Australian miner IGO has unveiled a new strategy, placing lithium at the core of its future plans while maintaining a strategic interest in copper and nickel.
Managing Director and CEO Ivan Vella emphasized that lithium, particularly from the Greenbushes lithium mine in Western Australia, will be the cornerstone of the company’s growth.
“Greenbushes, the world’s top hard-rock lithium asset, can generate strong margins through the cycle,” Vella said.
The strategy will focus on upstream mining, aiming to maximize value across economic cycles. IGO plans to diversify its portfolio with exploration, development, and operating assets in lithium through its joint venture (JV) with Tianqi Lithium, alongside copper and nickel opportunities.
Lithium, copper, and nickel are crucial for the global energy transition, driving demand for battery materials. While lithium is expected to face price fluctuations until market stabilization, copper offers more predictable pricing due to its established role as an industrial commodity. Nickel, too, is projected to experience less volatility as the industry evolves.
Vella also stressed that IGO will be cautious in pursuing copper acquisitions, recognizing the difficulty in generating value in this space.
“We are committed to playing a key role in the global energy transition, which will require significant discoveries and delivery of battery materials,” Vella added.
Over the next two years, IGO will focus on optimizing the Greenbushes mine and defining the full potential of the Kwinana refinery through its TLEA JV with Tianqi Lithium.
