Australia's Global Lithium to revamp operations amid lithium downturn

Reuters09-10

Sept 10 (Reuters) - Australia's Global Lithium Resources

fell more than 13% to hit a record low on Tuesday as it said it will implement corporate and operational changes due to a likely protracted downturn in the global lithium market.

Shares of the company fell as much as 13.2% to their record low of A$0.165.

The company, in which Mineral Resources is a major shareholder, said it would immediately pause works relating to its feasibility study at its Manna Lithium Project in the Kalgoorlie Lithium Province, and materially reduce its monthly expenditure on all corporate overheads and operational spending to maintain financial stability.

Lithium prices have taken a hit recently due to the oversupply of the metal, which is used in electric vehicles.

The lithium miner added that it would reduce its board size from four to three members until there is greater certainty in lithium market forecasts.

Shares of Mineral Resources are down 0.7% at A$30.22 as at 0107 GMT. They rose as much as 2.6% to A$31.19 earlier.

(Reporting by Sherin Sunny in Bengaluru; editing by Alan Barona)

((Sherin.Sunny@thomsonreuters.com))

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