SMM7 March 21: recently, the Australian lithium industry said it will refocus on battery recycling and sales. The Australian lithium industry is further reducing spending and providing maximum support to the business units closest to positive cash flow for the benefit of shareholders. The company said it would reduce the number of workers, but did not specify the number of layoffs.
The company is now trying to fend off a collapse in raw material prices exacerbated by the new crown epidemic.
The company, which has a market capitalization of about US $20 million, reported an after-tax operating loss of just over A $3 million (US $2.1 million) in the second half of December 2019.
Despite a rebound in demand for lithium in the battery industry, the company said it expected lithium prices to take longer to recover. Lithium prices have spiralled down for two consecutive years due to weak demand.
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