IGO Limited (ASX:IGO), a leading player in lithium and nickel mining, released its quarterly report for the period ending 30 September 2024. The company noted a 39% drop in sales revenue to $143.1m due to lower commodity prices, including a decrease in spodumene and nickel sales. The Nova and Forrestania operations faced challenges, with lower production and grades affecting output. A group EBITDA loss of $2.9m was reported, driven by weaker lithium prices and reduced contributions from the Greenbushes joint venture.
Despite these challenges, IGO remains positive about its long-term outlook. Ivan Vella, IGO’s CEO, stated: “Our financial performance was impacted by lower commodity prices, but operationally, we continue to deliver strong results, particularly at Greenbushes.” The Greenbushes Lithium Mine, a significant asset for IGO, saw improved spodumene production, and the Kwinana refinery’s planned shutdown is expected to boost performance by year-end.
The company’s financials remain solid with a net cash position of $259m and $720m of undrawn debt. IGO has also refreshed its strategy with a pathway to success outlined up to 2035, focusing on improving safety, enhancing operational efficiency, and exploring new growth opportunities.