Resources company IGO (ASX:IGO) and China's Tianqi Lithium agreed to cease all works and activities on lithium hydroxide plant 2 at the Kwinana lithium hydroxide refinery in Western Australia, according to a Friday filing with the Australian bourse.
The company holds a 49% interest in the refinery through its 49% interest in the Tianqi Lithium Energy Australia joint venture with Tianqi Lithium, the filing said.
The company is undergoing impairment testing for the refinery and anticipates recognizing an additional share of net loss from the joint venture due to a substantial pre-tax impairment in its financial results for the half-year ended Dec. 31, 2024, per the filing.
IGO shares rose past 4% in morning trade Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.