The Nova deposit was discovered in July 2012 and development commenced in January 2015. Commercial production commenced in July 2017 and the operation reached nameplate production in the September 2017 quarter. The operation has been in commercial production since 1 July 2017 with the mine and processing plant achieving production rates at or above nameplate capacity in the second half of FY18.
Production FY19
In its second year of production in FY19, Nova achieved total production of 30,708 tonnes of nickel, 13,693 tonnes of copper, and 1,090 tonnes of cobalt at a cash cost of A$2.07/lb Ni.
FY20 Guidance
Metal Production
Nickel: 27,000 to 30,000 tonnes
Copper: 11,000 to 12,500 tonnes
Cobalt: 850 to 950 tonnes
Cash Costs (payable)
A$2.00 to A$2.50/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
In FY19, IGO made significant breakthroughs in the interpretation of the 3D seismic dataset that covers the Nova Mining Lease. This resulted from the ability to predict the location of the mafic and ultramafic intrusions that may host Ni-Cu sulphide mineralisation at depths exceeding 500 metres. Deep drilling through these targets confirmed the presence of thick (500m to 1,000m) mafic-ultramafic intrusions, similar in size and composition to the Nova upper intrusion, carrying widespread three-phase Fe-Ni-Cu sulphide disseminations and blebs.
Nova Smart Solutions
We continually look for ways to improve the way we do business and operational excellence is one of the keys to our success. Our teams are finding innovative ways of using technology and innovation to: improve the safety and wellbeing of our people, reduce our impacts on the environment, deliver step change opportunities, and continue to improve efficiencies and productivity. We call these initatives 'IGO - Smart Solutions'.
