IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
South32 withdrew its fiscal 2024 forecast for Australian manganese output on Wednesday after a cyclone disrupted operations at its Groote Eylandt Mining Co (GEMCO) unit.
The diversified miner had initially forecast a production of 3.4 million wet metric tons (amt) of manganese in fiscal 2024, slightly lower than 3.5 million amt produced in fiscal 2023.
South32 is the world’s largest producer of manganese, used as a steel additive, and owns 60% of GEMCO while the rest is owned by Anglo American.
Operations at GEMCO were halted due to the impacts of Tropical Cyclone Megan, with initial assessments indicating flooding in the mining pits, the miner said.
The company has also confirmed significant structural damage to the wharf and port infrastructure at the mine with alternative shipping arrangements being evaluated.
“Further assessment of the full impact of the damage is ongoing,” the company said, adding that it will release manganese production forecast along with March quarter production results.
(By Roushni Nair; Editing by Ravi Prakash Kumar)
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