IGO warns of job losses at Cosmos, further impairments
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.
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