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Australia's IGO posts quarterly loss, lithium ops disappoint

Australia's IGO posted a. quarterly loss on Monday, swinging from a profit in the previous. quarter as a slowdown in EV battery need wiped out earnings. from its lithium operations.

For the duration ended Sept. 30, the battery metal producer. reported underlying EBITDA loss of A$ 2.9 million ($ 1.9 million),. compared to an earnings of A$ 76.8 million in the June quarter.

The bottom line was impacted by a 45% drop in IGO's share of. net benefit from its 49% stake in lithium joint endeavor - Tianqi. Lithium Energy Australia (TLEA), to A$ 37.1 million together with. lower sales from the nickel organization.

Lithium, essential for the production of EV batteries, has. suffered from slower than anticipated uptake of EVs and plentiful. supply.

For this reason, taking into account the market conditions, IGO. did not state any dividend from the joint endeavor.

The lower quarterly benefit from TLEA primarily reflected. lower spodumene sales and an average realised cost of $872 per. tonne from Greenbushes, down from $1,020 per tonne in the previous. quarter, the business said.

(source: Reuters)