Australian shares poised to open higher. $A resets lower. Policy decisions this week at RBA and BoE. Follow updates here.
IGO reported record quarterly EBITDA of $636 million and record underlying free cash flow of $381 million for the three months to June 30.
Strong production from the Greenbushes operations contributed to IGO reporting full-year spodumene production above the top of its FY23 guidance range. Group sales revenue of $240.6 million was in line with the prior quarter, with higher sales volumes from both the Nova and Forrestania mines. This was offset by lower realised nickel prices.
IGO also announced the adoption of a formal capital management policy, which includes an updated shareholder returns policy. IGO now has a target returns range of 20 per cent to 40 per cent of underlying free cash flow, when liquidity is below $1 billion. When liquidity is above $1 billion, IGO’s board will use its discretion to consider a dividend payout in excess of the 40 per cent threshold.
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