https://newsletter.en.creamermedia.com
Financial|PROJECT|Resources|Operations
Financial|PROJECT|Resources|Operations
financial|project|resources|operations

Australia's Global Lithium to revamp operations amid lithium downturn

10th September 2024

By: Reuters

  

Font size: - +

Australia's Global Lithium Resources fell more than 13% to hit a record low on Tuesday as it said it will implement corporate and operational changes due to a likely protracted downturn in the global lithium market.

Shares of the company fell as much as 13.2% to their record low of A$0.165.

The company, in which Mineral Resources is a major shareholder, said it would immediately pause works relating to its feasibility study at its Manna lithium project in the Kalgoorlie lithium province, and materially reduce its monthly expenditure on all corporate overheads and operational spending to maintain financial stability.

Lithium prices have taken a hit recently due to the oversupply of the metal, which is used in electric vehicles.

The lithium miner added that it would reduce its board size from four to three members until there is greater certainty in lithium market forecasts.

Shares of Mineral Resources are down 0.7% at A$30.22 as at 01:07 GMT. They rose as much as 2.6% to A$31.19 earlier.

Edited by Reuters

Comments

Projects

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 22 November 2024
Magazine round up | 22 November 2024
22nd November 2024

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:0.084 0.181s - 192pq - 2rq
Subscribe Now