Lithium Australia has reported an operating loss for second quarter of 2019 of over AU$3 million. Moreover, the company announced its interest in strengthening its recycling business, which should provide an important income increase in the upcoming year. However, the company did not specify any numbers of the expected income increase.
“Lithium Australia is further reducing its expenditures and maximizing support for the business units closest to positive cash flow for benefit of all stakeholders,” the company reported in an official statement connected to its economic results. The firm also said that there would be a reduction of workforce numbers, without disclosing exact numbers. In doing so, Lithium Australia reacts on drop in demand for lithium and batteries caused by the coronavirus pandemic. Right after the announcement, the company’s shares were up in more than 4%.