Lake Resources to cut more than 50% of global workforce

Australia's Lake Resources said on Monday it will slash more than 50% of its global headcount, including six members of the company's executive team, to cut costs and maximise the value of its flagship Kachi project in Argentina. Last week, the lithium developer said that it is laying off staff and selling assets as prices for the metal crucial 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.