IGO to Suspend Cosmos Nickel Mine; Flags Writedowns of Up to $125 Million -- Update

marketwatch01-31

By Rhiannon Hoyle IGO said Wednesday it will suspend the Cosmos nickel mine in Western Australia following a sharp fall in prices for the metal, and that it expects to write down the value of its ...

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The miner said it intends to put the Cosmos mine into so-called care and maintenance by May 31 following a review that found a reduction in the expected life of the mine and further increases in operating and capital costs. IGO said it expects to record impairment charges totaling between A$160 million and A$190 million against that nickel operation and another, called Forrestania. The Cosmos mine will account for most of the writedown, or up to A$175 million, IGO said. Prices for battery metals including nickel have fallen sharply over the past year, as demand, especially from EV makers, has failed to keep pace with new supply. A number of miners have recently said they intend to curb production and cut costs to get through the downturn. \"Our industry is facing some significant challenges and uncertainty with both nickel and lithium experiencing a downturn in the cycle,\" said IGO Chief Executive Ivan Vella. At Cosmos, IGO wants to preserve resources that it can mine later should market conditions improve, Vella said. The company will consider whether it continues work on some exploration programs to build up the known mineral resources there. \"This is not the outcome anyone at IGO wanted, however we cannot ignore the operational and financial risks involved in continuing to develop Cosmos in the current environment,\" said Vella. \"We still believe there is value in Cosmos, however in this nickel environment we need to be disciplined with our allocation of capital, while retaining our optionality to restart if market conditions improve.\" IGO said some workers will may redeployed while other roles will become redundant, without specifying how many. The company acquired the Forrestania and Cosmos assets as part of its acquisition of Western Areas in June 2022. It already owned a nickel operation called Nova. \"Pleasingly, our Nova and Forrestania assets remain cash positive despite current market conditions,\" said Vella. Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2407631257"}