IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Work to construct the Northern Oil Refinery near Gladstone, Queensland’s first, will begin this weekend.
The project, a joint venture between Southern Oil and J.J. Richards, is to cost roughly $50 million and will require 40 full time employees.
The two companies plan to open the refinery in February of next year.
“The process produces no waste, reduces the need for oil imports and our product has a significantly smaller carbon footprint than crude base oils,” said Tim Rose, Southern Oil managing director.
“Refining sits at the top of the waste management hierarchy and secures and environmental and economic value for used oil.”
On why they chose Yarwun: “Most of Australia’s oil is generated and used in Queensland…Gladstone just felt like the place to be.”
