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Lithium output and pricing lift IGO December quarter
['Ben Cartwright']
Australian Mining
At the company’s Greenbushes lithium mine, spodumene production lifted to 352,000 tonnes (kt), up from 320 kt in the prior quarter, driven by higher ore mined volumes and improved grade.
The Nova nickel operation continued to perform well in line with life-of-mine plans, contributing to stable production and cost management, underpinning ongoing positive cash flow.
The operation is still generating positive free cash, and selling into a strengthening nickel market,” IGO managing director Ivan Vella said.
Financially, IGO reported an improved group underlying EBITDA of $30 million, up from $19 million in the prior quarter, and positive operating cash flow of $13 million, with underlying free cash flow also at $13 million.
The balance sheet remained solid with approximately $299 million net cash at quarter end.