https://www.engineeringnews.co.za

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

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Roytec Global (Pty) Ltd
Roytec Global (Pty) Ltd

Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.

VISIT SHOWROOM 
ALBIS FLANGES (Pty) Ltd
ALBIS FLANGES (Pty) Ltd

ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 June 2026
Magazine round up | 19 June 2026
19th June 2026

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







301

sq:0.048 0.083s - 140pq - 2rq
Subscribe Now