IGO Limited provides quarterly report for the quarter ended 30 June 2022

IGO Limited (ASX: IGO) provided an update on quarterly activities for the quarter ended 30 June 2022:

• On 20 June 2022, the company has completed the purchase of Western Areas through a scheme of arrangement. The net assets of Western Areas have been included in the company’s accounts from this date onwards, comprising cash acquired of AU$94 million and net cash outflows of AU$19 million for the ten days to 30 June 2022.
• Nova nickel production was 3% higher QoQ and within guidance at 6,509t. The cash costs were also as per the guidance at AU$2.24 per payable pound. The company’s nickel production for FY22 was also as per the guidance at 26,675t, however, copper production was at the lower end of guidance at 11,483t.
• During the June quarter, the company reported sales revenue of AU$278 million and underlying EBITDA of AU$258 million for the quarter, primarily driven by record sales revenue at its Nova Mine and increased net profit from TLEA.
• The company also highlighted that it is currently implementing an optimisation strategy and plan for the Cosmos development to include additional capital development underground to create more mining areas and to expand the processing plant capacity from 0.75Mtpa to 1.1Mtpa.

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