The Nova deposit was discovered in July 2012, with development of the current operation commencing in January 2015. Following a successful construction and commissioning phase, the operation commenced commercial production in July 2017, and reached its nameplate production rate in the December 2017 quarter.
In FY20, Nova achieved total production of 30,436 tonnes of nickel, 13,772 tonnes of copper, and 1,142 tonnes of cobalt at a cash cost of A$2.41/lb Ni (payable).
Nickel: 27,000 to 29,000 tonnes
Copper: 11,000 to 12,500 tonnes
Cobalt: 850 to 950 tonnes
Cash Costs (payable)
A$2.40 to A$2.80/lb Ni
IGO’s guidance contains forward-looking statements including, but not limited to, assumptions made for future commodity prices, foreign exchange rates, costs and mine scheduling. Achievement of guidance is dependent on meeting target assumptions. Full year guidance ranges reflect an average of the expected outcome for the year, and Quarter on Quarter results can vary significantly from annual guidance.
Near Mine Exploration
Our activity during FY20 was highly drill intensive, as we tested a large number of targets identified through geophysical and geochemical programs in previous years. Multiple targets were drilled, with many holes intersecting mafic-ultramafic intrusions – the rock types which are associated with the Nova orebody. These intrusions contained disseminated magmatic iron-nickel-copper sulphides, which is encouraging.
In FY21, we will continue to focus our skills and resources on drilling in close proximity to Nova – where successful discovery promises to deliver further value to shareholders.
Nova Smart Solutions
At IGO, we continue to seek ways in which we can improve productivity and reduce costs while maintaining a safe and sustainable operation. Our pursuit of operational excellence involves a particular focus on leveraging technology and innovation, which we call Smart Solutions. These include the assessment of the benefits of remote bogging from surface, remote firing from surface via our optic fibre network, real time tracking of personnel and equipment and potential electrification of the mining fleet.