World’s Biggest Lithium Mine Cuts Full-Year Output Guidance

Shares in Australian miner IGO Ltd. tumbled as much as 14% after the company delivered a major downgrade to production guidance for Greenbushes, the world’s biggest hard-rock lithium mine.

The company slashed expectations for full-year output to between 1.38 million and 1.43 million tons, versus 1.50 million to 1.65 million tons previously. That’s a 13% reduction at the top end, and the company said there were “systemic” issues at the site that would take time to address.