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