Australian miner IGO has unveiled its new strategic focus, placing lithium at the heart of its future endeavours, while retaining a strategic interest in copper and nickel.

IGO MD and CEO Ivan Vella has emphasised that lithium will be the cornerstone of the company’s strategy. The Greenbushes lithium mine, in Western Australia, will remain a central asset in IGO’s portfolio.

“Greenbushes, the best hard-rock lithium asset in the world, can generate strong margins through the cycle,” he said.

The company’s new strategy will concentrate on upstream mining to maximise value throughout the economic cycle.

“We intend to build out a diversified portfolio with exploration, development and operating assets in lithium via our joint venture (JV), and copper and/or nickel,” he said.

IGO also sees an opportunity in developing commercial capability in lithium.

Lithium, copper and nickel’s appeal stem from these metals’ role in the global energy transition. IGO acknowledges that the lithium sector is expected to experience price variability until the market stabilises. In contrast, copper offers a more predictable pricing exposure owing to its status as an established industrial commodity. Historically, copper prices have shown a strong correlation with global economic growth, providing a more stable outlook amid the energy transition. Nickel, too, is anticipated to experience less price volatility in the future, owing to significant shifts in the global industry structure.

IGO will be “very disciplined” on inorganic copper opportunities, stressing that value will be hard to generate.

“The global energy transition is happening, with electrification at its core. To drive the transition, the world is going to need to discover and deliver a lot more battery materials. This is where IGO has a significant role to play,” Vella said.

IGO will seek to build a lean and agile lithium business through its TLEA JV with Tianqi Lithium. The partnership’s focus in the next two years will be on optimising the Greenbushes mine and fully defining full potential, while also focusing on resolving an economic pathway for the Kwinana refinery.