Weak IGO quarter due to operational and market challenges

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Nova nickel-copper mine getting tougher while lithium pricing remains in doghouse

IGO has endured a weaker quarter as its Nova nickel-copper operation delivered lower production and depressed lithium pricing impacted returns for its stake in the Greenbushes lithium business. Group sales revenue decreased 39% quarter-on-quarter to A$143.1 million, while no dividend was declared by TLEA due to prevailing market conditions for spodumene and lithium hydroxide. Operationally, the Nova nickel unit was weaker and the Greenbushes lithium business stronger.

Vella said guidance for that operation wasn't being changed, though the strong quarter showed the capability of the asset. Regarding the lithium market outlook, Vella didn't sound overly optimistic when he suggested consensus was current that dynamics were going to remain for "some time", with capacity in the space able to be built quickly. IGO's net cash position at the end of September was $259 million plus $720 million of undrawn debt.

 

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