https://www.miningweekly.com
Business|Construction|Financial|Materials Handling|PROJECT|System
Business|Construction|Financial|Materials Handling|PROJECT|System
business|construction|financial|materials-handling|project|system

IGO warns of job losses at Cosmos, further impairments

13th December 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Base metals firm IGO has halted construction of the mechanised materials handling system at the Cosmos project and, instead, will transition to an ore trucking operation, the company reported on Wednesday.

IGO, which is conducting a review of the Cosmos project with a view of resetting plans for the asset acquired last year, said that ditching the mechanised materials handling system part of the project would impact some roles.

IGO was working on redeploying those affected within its business, it said.

Further, the company stated that the outcomes of the Cosmos review would be announced by the end of January.

IGO also cautioned that it was likely to report a further impairment charge against the Cosmos assets in its 2024 first-half results.

In the 2023 financial year, IGP reported an impairment charge of A$968-million against the Forrestania and Cosmos assets, which were acquired as part of the acquisition of Western Areas.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.173s - 113pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: