Posted on 03 Aug 2023
Australian miner IGO has achieved total nickel production of 34,846 tonnes in the financial year ended 30 June 2023, just below the bottom end of its guidance of 33,500-37,500 t, Kallanish notes.
IGO says in a statement that strong recovery from a fire at Nova in Western Australia delivered full-year nickel production in line with guidance. For the fourth quarter of FY23, the group’s nickel production was up 14% quarter-on-quarter to 9,549 t.
Sales revenue of AUD 240.6 million ($159.37m) for the last quarter was in line with the prior quarter, with higher sales volumes from both Nova and Forrestania. This has brought the group’s full-year revenue to AUD 1.01 billion.
“We are pleased to have recorded another strong set of underlying financial results for the quarter, with quarterly record earnings before interest, taxes, depreciation, and amortisation (EBITDA) of AUD 636m and record underlying free cash flow of AUD 381m,” says IGO acting chief executive officer Matt Dusci.
He adds Nova delivered a strong final quarter, with metal production improving compared to the prior three-month period. Forrestania also finished the year “well” with production and costs in line with guidance, Dusci says.
Nickel production for Nova and Forrestania stood at 22,915 t and 11,931 t, respectively in FY23. The volumes are within the firm’s respective guidance of 23,000-25,000 t and 10,500-12,500 t. For FY24, Nova nickel production is expected to be at 21,500-23,500 t, while Forrestania nickel production is projected to be at 7,500-9,000 t.
Source:Kallanish
