IGO Limited (Independence Group)
IGO Limited (Independence Group)
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Lithium JV partners Tianqi (51%) and IGO (49%) are preparing to commence product qualification processes with offtake partners after achieving the first and consistent production of battery grade lithium hydroxide from their Kwinana Lithium Hydroxide Refinery in Western Australia.
The first production of lithium hydroxide in commercial quantities in Australia follows the completion of progressive commissioning and trial production by Train 1 at the facility south of Perth.
Growing Western Australia nickel-copper-lithium miner IGO has lifted its Mar qtr 2020 (Q3 22) net profit to $A133M from Q2’s $52.3M on sales revenue up to $245.5M from $188M and underlying EBITDA to $232.6M from $122.9M.
Western Australia nickel miner Western Areas has accepted a new takeover offer from fellow Aussie nickel-lithium miner IGO lifting the company’s value to $A1.26B from $1.1B, with a 15.2% increase to $3.87ps.
The increase follows the independent expert report engaged by Western Areas concluding the IGO bid was neither fair nor reasonable to Western Areas shareholders. Western Areas' board had initially recommended shareholders vote in favour of the $3.36ps deal.
Australian engineering and construction company Decmil is building a greater presence in the growing lithium mining and processing sector with the award of two new contracts worth a combined $A34M.
Decmil will design and construct non-process infrastructure at Kwinana near Perth including administration and control centre, laboratory and workshop, warehouse, refuelling facility and wastewater treatment for the Covalent Lithium JV of Wesfarmers and Sociedad Química y Minera de Chile.
IGO’s $A1.1B takeover of Western Australia nickel miner Western Areas is in doubt after the target called a trading halt to consider its options after its board initially backed IGO’S $3.36 cash per share scheme-of-arrangement announced on Dec 16, 2021.
Western Australia-based miner IGO’s talks with global resources major Glencore on the potential IGO acquisition of the CSA Copper Mine at Cobar in Australia’s NSW, have ended with no commercial agreement being reached.
The CSA operation is one of the country’s longest-operating and highest-grade copper mines, which currently mines and processes close to 50,000tpa for export through Newcastle Port to Asian smelters.
Australian miner IGO has confirmed it is holding exclusive discussions with Glencore on the possible acquisition of one of the country’s longest-operating and highest-grade copper mines, the CSA operation at Cobar in NSW.
The mine mines and processes close to 50,000tpa for export through Newcastle port to Asian smelters.
IGO says it is conducting due diligence, but it has entered no definitive acquisition agreement.
Mining/resources entrepreneur Andrew Forrest’s Wyloo Consolidated Investments has agreed to put its 31.5M shares (9.8%) in Western Areas behind fellow Western Australia miner IGO’s $1.1B takeover bid for the nickel miner.
Nickel-copper-lithium miner IGO says Wyloo has undertaken to vote its stake in support of the Western Areas board recommended scheme of arrangement between IGO and Western Areas, subject to there being no superior proposal offer.
Growing Western Australian nickel-copper-lithium miner IGO has lifted Dec 21 qtr (Q2 22) net profit after tax to $A52.3M, up 36% on the Sept 21 qtr (Q1 22), fuelled by a higher Nova, WA, contribution.
The bottom line came despite sales revenue easing 1% to $188M, in line with lower nickel and copper sales, offset by higher nickel prices. Underlying EBITDA jumped 19% to $122.9M on QoQ timing of Nova sales, but with net cash from operations down 45% to $72.5M and underlying free cash flow down 35% to $72.2M.
Growing West Australian miner IGO has told JV partner Antipa Minerals it’s ready to take over management of exploration programs at their Paterson gold-copper JV in the state’s mineral search hotspot, the Paterson Province.
After completing the $A4M first stage earn-in 1.5 years, a year ahead of schedule, IGO has committed to spend a further $A26M between Mar 2022 and Jan 2027 for a 70% stake.