Key points
- 1.42Mt of concentrate produced and sold in CY24
- 2% decrease in MRE and ORE due to mining depletion
- Strategic options review commenced to maximise value
Full summary
IGO Limited (IGO) is pleased to report its 31 December 2024 (CY24) JORC Code reportable Mineral Resource estimates (MREs) and Ore Reserve estimates (OREs) for its 24.99% indirect interest in Talison's Greenbushes Lithium Operation (Greenbushes). During CY24, Talison extracted approximately 5.8Mt of ore grading 2.0% Li2O, producing 1.42Mt of saleable spodumene concentrates, with 95% being 6% Li2O chemical grade concentrates. The CY24 MRE is about 440Mt grading 1.5% Li2O, and the total ORE is 172Mt grading 1.9% Li2O, representing a 2% relative reduction from CY23 due to mining depletion. The TLEA Joint Venture partners have initiated a strategic options review to maximise the value of the current Greenbushes' ORE and address reporting differences between the JV partners. Drilling has also delivered significant intercepts increasing the confidence of high-grade mineralisation at depth, with results yet to be incorporated in a revised MRE and ORE in 2025.
Outlook
The TLEA Joint Venture partners are focused on ensuring the value of the Greenbushes asset is maximised through a detailed optimisation program to be delivered over the next 12 months.