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Record revenue as IGO mourns Bradford

IGO  has delivered improved quarter-on-quarter financial performance with record sales revenue and EBITDA of $398 million.

The company owns and operates the Nova nickel-copper-cobalt operation, the Forrestania nickel operation and the Cosmos nickel operation, all in Western Australia. IGO is also invested in a lithium focused joint venture with partner Tianqi Lithium, which comprises a 51 per cent stake in the Greenbushes lithium mine, at which a record quarterly spodumene production of 361 kilotonnes was recorded for the period.

Group nickel production hit 9761t, up by 50 per cent on the previous quarter, with record sales revenue from Forrestania.

In welcoming the results, acting chief executive officer Matt Dusci paid tribute to the former managing director and CEO, Peter Bradford, who passed away recently.

“He who was a passionate, engaged leader who put our people first and helped to create IGO’s unique culture. Peter was recognised across the entire mining industry as an inspirational leader, an innovative and strategic thinker and a compassionate mentor,” he said.

“We at IGO are determined to deliver on Peter’s aspiration — to make a difference and make the planet better for future generations.”

Busci said stronger production and higher spodumene prices drove outstanding earnings within the Tianqi joint venture and led to IGO receiving its second quarterly dividend of $106m.

“Within our nickel business, Nova and Forrestania performed to plan, and we are also pleased to announce our Cosmos revised project plan, which lays the roadmap for the successful delivery of this project over the coming year,” he said.

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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