghana ... they would be buying a 6% stake and that would be money available to fund 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 with analysts' estimates for a loss of 58 cents per share, according to data compiled by LSEG.
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