Australian miner IGO reported higher nickel and copper production in the Q1 2021, ended September 30, 2020.
The company’s nickel concentrate production in Q1 tallied at 7,276mt, up 1.3pc from the preceding quarter, while copper output grew by 2pc to 3,278mt in the same period. IGO’s base metal production in Q1 2021 from its Nova mine in Western Australia marginally exceeded the guidance.
During the first quarter, nickel sales to BHP and Trafigura, under offtake agreements, declined by 14pc over the preceding quarter, amounting to 5,351mt of payable nickel. Copper sales also fell short by 34pc over Q4 2020, tallying at 3,087mt, sold to Trafigura.
Due to lower sales, IGO’s revenue fell by 2pc to AU$226mn ($158.47mn), compared with AU$230mn in Q4 2021, However, the miner’s profits after tax rose by 14pc over the preceding quarter to AU$45.4mn, owing to better nickel sale prices and higher gold sales.
($1=AU$1.42)