IGO (ASX:IGO) has announced a revised budget and timeline for the Chemical Grade Plant 3 (CGP3) project, currently under construction at the Greenbushes Lithium Mine. The project cost is now estimated at approximately $880 million, with about $270 million remaining to complete by September 2024. The first ore feed is expected in the second quarter of fiscal year 2026.
IGO has adjusted the budget and timeline for its CGP3 project at Greenbushes Lithium Mine due to industry cost increases and project changes. The project aims to boost spodumene concentrate production by 500,000 tons annually once operational. Despite current lithium market conditions, IGO is committed to its growth strategy, leveraging Greenbushes’ strong margins and cash generation to maintain its leadership in the lithium market.
The CGP3 project is crucial for maintaining Greenbushes’ leadership in the lithium industry,' emphasized IGO's Managing Director and CEO, Ivan Vella.