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IGO's revenue drops 28% on soft nickel prices, Cosmos put on care and maintenance

Kitco Media
By Michael McCrae
Published
Updated
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IGO's revenue drops 28% on soft nickel prices, Cosmos put on care and maintenance teaser image

Kitco News - Australian nickel and lithium miner IGO (ASX: IGO) said today its sales revenue dropped 28% quarter-on-quarter due to lower metal prices.

The company announced its 2Q24 financial results on Wednesday.

The company said that its Cosmos operation will be put on care and maintenance due to higher capital and operating costs, as well as deteriorating nickel prices.

“The decision we’ve announced today to transition Cosmos into care and maintenance is not a decision we take lightly. Despite identifying opportunities to optimise and de-risk development, the recent deterioration of the nickel price has led to us to stop and reassess the future of this asset. We’re working closely with our people to manage this transition safely and in line with IGO’s values, as we seek to preserve value for a potential restart in the future," said Ivan Vella, managing director and CEO, in a news release.

IGO's share of net profits at its joint Greenbushes lithium operation was 49% lower quarter on quarter, due to lower metal prices and sales volume. IGO is in a joint venture with Tianqi Lithium at Greenbushes.

IGO has fallen 48% in the past year to A$7.56 a share. 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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