IGO Limited (Independence Group)
IGO Limited (Independence Group)
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West Australian explorer Moho Resources has elevated the potential of its Burracoppin tenements in the Wheatbelt region after identifying several areas of anomalous rare earth elements.
Record revenue from its Nova nickel-copper-cobalt operation and increased net profit from its Tianqi lithium partnership have generated group sales revenue of $A900.6M and underlying EBITDA of $716.9M for the year to end-June for West Australian miner IGO.
Nova’s FY22 production was 26,675t nickel, up from 29,002 the previous year, and 11,483t copper (FY21: 13,022t) at a cash cost of $A1.95/lb Ni.
New owner IGO has deferred ore mining and processing by over six months at the Cosmos nickel operation in Western Australia following its acquisition through the takeover of Western Areas.
Cosmos was heading towards first concentrate production in the Dec 2022 qtr, but IGO’s optimisation strategy envisages a mid-2023 following additional capital development to create more underground mining areas and expand processing plant capacity to 1.1Mtpa from 0.75Mtpa.
Matsa Resources has teamed with West Australian regional nickel-copper producer IGO to advance exploration of its Fraser Range tenements, including its Symons Hill prospect.
IGO is paying Matsa $A600,000 for the Symons Hill prospect, which lies just south of its Nova nickel mine and processing facilities in the western sector of Fraser Range. Matsa will be free carried through to a decision to mine.
(MERGERS & ACQUISITIONS)
Wheeling and dealing is as much a feature of life for an ambitious exploration company as drilling and digging, and West Australian Matsa Resources has demonstrated in two recent transactions that it is in the buying and selling business as well as activating exploration offshore. Ross Louthean reports
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.