.IGO_Difference has flagged an A$880million to A$980million impairment at its nickel assets in WesternAustralia mining resources financials results
PERTH – Battery metals miner IGO has flagged a non-cash, pre-tax impairment of between A$880-million and A$980-million for the 2023 financial year.
The impairment relates to the reassessment of the accounting value at Cosmos and Forrestania, which was acquired as part of the takeover of Western Areas last year, to reflect higher capital and operating costs, challenges to the mine production schedule and delays in development at Cosmos.
“Recording a significant impairment against the Western Areas assets is disappointing.
This review is underway and expected to be completed in the December quarter and will result in a revised plan which will detail how IGO will drive optimum value from Cosmos. “As a long-life nickel asset, Cosmos remains important to our nickel business and provides potential downstream optionality via our aspirations to develop an Integrated Battery Materials Facility in Western Australia,” Dusci added.
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