IGO’s Greenbushes Lithium Operation Posts Strong Q1 Performance Amid Challenging Market Conditions

IGO's Greenbushes lithium operation in Western Australia demonstrated strong results in the first quarter of the 2024–25 financial year (FY25), achieving solid production levels and stable cash flow.

Despite softened commodity prices and decreased nickel revenues, Greenbushes surpassed expectations, showing a quarter-on-quarter increase in spodumene production.

"Operational performance at Greenbushes has been robust, with quarter-on-quarter production growth," said Ivan Vella, IGO's managing director and CEO.

"Greenbushes’ productivity has not only reinforced IGO’s position but also laid a strong foundation for long-term growth, in line with our strategic goals through to 2035."

While fluctuations in lithium and nickel prices impacted financial outcomes, IGO's focus on operational efficiency maintained resilience.

"Safety performance is a priority across our operations," Vella added. "The team is implementing targeted improvements and enhancing safety engagement to achieve sustained safety progress throughout this financial year."

With a cash balance of $259 million and $720 million in undrawn debt, IGO’s balance sheet remains strong, supporting continued investment in its core assets.

Looking ahead, IGO is also preparing for a planned shutdown at the Kwinana refinery, aimed at further boosting performance in the second quarter of FY25.

"Despite challenging market conditions, IGO remains in a solid position with a refreshed strategy and a restructured corporate and exploration team aligned with our purpose," Vella said.

"Following the end of mining activities in September, we have transitioned Forrestania to care and maintenance as planned, marking the end of over 20 years of successful operations. We are proud of its legacy and grateful to everyone who contributed to this mine over the years."