Ann: 1H24 Results Presentation, page-51

This result is a disaster. There have been two big mistakes that most of us embroiled in mining projects would not have made.
Firstly, rushing into the construction of train one for the production of battery-grade lithium hydroxide when the other Chinese project in WA was stumbling over the same issue so badly. Knowingly going ahead with a flawed design is pretty serious. I'm sure I was not the only one to know about this issue but the great IGO raced ahead into oblivion. You will not find any reports comparing what IGO forecast at the beginning with what has actually happened on the battery-grade lithium hydroxide output front. Dusci used the term 'has presented its share of challenges" in the Annual Report but the highly-paid team dropped the ball very very badly on this.
Secondly, going ahead with the Western Areas acquisition at the absolute peak nickel price and including when a clear "out" was given at the last moment.
Paying the right price at the right stage of the cycle is everything. You didn't need to be a genius to see this was not going to work. If anything, the speed of the reduction was faster than we expected, but it was going to happen. The write-off is very embarrassing - the waste of money!

What caused this? While Peter was into governance this is a classic case of a lack of good governance. Peter put together a bunch of yes men and women who walked past the flaws in the above or didn't have a clue what they were doing. They are almost as responsible as Peter and Matt.