PERTH – Battery metals miner IGO has reported record earnings for the half-year ended December, driven by a strong December quarter.
The Greenbushes operation, in which IGO holds a 24.99% interest, recorded sales revenue for the half-year of A$4.2-billion and underlying Ebitda of A$3.7-billion on a 100% basis. Total spodumene production for the period increased 41% to 740 373 t, while unit cost of goods sold before royalties of $258/t of spodumene sold was 13% lower than the prior period, benefitting from higher sales volumes.
Construction of Chemical Grade Plant 3 , which will have production capacity of 500 000 t spodumene concentrate, continued during the quarter TLEA has also identified several key process modification and rectification capital projects which will be committed to over the next 12 months. Accordingly, IGO expects the sustaining and improving capital cost estimate provided for Train 1 to trend higher in the second half of 2023 and be between A$35-million and A$45-million for the 2023 financial year, compared with the previous budget of between A$15-million and A$20-million.