IGO Interactive Annual Report 2018

KEY OPERATIONS AND PROJECTS LONG OPERATION – NICKEL – 100% IGO In June 2018, mining at Long ceased and the operation transitioned into care and maintenance. Production In FY18, production came from the Moran, Long and McLeay deposits. Total ore mined was 181,822 tonnes (FY17: 205,372 tonnes) at an average grade of 3.22% Ni for 5,855 tonnes of contained nickel. Long successfully achieved better than the mid-point of guidance and this is testament to the hard work and dedication of all those who worked at Long. Care and Maintenance The Long Operation transitioned into care and maintenance in June 2018. A comprehensive plan to prepare the site was implemented in advance of that date with many of the key activities successfully executed. These included the successful exploitation of nearly all remaining Ore Reserves, retention and redundancy of Long personnel and safeguarding activities to protect the asset and ensure public safety is maintained. IGO also initiated a site wide clean-up program and is currently executing progressive rehabilitation of historic mining landforms and infrastructure to mitigate environmental impacts during care and maintenance. IGO is committed to continuing to dewater and ventilate the underground mine as part of the care and maintenance plan to preserve the integrity of the asset and keep key infrastructure in operating condition. To execute this work program, IGO has appointed a local contractor to manage the site during care and maintenance. JAGUAR OPERATION – ZINC – COPPER – SILVER On 31 May 2018, IGO completed the divestment of the Jaguar Operation to CopperChem Pty Limited (CopperChem), a wholly owned subsidiary of Washington H. Soul Pattinson and Company Limited for a total consideration of $73 million cash. This comprised of $25 million at completion and an additional $48 million in deferred cash payments. The decision to divest Jaguar reflects IGO’s strategic focus on high-quality assets of scale and longevity aligned to energy storage. This decision was made at the completion of a review of the value enhancement opportunities at Jaguar which did not meet IGO’s strategic metrics. Production A total of 414,582 tonnes (FY17: 444,700 tonnes) ore at 7.1% Zn, 0.6% Cu, 125 grams per tonne Ag and 0.47 grams per tonne Au was mined from the Bentley underground mine during the eleven months ending 31 May 2018. FRASER RANGE IGO 70-100% NOVA (Ni-Cu-Co) IGO 100% LONG (Ni) IGO 100% (under care and maintenance) TROPICANA JV (Au) IGO 30% HEAD OFFICE Perth LAKE MACKAY JV IGO EARNING 70% RAPTOR IGO 100% OPERATIONS EXPLORATION ACTIVITIES JAGUAR (Zn-Cu-Ag) (Divested on 31 May 2018) IGO ANNUAL REPORT 2018— 15