The shares of miner IGO were down 4.9 per cent to $13.76 during afternoon trading. -AAP Image
Lithium, nickel, copper and cobalt miner IGO has reported record fourth-quarter earnings, but its shares have slid on its production outlook for next year.
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IGO said its underlying earnings before interest, tax, depreciation and amortisation grew 19 per cent to $636 million in the three months to June 30, compared to the previous quarter.
Its net cash rose to $415m, compared to a net debt of $9m in the third quarter.Â
The earnings were mostly driven by its Tianqi Lithium Energy Australia joint venture with Chinese lithium giant Tianqi Lithium, which paid IGO a $423m dividend during the quarter, up nearly a third from the previous quarter.
The joint venture's Greenbushes lithium mine in WA - the world's largest hard-rock lithium mine - produced 395,000 tonnes of spodumene concentrate, up 11 per cent from the third quarter and beating guidance for the full year.
The joint venture's lithium hydroxide refinery in Kwinana experienced ongoing technical challenges during the quarter and is working toward reaching 50 per cent production capacity by year-end.
In a note, RBC Capital Markets analyst Kaan Peker called it a strong operational quarter for IGO, offset by underwhelming 2023/24 guidance.
At 2.14pm AEST, IGO shares were down 4.9 per cent to $13.76.
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