Cosmos open-pit. Picture: Western Areas
After conducting a evaluation into its Cosmos nickel mine in WA, IGO has made the choice to transition the location into care and upkeep.
The closure is predicted to be concluded by the tip of Could this 12 months, with IGO assessing the worth of continuous work on choose exploration packages within the space.
The information comes after IGO suggested the corporate would see through the present hunch in lithium costs however would cut back manufacturing at its Greenbushes lithium three way partnership in WA.
“This isn’t the end result anybody at IGO wished, nonetheless we can’t ignore the operational and monetary dangers concerned in persevering with to develop Cosmos within the present surroundings,” IGO managing director and chief government officer Ivan Vella said.
“We nonetheless consider there’s worth in Cosmos, nonetheless on this nickel surroundings we must be disciplined with our allocation of capital, whereas retaining our optionality to restart if market situations enhance.”
IGO additionally launched its December 2023 quarterly, reporting that each internet money and group nickel manufacturing had been decreased.
“Our business is going through some vital challenges and uncertainty with each nickel and lithium experiencing a downturn within the cycle,” Vella said.
It’s anticipated that there might be redundancies owing to the closure, however Vella stated IGO is dedicated to working with its individuals.
“I’d prefer to thank the group on website who’ve carried out an impressive job to work by way of the challenges, and to progress the undertaking to the place it’s as we speak,” he stated.
“Prioritising and minimising the impression on our group by way of this course of is our absolute focus and we are going to present each help we will to these individuals affected.”
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