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 FY23, Nova achieved total production of 22,915 tonnes of nickel, 10,266 tonnes of copper, and 803 tonnes of cobalt at a cash cost of A$3.54/lb Ni (payable).
Nickel: 21,500 to 23,500 tonnes
Copper: 8,500 to 10,000 tonnes
Cobalt: 700 to 800 tonnes
Cash Costs (payable)
A$3.40 to A$3.90/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.
As part of our Nova growth strategy, IGO has been seeking opportunities to extend mine life through exploration and the development of resources in close proximity to the Nova infrastructure. In July 2021, IGO and entities controlled by the Creasy Group, agreed to a transaction whereby IGO acquired the Silver Knight Project, a nickel‑copper‑cobalt sulphide discovery made by the Creasy Group in 2015, which is located just 35km northeast of Nova.
The acquisition of Silver Knight provides IGO with the opportunity to develop an open-pit mining operation which will provide supplementary ore feed to Nova and thereby extend Nova’s current mine life. A Feasibility Study is currently being prepared, and pending Board approval, IGO expects first ore to Nova from Silver Knight in 2025.
In addition to the defined resource at Silver Knight, the tenements acquired from the Creasy Group contain several high-priority exploration targets which our team is prioritising as part of our broader exploration program on the Fraser Range Project.
Sustainability at Nova
Sustainability is at the core of the Nova operating philosophy. Where possible, our team seek to minimise the impact of our operations on the environment and our local communities.
Renewable energy generation and storage at site is a critical step toward achieving our low-emission targets, and in January 2022, IGO announced the expansion of the existing Nova Solar Farm and an investment in a 10MWh battery storage system. The combined solar and battery storage system, delivered in conjunction with our power partner Zenith Energy, will enable Nova to run 100% on renewable energy in an ‘engines-off’ mode for nine consecutive hours over summer and spring – one of the first times a Western Australian mine site has had this capability.
This expansion project is expected to reduce Nova’s carbon equivalent emissions by 24% versus FY21 levels and displace approximately four million litres of diesel per annum, an outstanding achievement.