Australia may lose $45 billion amid green steel rush, report says
Australia accounts for 56% of seaborne iron ore trade.
Australia’s lithium developer Lake Resources on Monday said it would reduce global headcount by nearly 50% across its non-core operational and administrative workforce as it implements further cost-saving measures.
Furthermore, Lake will continue to evaluate the monetization of non-core assets and lithium tenements unrelated to its lithium developer’s flagship Kachi project in Argentina, in a bid to further reduce expenses.
This comes at a time when signs have shown that the lithium market has been stabilizing after falling around 70% over the past year as EV sales growth slowed.
The company estimates further 30% reduction in expenditures in the quarter ending June 2024, compared to the previous quarter, in which it saw expenditures reduced by 40%.
The lithium developer is also in middle of selecting a strategic partner for its operating entity of the Kachi project.
“Company is now actively conducting outreach to a wide array of potential strategic partners as it progresses the initial phase of the strategic partner selection process,” Lake Resources said in a statement.
Lake Resources expects the partner selection process to conclude in the second half of 2024, it added.
(By Ayushman Ojha; Editing by Mark Porter and Diane Craft)
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