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Mining giant axes almost 300 workers to save $75M

Ablemarle mine
Ablemarle mine

A resources multinational will retrench hundreds of employees in a major cost-cutting push.

About 294 workers are widely expected to be made redundant across most of Albemarle’s operations.

A spokesperson confirmed about 4.2 per cent of the company’s 7000-strong global workforce would be axed. Spending would also be reduced for contracted services. The measures are hoped to save the business about US$50 million (A$75.6M).

AMSJ understands these changes could impact on the following work sites:

  • Greenbushes mine, about 80km southeast of Bunbury
  • Wodgina mine, 104km south of Port Hedland
  • Kemerton plant, 23km northwest of Bunbury.

“The company is also pursuing actions to optimise its cost structure, reducing costs by approximately US$95M (A$143.6M) annually primarily related to sales, general and administrative expenses – including a reduction in headcount and lower spending on contracted services,” the proponent said in a public statement.

“The actions we are taking allow us to advance near term growth and preserve future opportunities as we navigate the dynamics of our key end-markets,” Albemarle CEO Kent Masters added.

The remarks came after the employer flagged up to a 23.8 per cent drop in 2024 capital expenditure to between US$1.6 billion (A$2.4B) and US$1.8B (A$2.7B) compared to the previous year.

The value of lithium ore plunged 80 per cent to US$95,500 (A$144,594) a tonne in the past year.