Executive Recruiter at Verrus | Expert Partner for the Mining Industry | Committed to Finding Exceptional Talent for Clients Across the World
Make it or Lake it: Drastic Measures Employed by Lake Resources🏞️ The Australian lithium producer Lake Resources is going to cut more than 50% of its global workforce. Lake resources, which operates mines in both Australia and Argentina is looking to drastically reduce its headcount in order to focus on the profitability of their Kachi project in Argentina in which they aim to produce consistent battery grade lithium carbonate on site without further need for further refinement or processing. This will not come as a shock to many people in the industry as the company's share price has declined over 85% the last year, making it clear that the company had to make some big changes. Although changes were needed, laying off 50 percent of their staff including 8 executives is a very drastic measure. This decision was also based upon the fact the crucial metals in the production of electric vehicle batteries have fallen, due to Chinese oversupply and concerns that the EV industry is not growing as fast as expected. It will be very interesting to see if this change makes the difference the company needs and if it allows them to bounce back in the market!📈 Read more about the impact of this decision here: https://lnkd.in/et9m4p_u
