IGO Earnings: Greenbushes Tracking to Top End of Production Guidance

Impairments hammered narrow-moat IGO’s first-half fiscal 2025 statutory NPAT, which swung to a loss of AUD 782 million from an AUD 288 million profit last year. Most of this was an AUD 525 million write-down of its share in the embattled Kwinana lithium hydroxide refinery. Stripping this out, IGO posted an underlying loss of AUD 85 million compared with an AUD 454 million profit last year. This was due to lower lithium earnings and cost slippage at the Nova nickel mine.