Conversion refinery · Australia

Kwinana (Tianqi/IGO)

RampingVerified 24 Oct 2026As of 25 Oct 2026
Owner
TLEA: Tianqi 51% / IGO 49%
Listed via
002466.SZIGO.AX
Product
LiOH
Deposit type
Conversion
Capacity
FY26 8.8 kt LiOH; FY27 guidance 9–11 kt (nameplate 24 kt, to confirm)
≈ 21 kt LCE/yr (nameplate)
Location
-32.25°, 115.78°
Source
Filing used for verification

Running well below nameplate; Jul–Aug 2026 shutdown to commission calciner off-gas treatment.

Ownership structure

Effective economic interest of listed owners · As of 25 Oct 2026
Tianqi Lithium002466.SZ51%IGOIGO.AX49%Kwinana (Tianqi/IGO)Conversion refinery

Attributable capacity

Listed ownerStakekt LCE/yr
Tianqi Lithium 002466.SZ51%≈11
IGO IGO.AX49%≈10

Structure: TLEA: Tianqi 51% / IGO 49%.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 25 Oct 2026
Listed ownersTianqi Lithium002466.SZ · 51%IGOIGO.AX · 49%
Conversion refineryKwinana (Tianqi/IGO)FY26 8.8 kt LiOH; FY27 guidance 9–11 kt (nameplate 24 kt, to confirm)

Quarterly production

As of 30 Jun 2026
01234UnverifiedJun Q 2025: 2.13 kt LiOH2.13AUD 17,215Sep Q 2025: 2.78 kt LiOH2.78AUD 14,177Dec Q 2025: 2.12 kt LiOH2.12AUD 20,642Mar Q 2026: 3.05 kt LiOH3.05AUD 14,068Jun Q 2026: 0.9 kt LiOH0.9AUD 40,670Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Cost/t

kt LiOH, as reported · Source: Sep Q 2024, Dec Q 2024, Mar Q 2025, Jun Q 2025, Sep Q 2025, Dec Q 2025, Mar Q 2026, Jun Q 2026

4$26,436Production (kt LiOH): 1.5Sep Q 24Production (kt LiOH): 1.6Dec Q 24Production (kt LiOH): 1.6Sales (kt LiOH): 2.3Mar Q 25Production (kt LiOH): 2.1Sales (kt LiOH): 1.7Jun Q 25Production (kt LiOH): 2.8Sales (kt LiOH): 2.9Sep Q 25Production (kt LiOH): 2.1Sales (kt LiOH): 3.6Dec Q 25Production (kt LiOH): 3Sales (kt LiOH): 2.9Mar Q 26Production (kt LiOH): 0.9Sales (kt LiOH): 0.9Jun Q 26
Production (kt LiOH)Sales (kt LiOH)Realised price (US$/t) (US$, right axis)Unit cost (≈ US$)
Jun Q 26Mar Q 26Dec Q 25Sep Q 25Jun Q 25Mar Q 25Dec Q 24Sep Q 24
Production (kt LiOH)0.932.12.82.11.61.61.5
Sales (kt LiOH)0.92.93.62.91.72.3——
Implied inventory change (prod − sales)+0+0.2−1.5−0.1+0.4−0.7——
Unit cost (AUD/t)40,670 ≈$26,43614,068 ≈$9,14420,642 ≈$13,41714,177 ≈$9,21517,215 ≈$11,19021,585 ≈$14,030——
Realised price (US$/t)$19,543$13,720$8,262—————
Implied cash margin (US$/t)−$6,893 -35%+$4,576 33%−$5,155 -62%—————

Production minus sales in the same unit: positive = stockpile built at the mine or port, negative = drawn down. Margin = realised price − unit cost converted at fixed FX. Bases can differ (price often CIF and SC6-equivalent, cost FOB per t of the actual grade, before royalties), so treat it as indicative.

Unit cost

As of 25 Oct 2026
Basis
conversion cost per t LiOH produced, excl. spodumene feed (guidance A$16,000–18,000)
Period
FY27 guidance

Cost bridge to US$/t LCE

Reported unit cost
AUD 17,000/t
In US$ (fixed FX)
× 0.65 = $11,050/t
÷ 0.88 (per t LiOH → per t LCE)
$12,557/t LCE

The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Milestones

As of 24 Oct 2026

Upcoming (3)

  • Oct 2026IGO September 2026 Quarterly Activities ReportReport · source
  • 28 Jan 2027IGO December 2026 Quarterly Activities ReportReport · source
  • 22 Apr 2027IGO March 2027 Quarterly Activities ReportReport · source

Completed (1)

  • Jan 2025TLEA shareholders permanently cease all works on Lithium Hydroxide Plant 2 (Train 2)Other · source

Country risk · Australia

Policy risk: Low As of 24 Oct 2026
Royalty
Western Australia: 5% of gross sales revenue on spodumene concentrate, at first point of sale (since 28 Mar 2020)

Stable fiscal regime; royalty set by the state. source

Change history

Approved changes with their source · As of 25 Oct 2026
DateFieldChangeSource
25 Oct 2026production_plannew: 2027: 10 kt LiOH · FY27 guidance 9,000–11,000 t LiOH (IGO financial year July 2026–June 2027), midpoint 10,000 t; company guidance, no multi-year plan published (LHP2/Train 2 permanently ceased Jan 2025). (as of 2026-06-30)IGO June 2026 Quarterly Report
25 Oct 2026Quarterly figuresnew: Dec Q 2024 · production 1.593 kt LiOHIGO December 2024 Quarterly Activities Report (30 January 2025)
25 Oct 2026Quarterly figuresnew: Sep Q 2024 · production 1.502 kt LiOHIGO December 2024 Quarterly Activities Report (30 January 2025)
25 Oct 2026Quarterly figuresnew: Mar Q 2024 · production 0.954 kt LiOHIGO December 2024 Quarterly Activities Report (30 January 2025)
25 Oct 2026Quarterly figuresnew: Jun Q 2024 · production 1.331 kt LiOHIGO December 2024 Quarterly Activities Report (30 January 2025)
24 Oct 2026Milestonenew: 22 Apr 2027 · IGO March 2027 Quarterly Activities Report Report ExpectedIGO June 2026 Quarterly Report
24 Oct 2026Quarterly figuresnew: Mar Q 2025 · production 1.562 kt LiOH · sales 2.304 kt LiOH · cost AUD 21,585 (conversion cost per t LiOH produced, excl. spodumene feed)IGO March 2025 Quarterly Activities Report (30 April 2025)
24 Oct 2026Milestonenew: Jan 2025 · TLEA shareholders permanently cease all works on Lithium Hydroxide Plant 2 (Train 2) Other CompletedIGO March 2025 Quarterly Activities Report (30 April 2025)

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