Benchmark Mineral Intelligence, a UK-based research and pricing firm specializing in critical minerals for the energy transition, has cut roughly one-fifth of its staff as part of a major restructuring, according to three people familiar with the company’s operations.
The 11-year-old firm, which had expanded rapidly in recent years in line with growing demand for data on energy transition minerals, has laid off at least 40 employees from a total workforce of around 200, the sources said. The job cuts affected multiple departments, including sustainability, sales, and marketing.
Chief Executive Andrew Miller confirmed the restructuring in an emailed statement to Reuters, saying, “This process is part of our ongoing efforts to strengthen the quality and delivery of Benchmark’s offering, focused around further investment in our technology and AI capabilities.” He declined to comment further on the scope of the reductions.
One source cited weak mineral prices — particularly lithium — as a contributing factor to the decision. Lithium prices have fallen sharply from their 2022 peak due to slower-than-expected adoption of electric vehicles, which has weighed on demand for battery materials. Benchmark’s clients include miners, battery manufacturers, and policymakers.
In a research note published last week, Benchmark forecasted a sharp decline in U.S. EV sales in the final quarter of this year and warned that “high manufacturing costs and rising tariffs” could push automakers to scale back production plans in 2026.
Privately held Benchmark acquired EV market research firm Rho Motion last year, creating a combined company of about 250 employees. Alongside lithium, the firm tracks pricing and data for key energy transition materials including copper, cobalt, nickel, graphite, rare earths, manganese, fluorspar, and phosphate.
Source: Reuters