IGO's (ASX:IGO) revenue rises by 12%

Company News

by Lauren Evans

IGO (ASX:IGO) delivered record revenue for the third year in a row ending 30 Jun 2021, following a strong performance in the Nova operation based in Western Australia. 

The mining company reported revenue of $671.7 million, up 12 per cent from the prior year while the Nova operation rose its revenue by 13 per cent due to stronger base metal prices. 

Revenue was derived from sales of all metals, including 22,051 tonnes of nickel, 10,752 tonnes of copper and 454 tonnes of cobalt, at average realised prices of $21,986/t, $10,974/t and $52,057/t.

Profit after tax of $116.8 million rose 35 per cent from the prior year, primarily due to higher metal prices. 

IGO completed two transactions in the year, including the lithium joint venture with Tianqi Lithium and the divestment of IGO’s 30 per cent stake in Tropicana. 

The Tropicana Operation contributed $67.3 million in profit before tax, down 32 per cent over from the prior year. This reduction was a result of lower production and gold sales, partially offset by higher gold prices of $2,192 per ounce, compared to $2,047 per ounce in the prior year.

Final dividend of 10 cents per share is set to be paid in Sep this year, while IGO plan to grow their Lithium Joint venture and continue momentum in their Nova operation in FY22. 

Shares in IGO (ASX:IGO) are trading flat at $9.52. 

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