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Piedmont Lithium said on Tuesday it had laid off 27% of its workforce as a sharp downturn in the lithium market is forcing miners to cut production and look for cost-cutting measures.
Piedmont Lithium noted it aimed to achieve about $10 million in annual savings. “These cost reductions, while difficult, are necessary to position the company for the long-term,” chief executive Keith Phillips UBS said in January it expected global lithium supply to jump by 40% in 2024, to more than 1.4 million tons of lithium carbonate equivalent.
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