$A23.5M of foreign exchange gains has lifted miner IGO’s Mar 2021 qtr (Q3 21) net profit after tax to $41.9M from Q2 21’s $8.8M, which included $38.9M of FX losses, offsetting falls in gold-nickel-copper output.
However, adjusted net profit after tax fell to $25.6M from $38.6M, with revenue and other income down 21% on the prior qtr to $185.7M from $235.9M, primarily as a result of lower metal volumes sold. Underlying EBITDA fell to $92.7M from $120.9M.
IGO’s 100%-owned Nova nickel operation, in Western Australia, saw output down to 6,816t from Q2 21’s 7,024t, copper to 3,035t from 3,171t, but cash costs better to $1.83/lb from $2.10/lb. 30%-owned Tropicana gold production in WA (100%) plunged to 82,393oz from 112,050oz at AISC up to $2,120oz from $1,537oz as work continued at the Havana open pit cutback. Subsequent to Q3 21, IGO sold its stake in Tropicana to Regis Resources for $903M.
IGO finished Q3 21 with cash from operating activities down 46% to $71.1M.