IGO has revealed its total recordable injury frequency rate is down 35 per cent year-on-year to 10.4 as it closes out a solid 2023–24 financial year (FY24).
The company said it has a clear focus to maintain this momentum as it gears up for FY25.
At IGO’s Greenbushes lithium operation in Western Australia, the company recorded a strong production performance of 1.28 million tonnes and agreed on a new pricing mechanism.
Turning to its nickel operations, the company is celebrating strong underlying free cash flow of $331 million from its Nova and Forrestania operations in WA as it safely transitions its Cosmos mine into care and maintenance.
Earlier this month, IGO said it would be looking to transition Forrestania to care and maintenance in the next 12 months.
“After 18 years of commercial nickel production from the Flying Fox and Spotted Quoll mines, Forrestania’s nickel reserves are approaching depletion,” IGO said.
“The opportunity to divest the valuable assets at Forrestania to another party, such as Medallion, would be a positive outcome for both IGO and Medallion.”
Importantly, IGO will retain lithium and nickel rights at Forrestania. The IGO exploration team is continuing to progress work at the South Ironcap prospect, where spodumene bearing pegmatites have been discovered.
In other highlights from the year, IGO appointed two new leaders in Brett Salt as chief growth and commercial officer, and Marie Bourgoin as chief development officer – lithium.
The company also reset its exploration business, undertaking a comprehensive review, rationalised portfolio, and a new operating model.
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