SYDNEY — IGO said it expects another write-down of its Cosmos nickel project, just months after taking an impairment charge of 968 million Australian dollars (US$635 million) against assets acquired in last year’s takeover of Western Areas.
IGO said it has halted construction of a mechanized materials handling system at Cosmos and will move to an ore-trucking operation. The miner took the decision as it continues to review the Cosmos project, including cost estimates and scheduling.
IGO said the next update on Cosmos would likely come in its activities report for the second quarter of the 2024 fiscal year, which it expects to release on Jan. 31.
It didn’t specify the quantum of the new impairment charge, but said it would likely be recorded in its interim result. The earlier A$968 million impairment charge was recorded in its fiscal 2023 accounts.