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ASX:IGO

14 stories mentioning ASX:IGOUpdated 1d ago

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Asia

IGO's Greenbushes Performs in Line Despite Plant Disruption, Jefferies Says

IGO's (ASX:IGO) lithium asset Greenbushes reported fourth-quarter results broadly in line with expectations, though production came in 2% below estimates after a fire at the CGP3 plant in June interrupted a strong production ramp-up, Jefferies said in a note on Tuesday.The company's flagship mine Greenbushes, however, remains strong on the back of controlled costs, improved pricing and the operation staying within annual guidance, the investment firm said.Kwinana facility had a weak quarter, with production falling sharply to 897 tonnes due to planned shutdown, coming in 53% below Jefferies estimate.An additional shutdown scheduled in the first quarter is expected to further hurt production. Although, fiscal 2027 production at the site is expected to gradually improve and reach 9,000-11,000 tonnes of lithium hydroxide, compared with Jefferies' forecast of 12,150 tonnes.Jefferies maintained its hold rating and price target of AU$7.50.

ASX:IGO
Asia

IGO's Fiscal Q4 Sales Revenue Jumps 18% Sequentially Amid Higher Copper Sales Volume

IGO (ASX:IGO) reported fiscal fourth-quarter sales revenue of AU$141.4 million, up 18% from AU$119.7 million in the fiscal third quarter, driven mainly by higher copper sales volume and realized prices, according to a Tuesday filing with the Australian bourse.The company's June quarter underlying earnings before interest, taxes, depreciation, and amortization fell slightly to AU$117.8 million from AU$118.9 million in the previous quarter, per the filing.Spodumene production at the Greenbushes lithium mine was 387,000 tonnes for the June quarter, up from 351,000 tonnes in the linked period.The company said production at one of its processing facilities at Greenbushes is expected to restart in the coming days following a June fire that stopped production for roughly seven weeks.IGO's underlying free cash flow improved to AU$69.5 million in the June quarter from AU$35.8 million in the fiscal third quarter.

ASX:IGO
Asia

IGO Agrees to Divest Western Australia Nickel Operation to Global Lithium Resources for AU$7 Million; Shares Gain 3%

IGO (ASX:IGO) struck a deal to sell its Nova nickel operation in Western Australia to Global Lithium Resources (ASX:GL1) for AU$7 million, according to a Wednesday filing with the Australian bourse.The consideration includes AU$3 million in cash, AU$2 million worth of Global Lithium shares, and AU$2 million of deferred cash payable 12 months from completion.The deal includes the Nova processing plant and associated infrastructure, alongside rehabilitation obligations linked to the operation, per the filing.Global Lithium plans to use the assets for the processing of pegmatite ore from its Manna lithium project, which sits about 170 kilometers away from Nova, per the filing. Global Lithium intends to start concentrate production from Nova in mid-2027.The Nova operation will no longer be core to IGO's business once it ceases nickel operations, the company said, adding that the deal is subject to regulatory approval.IGO shares gained 3% in recent Wednesday trade.

ASX:GL1ASX:IGO
Asia

IGO Secures Full Ownership of Arizona Copper Wolf Project

IGO (ASX:IGO) has acquired the remaining 49% stake in the Copper Wolf Project in Arizona from Buxton Resources for about AU$6.2 million in cash, according to a Tuesday Australian bourse filing.The project sits within a highly prospective porphyry copper belt and shows widespread porphyry-style mineralization and alteration across the tenure, the filing said.The company intends to conduct a focused drilling program in the first half of 2027, with the results expected to guide the project's future development strategy, the filing added.

ASX:IGO
Asia

IGO Appoints Ian Rowe as Interim Chief Financial Officer, Shares Down 4%

IGO (ASX:IGO) said it has appointed Ian Rowe as interim chief financial officer, effective immediately, according to a Tuesday Australian bourse filing.The company said Rowe has been with IGO for nearly five years, most recently holding the position of general manager of finance.The company's shares fell 4% in recent Tuesday trade.

ASX:IGO
Asia

Update: IGO Reports Fire at CGP3 Lithium Plant in Western Australia; Shares Fall 4%

(Updates with the stock movement in the headline and last paragraph.)IGO (ASX:IGO) said a fire broke out at its chemical grade plant 3 (CGP3) at the Greenbushes lithium operation on Tuesday and was extinguished without causing any injuries, according to a Wednesday Australian bourse filing.Talison Lithium has initiated an investigation to determine the cause and extent of the damage and to evaluate the necessary repairs, per the filing.Operations at CGP1 and CGP2 were not impacted, and Greenbushes production is still forecast to remain on track to meet the company's fiscal 2026 spodumene concentrate guidance of 1.4 million tonnes, the filing added.The company's shares fell nearly 4% in recent Wednesday trade.

ASX:IGO
Asia

ASX Preview: Australian Shares Set to Inch Up as Oil Climbs on US Strikes Against Iran; IGO Reports Fire at CGP3 Lithium Plant in Western Australia

Australian shares are poised to inch up on Wednesday as oil prices climbed after US forces struck Iran, escalating Middle East tensions and raising concerns over potential supply disruptions through the Strait of Hormuz.Overnight, the S&P 500 and the Nasdaq Composite fell 0.3% and 1% respectively, while the Dow Jones Industrial Average rose 0.2%.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 2 points to 70.8 in the week of June 1 to June 7, ANZ reported Tuesday.Australia's final building approvals report is due at 11:30 am Sydney time.In corporate news, IGO (ASX:IGO) said a fire broke out at its chemical grade plant 3 at the Greenbushes lithium operation on Tuesday and was extinguished without causing any injuries.Insurance Australia Group's (ASX:IAG) IAG New Zealand division on Wednesday urged New Zealand's government to develop a long-term roadmap to cut natural hazard risk, which it said is rising faster than the country's ability to manage it.Australia's benchmark index fell 0.2% or 20.9 points to close at 8,604.20 on Tuesday.

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Asia

IGO Reports Fire at CGP3 Lithium Plant in Western Australia

IGO (ASX:IGO) said a fire broke out at its chemical grade plant 3 (CGP3) at the Greenbushes lithium operation on Tuesday and was extinguished without causing any injuries, according to a Wednesday Australian bourse filing.Talison Lithium has initiated an investigation to determine the cause and extent of the damage and to evaluate the necessary repairs, per the filing.Operations at CGP1 and CGP2 were not impacted, and Greenbushes production is still forecast to remain on track to meet the company's fiscal 2026 spodumene concentrate guidance of 1.4 million tonnes, the filing added.

ASX:IGO
Asia

IGO CFO Resigns

IGO's (ASX:IGO) Chief Financial Officer, Johan van Vuuren, resigned effective Wednesday, according to a same-day Australian bourse filing.It began arrangements for an interim CFO and will undertake a process to identify a permanent successor.Its shares fell 1% in recent trading on Wednesday.

ASX:IGO
Asia

IGO's Shareholder Upside Muted Despite Robust Lithium Market, Says Jefferies

IGO's (ASX:IGO) structural issues and weak performance at its key Greenbushes asset are limiting shareholder exposure to upside despite a strong lithium market, Jefferies said in a note on Monday.The company reduced the fiscal 2026 spodumene production guidance from the Greenbushes lithium mine in Western Australia to 1.38 million tonnes to 1.43 million tonnes, reflecting performance year-to-date and CGP3 ramp-up expectations for the June quarter. Jefferies had expected Greenbushes 2026 production of 1.5 million tonnes.It also lowered capital expenditure outlook for the operation to AU$400 million to AU$450 million from AU$575 million to AU$675 million, compared with Jefferies' projection of AU$565 million.The company's Kwinana asset remains economically challenged and a large shutdown in April and May is to impact its June quarter output, the investment firm added.Jefferies reaffirmed a hold rating on IGO and cut its price target to AU$7 from AU$8.

ASX:IGO
Asia

ASX Biggest Gainers

Here are the 10 ASX-listed companies with the biggest gains on Monday.Elevra Lithium (ASX:ELV): +7%, AU$12.92Newmont (ASX:NEM): +6%, AU$166.42IGO (ASX:IGO): +5%, AU$7.39Pilbara Minearls (ASX:PLS): +3%, AU$5.99Breville Group (ASX:BRG): +2%, AU$31.53Evolution Mining (ASX:EVN): +2%, AU$13.08Greatland Resources (ASX:GGP): +2%, AU$14.23Life360 (ASX:360): +1%, AU$21.23Sandfire Resources (ASX:SFR): +1%, AU$17.34Mineral Resources (ASX:MIN): +1%, AU$60.24

ASX 200ASX:360ASX:BRGASX:ELVASX:EVNASX:GGPASX:IGOASX:MINASX:NEMASX:PLSASX:SFR
Asia

IGO Cuts Western Australia Lithium Mine Spodumene Production Guidance

IGO (ASX:IGO) reduced the fiscal year 2026 spodumene production guidance from the Greenbushes lithium mine in Western Australia to 1.38 million tonnes to 1.43 million tonnes, reflecting performance year-to-date and CGP3 ramp-up expectations for the June quarter, according to a Friday Australian bourse filing.The production guidance was previously 1.5 million tonnes to 1.7 million tonnes.The unit cash cost guidance was raised to AU$380 per tonne to AU$420 per tonne, from the range of AU$310 per tonne to AU$360 per tonne previously, reflecting lower production.The mine's production slid quarter-over-quarter in the March quarter to 351,000 tonnes, including around 33,000 tonnes from CGP3. Operational performance declined in areas including grade, plant recoveries, and increased downtime from maintenance outages.The firm's sales revenue increased 45% to AU$119.7 million during the quarter, primarily due to higher nickel sales volumes and realized prices in the quarter.

ASX:IGO
Asia

ASX Biggest Gainers

Here are the five ASX-listed companies with the biggest gains on Friday.IGO (ASX:IGO): +6%, AU$9.27Mineral Resources (ASX:MIN): +5%, AU$62.47Pilbara Minerals (ASX:PLS): +5%, AU$5.99Paladin Energy (ASX:PDN): +4%, AU$14.75WiseTech Global (ASX:WTC): +3%, AU$46.56

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Asia

Buxton Resources Says IGO Stake Falls After Dilution

Buxton Resources (ASX:BUX) said that IGO (ASX:IGO) and its affiliates' holding in the company has decreased to 9.67% from 12.1% following dilution from an unconditional placement and the issue of ordinary shares to service providers in place of cash, according to a Tuesday filing with the Australian bourse.IGO owns 41.4 million shares in the company out of 428.6 million shares in issue, the filing said.

ASX:BUXASX:IGO

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