Piedmont Lithium cuts 27% of workforce as part of cost-cutting plan

BELMONT, N.C. — Piedmont Lithium Inc. has laid off over a quarter of its workforce and is cutting costs as lithium prices drop.

The Belmont-based mining company disclosed on Tuesday it had laid off 16 employees, or 27% of its workforce. Piedmont Lithium added that it “is managing the pace of development and capital spending” at its U.S. projects.

That applies to the massive Carolina Lithium mining project, which is in the permitting process in Gaston County. Cost-control measures at the U.S. projects include “deferrals of property purchases, engineering expenses, and other development costs.”

The moves are part of the company’s cost-cutting plan to create $10 million in annual savings. Piedmont Lithium now has 44 workers and finished last year with $72 million in cash on hand.

Read more here.

VIDEO: Officials give update on Kings Mountain lithium mine

Officials give update on Kings Mountain lithium mine

©2024 Cox Media Group