Australia's Lake Resources announced it will cut over 50 percent of its global workforce, including six executive team members.
The company plans to reduce costs and enhance the value of its flagship Kachi project in Argentina.
This decision follows a recent statement from the lithium developer about layoffs and asset sales due to a decline in lithium prices.
It’s driven by Chinese oversupply and slower-than-expected growth in the electric vehicle industry.
Lake Resources revealed plans to reduce its non-core operational and administrative staff by nearly 50 percent in March.
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