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IGO freezes nickel project, trims lithium forecast

• Wednesday, January 31, 2024
• Source:ferro-alloys.com

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• Keywords:nickel, ore, steel, battery

[Ferro-Alloys.com] 

 

IGO freezes nickel project, trims lithium forecast

 

Australian battery metal producer IGO Ltd said on Wednesday it would put its Cosmos nickel project in Western Australia into care and maintenance due to low prices, as it also trimmed its annual lithium production forecast.

 

Australian lithium producers are tracking the nickel industry although at a reduced pace, with cost cuts and production curtailments this reporting season, given slower-than-expected electric vehicle sales.

 

IGO trimmed production guidance at its Greenbushes lithium project to 1.3 million tons to 1.4 million tons for fiscal 2024, a 7% drop from original guidance. It expects a 20% reduction in sales in the second half.

 

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