Friday, September 12, 2025

Latest

Albemarle Unveils Cost-Cutting Measures, Including Job Cuts, Amid Plummeting Lithium Prices

Albemarle (NYSE: ALB) announced a strategic plan on Wednesday to trim expenses as the world faces a surplus in the global supply of lithium. The move includes job cuts, a reduction in capital spending, and a postponement of a major lithium refining project in the United States, all aimed at addressing the impact of falling prices of the essential metal used in electric vehicle (EV) batteries.

As part of its cost-cutting strategy, Albemarle is targeting a capital spending range of $1.6 to $1.8 billion for 2024, down from approximately $2.1 billion in 2023. Additionally, the company is deferring investment in a colossal lithium refining project situated in South Carolina, initially designed to be one of the world’s largest processors of the battery metal.

While implementing these measures, Albemarle emphasized its commitment to completing the commissioning of lithium refineries in China and Australia, both of which are near completion. The company also outlined plans to prioritize permitting efforts for the reopening of a lithium mine in North Carolina.

The oversupply of lithium in the market over the past year has led to a significant drop in prices, particularly affecting the battery sector. Benchmark Mineral Intelligence reported an 81% decline in its price index over the past year and an additional 11% drop in the last month.

The restructuring plan includes workforce reductions, although specific details regarding the number of affected employees were not disclosed by Albemarle. The overall impact of these initiatives is anticipated to yield annual savings of $95 million, with $50 million expected in 2024, according to the company.

Acknowledging the financial implications of the restructuring, Albemarle disclosed that it would record charges in the first quarter related to severance and benefit costs, exit activities, and asset write-downs.

In a parallel development on Wednesday, Albemarle revealed its decision to divest its stake in Australia’s Liontown Resources. This decision follows the blockage of Albemarle’s $4.3 billion bid for the lithium developer by Australia’s wealthiest individual, Gina Rinehart, last year.


Information for this story was found via Mining Weekly and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

SSR Mining Sells Pitarrilla Project To Endeavour Silver For Cash And Shares

SSR Mining (TSX: SSRM) this morning continued its process of monetizing non-core assets. The firm...

Thursday, January 13, 2022, 08:01:28 AM

Albemarle Confident New Chile Gov’t Won’t Affect Lithium Operations: “We Have A Unique Contract”

Chemicals firm Albemarle Corp. (NYSE: ALB) seems to be unfazed by the results of Chile’s...

Friday, December 24, 2021, 12:27:00 PM

Blackrock Gold Hits 2,215 G/T Silver Equivalent At Tonopah West In Further Drilling

Blackrock Gold Corp (TSXV: BRC) this morning released further results from its drill program at...

Tuesday, September 1, 2020, 09:35:17 AM

Market Movers: Blackrock Gold Corp Soars On Assay Results of 2,198 G/T Silver Equivalent

Blackrock Gold Corp (TSXV: BRC) is one of today’s largest movers and shakers, having traded...

Monday, July 20, 2020, 02:45:43 PM

Oro X Mining Releases Terms For $14.0 Million Financing

Oro X Mining (TSXV: OROX) this morning announced the pricing of a private placement being...

Friday, March 19, 2021, 08:46:32 AM