IGO confirms non-cash impairment on Western Areas assets expected to be as much as $980 million

IGO is expected to book a non-cash, pre-tax impairment expense of between $880 million and $980m in financial year 2023 owing to reassessment of two assets it received through its acquisition of Western Areas.

That impairment, announced to the Australian Securities Exchange on Monday morning, relates to what IGO described as higher capital and operating costs for its Cosmos and Forrestania nickel mines, as well as challenges to their production schedule and delays specifically pertaining to Cosmos.