IGO’s Greenbushes lithium operation in Western Australia had a strong performance in the first quarter of the 2024–25 financial year (Fy25), delivering robust production and consistent cash flow.
Despite a softening in commodity prices and reduced nickel revenues, Greenbushes continued to exceed expectations, producing a quarter-on-quarter increase in spodumene output.
“Operational performance at Greenbushes has been strong with an uplift in quarter-on-quarter production,” IGO managing director and chief executive officer Ivan Vella said.
“Greenbushes’ productivity not only bolstered IGO’s position but also provided a solid foundation for future growth, aligning with the company’s long-term strategy to drive success through to 2035.”
While fluctuations in lithium and nickel prices impacted financial results, IGO’s strategic focus on operational efficiency helped maintain resilience.
“Our safety performance remains a key focus across our business,” Vella said.
“The team are working on a targeted set of improvements and increased safety interaction and engagement to deliver a step change in sustained safety performance through this financial year.”
The company’s cash position of $259 million, alongside $720 million in undrawn debt, reflects a healthy balance sheet and a commitment to ongoing investment in its core assets.
Looking forward, IGO is also preparing for the completion of a scheduled shutdown at the Kwinana refinery, expected to drive further performance improvements into the second quarter of FY25.
“Despite the challenging commodity market conditions, IGO remains in a strong position with a refreshed strategy and a reshaped corporate and exploration team who remain aligned to our purpose,” Vella said.
“Following the conclusion of mining in September, we have recently transitioned Forrestania into care and maintenance as planned, after more than 20 years of successful operations.
“We are proud of its contribution to IGO’s story and we wish to recognise everyone who has been involved in this mine over the years.”
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