Up to $980 million has been written off the Cosmos and Forrestania mines.
IGO withdrew guidance for the Cosmos asset, and placed the project under review.
Andrew Forrest and IGO have plans to make a precursor material for cathodes.
Western Australia nickel producer IGO has slashed nearly $1 billion from the value of two nickel mines it bought for $1.3 billion just a year ago, casting doubt over the miner’s joint venture with Andrew Forrest to build a WA nickel processing hub to make sophisticated battery materials in Australia.
IGO shares tumbled 4.5 per cent to $15.40 after the miner revealed the Cosmos nickel project in development and Forrestania nickel operation were worth 75 per cent less than their sticker price, signalling a writedown between $880 million and $980 million on Monday.
