Mining company IGO (ASX:IGO)
reports a strong performance for the second quarter (Q2) ending 30 Jun 2021, following competition of the Tropicana divestment, Lithium transaction and Nova operation.
Sales revenue for the quarter was up 44 per cent on the prior quarter at $266.2 million, driven by higher nickel and copper concentrate sales volumes and positive commodity price movements.
Cash movements from the Lithium transaction received $1,762.8 million and net cash receipts of $862.3 million for the proceeds from the tropicana divestment. IGO reported strong operating cash flows of $133.3 million.
Nova production bettered the top end of the guidance range for Q2 of $149 million before taxes, representing a 66 per cent increase and a cash flow of $130 million.
Total cash at the end of Q2 was $528.5 million, a decrease of $767.4 million during the quarter.
IGO’s Managing Director & CEO Peter Bradford said: “With the two key transactions now complete and a strong June 2021 Quarter performance, IGO is well positioned with a cash position of A$528M and no debt.”
Shares in IGO (ASX:IGO)
are trading 1.76 per cent lower at $8.92.