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

Research Reports

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
Lion Alcolmeter® 700
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

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:0.299 0.41s - 192pq - 2rq
Subscribe Now