Lake Resources cuts staff, eyes asset sales amid low lithium prices

Lithium developer Lake Resources is laying off staff and selling assets as low prices for the electric vehicle battery metal hamper efforts to find customers and investors for its flagship Kachi project in Argentina, its CEO said.

The move is the latest blow to the lithium industry and its struggling producers after the more than 80% drop in prices for the ultralight metal in the past year, a fall fueled by Chinese oversupply and concerns the EV industry is not growing as fast as previously expected.