Australia's IGO tumbles after cutting output forecast for major lithium mine

IGO

24/04/2026 01:46

** IGO IGO.AX shares tumble as much as 13.7% to A$7.370, marking their steepest intraday slide since September 10, 2025 and sinking to a four‑week low

** Stock top loser on the mining sub-index .AXMM, which is down 0.4%; set for a fifth straight session of losses

** Miner posts quarterly sales revenue of A$119.7 million ($85.37 million), sharply higher than A$82.4 million in Q2

** Forecasts Greenbushes project output at 1,375–1,425 kilotons (kt) of spodumene in FY26, trimming its earlier guidance of 1,500–1,650 kt

** Warns of a steep jump in fuel costs, with fallout from the Middle East conflict set to ripple through in future

** YTD, IGO down 9.4% vs AXMM’s 12.4% advance

($1 = 1.4021 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))