Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Australia’s Core Lithium said on Tuesday CEO Gareth Manderson will step down after more than a year in the role, as part of a strategic review, and finance chief Doug Warden has been appointed as the interim chief.
The lithium miner also appointed James Virgo, who is the financial controller, as the interim CFO in place of Warden.
Core said it is restructuring its business in response to a rapid decrease in prices of spodumene, an important source of lithium.
Prices of lithium have come under pressure in recent times due to slower-than-expected sales of electric vehicles.
Earlier in January, Core suspended mining operations at the Finniss project in Northern Territory.
Manderson, who was focused on the development of the Finniss project, will leave the company on March 18.
The search for a new CEO is underway, Core said.
(By John Biju; Editing by Sonia Cheema and Sherry Jacob-Phillips)
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