IGO Limited (ASX:IGO) Releases CY24 Greenbushes Lithium Resource and Ore Reserve Report
IGO Limited (ASX:IGO) has released its CY24 Mineral Resource Estimates (MREs) and Ore Reserve Estimates (OREs) for its 24.99% indirect interest in Talison’s Greenbushes Lithium Operation.
Production Highlights
During CY24, Talison extracted approximately 5.8Mt of ore grading 2.0% Li₂O from Greenbushes, processing 5.6Mt of ore to produce about 1.42Mt of saleable spodumene concentrates. Of the concentrates produced, approximately 95% were 6% Li₂O chemical grade (SC6) destined for electric vehicle and energy storage applications.
Resource and Reserve Changes
IGO reported a 2% decrease in both Mineral Resource Estimates and Ore Reserves due to mining depletion. The total MRE stands at 440Mt grading 1.5% Li₂O, while the ORE is 172Mt grading 1.9% Li₂O. This reduction reflects the ongoing extraction and processing activities at the Greenbushes site.
Strategic Review
The TLEA Joint Venture partners have initiated a Strategic Options Review aimed at maximising the value of Greenbushes’ Ore Reserves and harmonising reporting standards across different regulatory frameworks, including the ASX, SEC, and HKSX. This review will explore methods to enhance ore processing throughput, metallurgical recovery, and potential underground mining options.
Drilling Results
Recent drilling activities have delivered significant intercepts, increasing confidence in high-grade mineralisation at depth. These results will be incorporated into a revised MRE and ORE expected in 2025, further strengthening the asset’s value proposition.
Executive Comments
IGO’s Managing Director and CEO, Ivan Vella, stated, “Greenbushes position as a globally relevant lithium resource is unquestionable, as is its ability to deliver sustainable margins through the cycle. The Talison team, under new leadership, is now focused on ensuring the value of the asset is maximised through a detailed optimisation program which will be delivered over the next 12 months. The opportunity at Greenbushes is compelling and we look forward to collaborating with our partners to drive optimal outcomes for our respective stakeholders.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.