IGO revenue rises in June quarter

27th July 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Battery metals miner Independence Group (IGO) has reported a 13% increase in sales revenue and an 11% increase in underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended June.

Sales revenue in the June quarter reached A$277.9-million, up from A$245.5-million in the March quarter, while underlying Ebitda increased from A$232.6-million to A$258.4-million in the same period.

IGO told shareholders on Wednesday that the increase in revenue was driven by record sales revenue from the Nova operations, as well as increased net profits from the Tianqi lithium joint venture (TLEA).

“We have delivered a strong finish to the 2022 financial year with safe and consistent operational performance across the business, combined with stronger metal prices, resulting in another highly profitable quarter,” said MD and CEO Peter Bradford.

“Nova and Greenbushes delivered production and cash costs within or better than guidance, first battery grade lithium hydroxide was produced at Kwinana, we received a first dividend distribution from the lithium joint venture and we progressed many organic growth opportunities across the business. In parallel, we have completed the transaction to acquire Western Areas and have made substantial progress with the integration of Western Areas into IGO.

“The momentum for clean energy continues to grow and IGO is well placed to play an important role during this exciting period in human history.”

During the quarter ended June, the Nova operation produced 6 509 t of nickel and 2 814 t of copper, while full-year production was reported at 26 675 t of nickel and 11 483 t of copper, both of which were well within the full-year guidance.

The newly acquired Forrestania asset contributed 2 860 t of nickel during the quarter, down slightly from the 3 339 t produced in the March quarter.

In turn, the Greenbushes lithium operation produced 338 000 t of spodumene, up from the 270 000 t produced in the March quarter, with full-year production also falling within guidance at 1.13-million tonnes.

IGO’s share of net profit from TLEA was 68% higher quarter-on-quarter at A$101.8-million owing to 41% higher spodumene concentrate sales at Greenbushes and marginally higher spodumene sales price.

Meanwhile, the first production of battery-grade lithium hydroxide was achieved at the Kwinana refinery in May 2022, representing a major milestone for the lithium joint venture.

The refinery underwent a planned three-week shutdown across May and June 2022 before re-commencing production at quarter-end. A total of 88 t lithium hydroxide was produced during the Quarter, including 34 t of battery-grade lithium hydroxide.

Production of battery-grade lithium hydroxide allows the product qualification process with offtake partners, which is expected to take four to eight months to complete.

IGO said on Wednesday that it expects Train I lithium hydroxide production to ramp up concurrently with this qualification process over the coming quarters in anticipation of the plant reaching commercial production in the 2023 financial year.

Several work streams to enable the recommencement of construction for Train II were progressed, including engineering, procurement and construction management contract drafting, approved early works programs, redesign and re-engineering requirements capture and documentation. IGO expects an investment decision during the 2023 financial year.

Edited by Creamer Media Reporter


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