IGO Needs to Show Kwinana Refinery Can Generate Earnings in Long Run -- Market Talk

Dow Jones01-12

2237 GMT - Investors are likely to give IGO more time to turn around the Kwinana battery grade lithium hydroxide refinery it runs with China's Tianqi under the TLEA joint venture, Citi says. But FY 2025 will be a key year to show it can generate earnings in the long run, analyst Kate McCutcheon adds in a note. "Until then, Kwinana remains an overhang on the TLEA cash sweep," she says. Kwinana owes TLEA hundreds of millions of dollars in lost Ebitda and improvement capex since 3Q of FY 2022, says McCutcheon. IGO recently said it expects to realize the benefits of an October shutdown for maintenance and improvement works in March. "Time will tell," McCutcheon says. Citi keeps a neutral rating. Its target on IGO goes to A$5.40 from A$5.30. IGO ended Friday at A$4.94. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

January 12, 2025 17:37 ET (22:37 GMT)

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Kwinana owes TLEA hundreds of millions of dollars in lost Ebitda and improvement capex since 3Q of FY 2022, says McCutcheon. IGO recently said it expects to realize the benefits of an October shutdown for maintenance and improvement works in March. \"Time will tell,\" McCutcheon says. Citi keeps a neutral rating. Its target on IGO goes to A$5.40 from A$5.30. IGO ended Friday at A$4.94. 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But FY 2025 will be a key year to show it can generate earnings in the long run, analyst Kate McCutcheon adds in a note. \"Until then, Kwinana remains an overhang on the TLEA cash sweep,\" she says. Kwinana owes TLEA hundreds of millions of dollars in lost Ebitda and improvement capex since 3Q of FY 2022, says McCutcheon. IGO recently said it expects to realize the benefits of an October shutdown for maintenance and improvement works in March. \"Time will tell,\" McCutcheon says. Citi keeps a neutral rating. Its target on IGO goes to A$5.40 from A$5.30. IGO ended Friday at A$4.94. 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