Independence Group

What Independence Group does

Independence Group NL, operating as IGO Limited (ASX: IGO), is an Australian diversified mining, development, and exploration company focused on discovering, developing, and delivering battery minerals critical for the global energy transition. Headquartered in South Perth, Western Australia, IGO was founded in 2002 and operates a portfolio of wholly-owned and joint-ventured mining and processing assets including the Nova Nickel Operation (underground nickel-copper-cobalt mine in the Fraser Range, expected to reach end-of-life in late 2026), the Greenbushes Lithium Operation (world's highest-grade hard rock lithium mine, 51% stake via the Tianqi Lithium Energy Australia JV with Tianqi Lithium Corporation and Albemarle Corporation), and the Kwinana Lithium Hydroxide Refinery (battery-grade lithium hydroxide processing facility, 100% via TLEA). The company also holds the Cosmos nickel project in care and maintenance, operates the Critical Minerals Development Lab for biometallurgical R&D including the proprietary BioHeap bioleaching technology, and conducts exploration across the Fraser Range, Paterson, and Lake Mackay projects.

IGO's business model is built on direct extraction and sale of commodity battery minerals to global customers. Revenue is generated through ownership and operation of mining assets (Nova), joint venture interests in lithium mining (49% of TLEA, which holds 51% of Talison Lithium/Greenbushes), and integrated lithium hydroxide refining (Kwinana). The company's products — nickel-copper-cobalt concentrates, lithium mineral concentrates (spodumene), and battery-grade lithium hydroxide — are sold into global battery supply chains, with lithium hydroxide customers identified as leading global battery cell manufacturers in South Korea and Europe. Pricing is determined by global commodity markets, and the company markets its vertically integrated Australian lithium supply chain as a differentiated offering aligned with Western ESG credentials and reduced dependence on Chinese refining. The go-to-market motion is sales-led via direct offtake relationships with enterprise customers, supported by ASX regulatory disclosures, investor presentations, sustainability reporting, and an active exploration pipeline to replenish reserves as existing operations deplete.

Name

Independence Group

Legal name

IGO Limited

Website

https://igo.com.au

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Battery Metals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Other Metal Ore Mining (21229)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

Keywords

• Battery minerals mining
• Nickel copper cobalt
• Lithium hydroxide refining
• Critical minerals exploration
• Hard rock lithium

Headquarters

HQ city

South Perth

HQ country

Australia

HQ region

Oceania

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Others

Revenue model

1. Nickel, Copper, and Cobalt Production: IGO owns and operates the Nova Nickel Operation, an underground nickel mining and processing facility in Western Australia, producing nickel, copper, and cobalt. The operation will reach end of life in late 2026.
2. Lithium Mineral Concentrates: IGO holds 49% interest in Tianqi Lithium Energy Australia (TLEA), which owns 51% of the Greenbushes Lithium Operation. Greenbushes produces lithium mineral concentrates (spodumene) from the world's highest-grade hard rock lithium deposit.
3. Lithium Hydroxide Refining: Kwinana Lithium Hydroxide Refinery (100% owned by TLEA JV) produces battery-grade lithium hydroxide from Greenbushes spodumene concentrate, supplying directly to global battery cell manufacturers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

IGO Limited is an ASX-listed mining company that discovers, develops and delivers battery minerals critical for the global energy transition. It operates the wholly-owned Nova underground nickel-copper-cobalt mine in Western Australia and holds a 49% interest in the Tianqi Lithium Energy Australia joint venture, which owns 51% of the Greenbushes Lithium Operation (the world's highest-grade hard rock lithium mine) and 100% of the Kwinana Lithium Hydroxide Refinery.

Product overview

IGO Limited is an ASX-listed mining and exploration company focused on discovering, developing and delivering battery minerals critical to the global energy transition. The company operates a diversified portfolio of mining assets including the Nova Nickel Operation (underground nickel-copper-cobalt mine, 100% owned), the Greenbushes Lithium Mine (51% joint venture with Tianqi/Albemarle), and the Kwinana Lithium Hydroxide Refinery (100% IGO/Tianqi JV). These operations form an integrated battery minerals business spanning from mining to processing of lithium and nickel compounds. IGO also operates the Cosmos nickel project (care and maintenance) and conducts exploration activities across Australia targeting nickel, copper and lithium deposits. The Critical Minerals Development Lab supports early-stage research and development for processing technologies.

Differentiator

Problem solved

Functional benefit

Brands

• Tianqi Lithium Energy Australia (TLEA): Joint venture entity (49% IGO, 51% Tianqi Lithium Corporation) owning upstream and downstream lithium assets including Greenbushes and Kwinana.
• Critical Minerals Development Lab (CMDL)

Products and services

• Nova Nickel Operation Underground nickel-copper-cobalt mining and processing facility in the Fraser Range, Western Australia. Produces battery-grade nickel, copper and cobalt for downstream processors; FY25 production of 16,371 tonnes nickel, 7,324 tonnes copper and 581 tonnes cobalt. Expected end of life in late 2026.
• Greenbushes Lithium Mine World-class open pit lithium mine located approximately 250km south of Perth, Western Australia. Recognised as the highest-grade hard rock lithium ore reserve globally and one of the lowest-cost producers of lithium mineral concentrates. Held 51% by Tianqi Lithium Energy Australia (TLEA) joint venture (49% IGO, 51% Tianqi Lithium Corporation), with Albemarle Corporation holding the remaining 49% via Talison Lithium. Total nominal processing capacity of 6.5 million tonnes per annum across four plants.
• Kwinana Lithium Hydroxide Refinery One of the largest fully automated battery-grade lithium hydroxide facilities globally and the first built in Australia. Located approximately 35km south of Perth, Western Australia. 100% owned by TLEA joint venture. Nameplate capacity of 24,000 tonnes per annum; supplied directly to battery cell manufacturers in South Korea and Europe.
• Chemical Grade Plant 3 (CGP3) New processing plant at Greenbushes Lithium Operation with capacity of 2.4 million tonnes per annum, producing up to 500,000 tonnes per annum of lithium mineral concentrate.
• Cosmos Project Nickel mining project located 30km north of Leinster in Western Australia, 100% owned by IGO. Acquired in 2022 as part of the Western Areas acquisition. Transitioned to care and maintenance in June 2024, with optionality to restart in future.
• Critical Minerals Development Lab (CMDL) Specialist facility based in Perth, Western Australia with over 25 years of operation, progressing early-stage critical minerals opportunities through scientific research, test work and exploration of development pathways for battery minerals, including biometallurgical and hydrometallurgical processes such as bioleaching.
• Exploration Projects National and international exploration activities targeting future battery mineral opportunities, including the Fraser Range Project, Paterson Project and Lake Mackay Project. Exploration strategy targets nickel, copper and lithium aligned with metals critical to clean energy.

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Venus Metals CorporationminorStrategic or Co-development Partner · 1 December 2025IGO, in partnership with Venus Metals Corporation, launched a significant field exploration program at the Bridgetown-Greenbushes project in Western Australia, collecting around 3,500 soil and lag samples to test lithium pathfinder elements. IGO elected to advance to stage two farm-in in December 2025, committing $3 million to potentially increase its stake from 51% to 70% by November 2028.
• Tianqi Lithium CorporationcoreStrategic or Co-development Partner · 1 January 2021In 2021, IGO (49%) and Tianqi Lithium Corporation (51%) incorporated Tianqi Lithium Energy Australia (TLEA) as a joint venture focused on developing and operating world-class lithium assets. TLEA owns 51% of Talison Lithium (Greenbushes Lithium Operation) and 100% of Kwinana Lithium Hydroxide Refinery. This is a global lithium partnership and the exclusive vehicle for any future lithium-related investments outside China.
• Albemarle CorporationcoreStrategic or Co-development PartnerAlbemarle Corporation holds 49% ownership in Talison Lithium Pty Ltd, which owns the Greenbushes Lithium Operation. Talison and its predecessor companies have been producing lithium mineral concentrates from Greenbushes continuously since 1983.
• SPC Nickel Corp.minorStrategic or Co-development PartnerSPC Nickel Corp. appointed Dr. Mark Bennett (who previously led the discovery of the Nova-Bollinger deposit as founding CEO of Sirius Resources, later acquired by Independence Group for AUD $1.8 billion in 2015) as Strategic Advisor to support advancement of its Muskox Project in Nunavut, Canada.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Pilbara Minerals: ASX-listed pure-play hard rock lithium miner operating the Pilgangoora mine in Western Australia. Most directly comparable to IGO's Greenbushes exposure as a spodumene concentrate producer targeting the global battery materials supply chain.
• Liontown Resources: ASX-listed lithium developer advancing the Kathleen Valley hard rock lithium project in Western Australia. Direct peer in battery-grade lithium concentrate production with overlapping customer base of global battery cell manufacturers.
• Mineral Resources: ASX-listed diversified mining services and lithium producer (Mt Marion JV with Ganfeng) with downstream exposure. Comparable business model combining lithium production, mining services, and a Western Australian operating base similar to IGO.

Broad incumbents

• Albemarle Corporation: Global lithium and bromine major and 49% partner in Greenbushes via Talison. Comparable as a vertically integrated lithium chemicals producer and the world's largest lithium producer outside China, with diversified brine and hard rock operations.
• BHP Group: Diversified global miner with significant nickel (Nickel West, WA), copper, and battery materials exposure. Comparable as a Western Australian incumbent in battery metals with a far larger resource base and broader commodity diversification.
• Tianqi Lithium Corporation: Chinese-controlled global lithium major and IGO's 51% JV partner in TLEA. Comparable lithium hydroxide and concentrate producer with integrated assets in Australia (Greenbushes/Kwinana) and China, providing direct insight into IGO's largest asset.
• Rio Tinto: Global diversified miner with growing lithium exposure (acquisition of Arcadium Lithium) and a WA operating base. Comparable in critical minerals positioning and lithium chemicals integration, with broader commodity diversification.

Emerging players

• Lynas Rare Earths: ASX-listed largest non-China producer of separated rare earths, with Mt Weld mine and Malaysian processing. Comparable as a Western-aligned critical minerals platform with vertically integrated mine-to-product positioning targeting ex-China supply chains.
• Syrah Resources: ASX-listed producer of natural graphite (Balama, Mozambique) and active downstream Vidalia active anode material facility. Comparable as a battery materials pure-play with mine-to-processing integration and exposure to the EV supply chain.

Regional players

• IGO Nova-Bollinger / Sirius Resources heritage peer set: Panoramic Resources: ASX-listed Western Australian nickel-copper-cobalt producer (Savannah mine). Comparable regional peer in WA battery minerals mining with a similar nickel sulphide operating profile to IGO's Nova operation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/igo_difference
• LinkedInlinkedin.com/company/independence-group-nl

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Independence Group