Record dividends show IGO shareholders are already benefitting from the late Peter Bradford’s decision to make a bottom of the market push into lithium in 2020.
has driven a six-fold profit surge and enabled it to pay a record dividend, even as it cut its full-year nickel production target.
The half-year dividend was better than the 10¢ expected by RBC analyst Kaan Peker, and almost triple last year’s 5¢ interim dividend. IGO gets its exposure to lithium through its 49 per cent stake in the joint venture company Tianqi Lithium, which itself owns 49 per cent of the Greenbushes mine and all of a lithium hydroxide processing plant at Kwinana in Western Australia.
Lithium prices hit record highs in 2022 and IGO said it received an average of $US3984 a tonne for the spodumene concentrate sold from Greenbushes. Those statistics were published by the federal Department of Industry, Science, Energy and Resources, which expects Australian export volumes will rise to 3.17 million tonnes in the year to June 2024 as miners such as IGO, Mineral Resources and Pilbara Minerals ramp up exports.
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