[SMM Nickel Market Flash] IGO Exits Nickel: Zero Residual Resources to Be Reported After Nova Is Mined Out

Published: Aug 28, 2026 13:56

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In its FY26 Mineral Resources and Ore Reserves report released August 27, Australia's IGO said its Nova operation in Western Australia — its only remaining magmatic nickel sulphide mine — will complete extraction of its ore reserve in Q2 FY27, with closure scheduled for around October 2026. Nova ore reserves at June 30 fell 72% YoY to 0.5 Mt at 1.44% Ni, or 7.4 kt of contained nickel; resources fell 83% to 0.5 Mt at 1.62% Ni. IGO said the deposit is fully defined with no untested ground able to extend mine life, and that it will report zero residual nickel resources once mining ends, after which Nova transfers to Global Lithium Resources. SMM said this removes one of the few Western high-grade sulphide sources of nickel and cobalt concentrate outside Indonesian laterite supply.

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