IGO Agrees to Divest Western Australia Nickel Operation to Global Lithium Resources for AU$7 Million; Shares Gain 3%

MT Newswires Live10:58

IGO (ASX:IGO) struck a deal to sell its Nova nickel operation in Western Australia to Global Lithium Resources (ASX:GL1) for AU$7 million, according to a Wednesday filing with the Australian bourse.

The consideration includes AU$3 million in cash, AU$2 million worth of Global Lithium shares, and AU$2 million of deferred cash payable 12 months from completion.

The deal includes the Nova processing plant and associated infrastructure, alongside rehabilitation obligations linked to the operation, per the filing.

Global Lithium plans to use the assets for the processing of pegmatite ore from its Manna lithium project, which sits about 170 kilometers away from Nova, per the filing. Global Lithium intends to start concentrate production from Nova in mid-2027.

The Nova operation will no longer be core to IGO's business once it ceases nickel operations, the company said, adding that the deal is subject to regulatory approval.

IGO shares gained 3% in recent Wednesday trade.

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