IGO Limited Expands Growth Pipeline with Copper, Lithium Projects and Clean Energy Focus

About IGO Limited

IGO Limited (ASX: IGO) is a resources company committed to creating a sustainable future through the clean energy transition. The company holds a 49% stake in Tianqi Lithium Energy Australia, which owns significant lithium assets, including the Greenbushes Lithium Operation and the Kwinana Lithium Hydroxide Refinery in Western Australia. IGO also owns and operates the Nova Nickel Operation, a key nickel mining facility. Focused on growth, IGO invests heavily in exploration to secure a sustainable supply of clean energy metals. Headquartered in South Perth, IGO employs around 660 people and operates across Western Australia, South Australia, and the Northern Territory.

Growth Pipeline: Expanding Resources and Exploration

IGO has positioned itself as a growth-focused company with a robust pipeline of exploration projects, partnerships, and acquisitions. One of the standout initiatives in IGO’s growth strategy is its involvement in the Paterson Province in Western Australia, where the company has been actively exploring and developing resources. In 2024, IGO completed $15 million in exploration expenditure at the Yeneena Copper Project, earning a 70% interest in the project. This development marked a significant milestone for the company, allowing it to form a joint venture with Encounter Resources Ltd for further exploration and resource development at Yeneena.

The Yeneena Copper Project is a significant asset located in the highly prospective Paterson Province, an area renowned for its potential to host large-scale copper and gold deposits. IGO’s investment in Yeneena and its JV with Encounter enable the company to capitalise on the region’s mineral potential while sharing the financial risk associated with exploration. Yeneena’s proximity to major mines such as Telfer and Nifty further strengthens its appeal, with the area being part of a broader resource-rich landscape that includes other notable copper-gold projects like Greatland Gold’s Havieron and Rio Tinto’s Winu.

The joint venture agreement between IGO and Encounter follows IGO’s sole funding of $15 million in exploration expenditure at Yeneena, allowing IGO to earn a 70% interest in the project. The completion of two diamond drill holes and 39 aircore holes in 2024 at Yeneena sets the stage for additional drilling and data collection, with results expected in early 2025. This collaborative approach between IGO and Encounter ensures that both parties are aligned in their goals to explore and develop the project, with IGO’s financial strength and technical expertise driving the exploration effort.

In addition to its copper interests, IGO has a 49% stake in Tianqi Lithium Energy Australia (TLEA), a joint venture with Tianqi Lithium Corporation. TLEA owns the world-class Greenbushes Lithium Operation and the Kwinana Lithium Hydroxide Refinery in Western Australia. These assets provide IGO with significant exposure to the booming global lithium market, reinforcing the company’s strategy to diversify its portfolio and support the clean energy transition through its lithium operations.

Industry Context: Capitalising on the Clean Energy Metals Boom

IGO operates within the rapidly growing global market for clean energy metals. With the world’s increasing reliance on electric vehicles, renewable energy technologies, and other green innovations, metals such as lithium, nickel, copper, and cobalt are in high demand. These metals are essential to produce batteries, solar panels, and wind turbines, making them integral to the clean energy transition.

The lithium market is experiencing significant growth, with supply constraints and rising demand driving up prices. IGO’s partnership with Tianqi Lithium Energy Australia, which owns significant lithium assets in Western Australia, positions the company to capitalise on this growth. The Greenbushes Lithium Operation is one of the world’s largest and highest-grade lithium mines, making it a valuable asset for IGO as the demand for lithium continues to surge.

Copper and nickel are also in high demand due to their use in electric vehicles and energy storage systems. The Paterson Province, where IGO’s Yeneena Copper Project is located, is part of an emerging resource-rich region with the potential to supply these critical metals to the global market.