Benchmark Mineral Intelligence, a UK-based research and pricing firm specializing in critical minerals for the energy transition, has laid off approximately 20% of its workforce in recent weeks.
The decision comes amid a broader restructuring effort aimed at strengthening the company’s technological and analytical capabilities.
According to multiple sources familiar with the matter, the layoffs affected at least 40 employees out of a total staff of around 200.
Founded in 2014, Benchmark Mineral has grown rapidly over the past decade, becoming a key provider of data and pricing intelligence for minerals such as lithium, copper, and cobalt—essential components in electric vehicle (EV) batteries and other clean energy technologies.
Benchmark Mineral Intelligence Departments Affected Include Sustainability, Sales, and Marketing
Sources indicate that the job cuts were concentrated in departments such as sustainability, sales, and marketing.
These areas had seen significant expansion during the firm’s growth phase, as demand for EV-related data surged globally.
However, recent market challenges and a shift in strategic priorities have prompted the company to reevaluate its resource allocation.
The restructuring is reportedly part of a broader effort to streamline operations and focus on core competencies, particularly in technology and artificial intelligence.
Benchmark Mineral aims to enhance the delivery and quality of its offerings by investing in digital infrastructure and data automation.
Benchmark Mineral Intelligence CEO Confirms Restructuring, Declines to Comment on Layoffs
In an email response to Reuters, CEO Andrew Miller acknowledged the restructuring but did not provide specific details about the layoffs.
“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,” Andrew stated.
While the company has not issued a formal press release regarding the workforce reduction, internal sources suggest that the decision was made after a comprehensive review of business operations and future growth areas.
Market Conditions and Lithium Demand Influence Strategic Shift
The restructuring comes at a time when the global lithium market is experiencing volatility.
Prices for lithium and other energy transition minerals have fluctuated due to supply chain disruptions, changing demand forecasts, and geopolitical factors.
Benchmark Mineral’s decision to trim its workforce may reflect a recalibration in response to these market dynamics.
Industry analysts note that while demand for EVs remains strong, the pace of mineral extraction and processing has introduced uncertainties for data providers and market forecasters.
Companies like Benchmark Mineral are under pressure to deliver more precise, real-time insights, which may require a leaner and more technologically advanced operational model.
Implications for the EV Supply Chain Intelligence Sector
Benchmark Mineral’s workforce reduction highlights the challenges faced by niche data firms operating in fast-evolving sectors.
As the EV industry matures, data providers must adapt to shifting client expectations, regulatory changes, and technological advancements.
The move may also signal a trend toward consolidation and specialization within the energy transition analytics space.
Despite the layoffs, Benchmark Mineral remains a prominent player in the field, with clients ranging from automakers and battery manufacturers to government agencies and institutional investors.
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