(Reuters) -Benchmark Mineral Intelligence, a UK-based pricing and information analysis agency for vitality transition minerals, has minimize not less than a fifth of its workforce in current weeks, stated three folks accustomed to the corporate.
The 11-year-old agency had been quickly increasing during the last couple of years alongside rising market curiosity in lithium, copper and different minerals wanted for electrical automobiles and different clean-energy makes use of.
The layoffs embrace not less than 40 folks at Benchmark, the three sources stated, out of a complete workforce of 200 folks. Two of the sources stated affected departments included sustainability, gross sales and advertising and marketing.
CEO Andrew Miller in an e mail to Reuters stated the agency had undergone a “current restructuring.” He declined to remark additional on Reuters questions concerning the reductions.
“This course of is a part of our ongoing efforts to strengthen the standard and supply of Benchmark’s providing, centered round additional funding in our know-how and AI capabilities,” he stated.
One supply cited weak pricing for minerals, particularly battery steel lithium, as a drag on Benchmark’s enterprise, whose purchasers embrace miners, battery makers and politicians.
Lithium costs have plunged since their peak in 2022 as a consequence of slower-than-expected adoption of electrical vehicles.
In a analysis word Benchmark printed on its web site final week, the corporate stated it anticipated a pointy decline in U.S. EV gross sales within the final quarter of the 12 months. It added that different challenges akin to excessive manufacturing prices and rising tariffs are prompting some carmakers to cut back EV manufacturing plans into subsequent 12 months.
Privately held Benchmark final 12 months purchased EV market analysis agency Rho Movement, making a mixed firm of 250 staff.
Along with lithium, Benchmark tracks costs and different market information for copper, cobalt, nickel, graphite, uncommon earths, manganese, fluorspar and phosphate.
(Reporting by Daina Beth Solomon in Santiago, Pratima Desai in London and Ernest Scheyder in Houston; Modifying by Christian Plumb and Matthew Lewis)