(Adds details on impairment from paragraph 2 onwards)
July 16 (Reuters) - Australia's IGO Ltd (IGO) said on Tuesday it would record a non-cash impairment charge against its nickel exploration assets for fiscal 2024, though the move will not impact the company's operating profit for the year.
The battery metal producer expects to record between A$275 million ($185.90 million) and A$295 million as the impairment charges relating to its Western Australia-based Silver Knight and Mt Goode nickel exploration assets.
IGO has been undertaking a strategic review in an attempt to revaluate its resources, as well as rationalise its broader exploration portfolio.
In January this year, the company had flagged that it would put its Cosmos nickel project in Western Australia into care and maintenance due to lower prices. The Mt Goode deposit is a part of the Cosmos project.
($1 = 1.4793 Australian dollars)
(Adds details on impairment from paragraph 2 onwards) July 16...
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