IGO Reports Increased Lithium Production and Sales, Kwinana Refinery Output Declines 24%
IGO reported increased spodumene production and sales for the December quarter, with output rising to 352,000 tonnes and sales reaching 328,000 tonnes, driven by a 16% increase in average spodumene price to USD 850 per tonne. However, production at the Kwinana lithium hydroxide refinery declined by 24% due to maintenance, resulting in only 35% capacity utilization. The company's underlying EBITDA improved to AUD 30 million, with a net cash position of approximately AUD 299 million at the quarter's end.
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IGO has announced an increase in spodumene production and sales for the December quarter, with production from the Greenbushes mine rising to 352,000 tonnes from 320,000 tonnes in the previous quarter. Sales also increased to 328,000 tonnes from 301,000 tonnes.
The average spodumene price rose by 16% to USD 850 per tonne, contributing to a 64% EBITDA margin for Greenbushes. However, production at the Kwinana lithium hydroxide refinery fell by 24% to 2,120 tonnes due to maintenance, resulting in only 35% capacity utilization.
IGO's group underlying EBITDA improved to AUD 30 million from AUD 19 million, and operating cash flow was positive at AUD 13 million. The company's net cash position was approximately AUD 299 million at the end of the quarter. Safety metrics also improved, with a total recordable injury frequency rate of 5.8.
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