IGO to Halt Works at Western Australia Refinery; Shares Up 4%

MT Newswires Live

Jan 24

Resources company IGO (ASX:IGO) and China's Tianqi Lithium agreed to cease all works and activities on lithium hydroxide plant 2 at the Kwinana lithium hydroxide refinery in Western Australia, according to a Friday filing with the Australian bourse.

The company holds a 49% interest in the refinery through its 49% interest in the Tianqi Lithium Energy Australia joint venture with Tianqi Lithium, the filing said.

The company is undergoing impairment testing for the refinery and anticipates recognizing an additional share of net loss from the joint venture due to a substantial pre-tax impairment in its financial results for the half-year ended Dec. 31, 2024, per the filing.

IGO shares rose past 4% in morning trade Friday.

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