Removal of IGO's (ASX:IGO) train-2 capital expenditure could see dividends from the company's Tianqi Lithium Energy Australia (TLEA) joint venture project from fiscal 2026, according to a Jan. 31 note by Jarden Research.
On Jan. 30, the company reported that it did not receive any dividend from TLEA for the second quarter ending Dec. 31, 2024.
The company had reported a dividend of AU$159.3 million from the project for the fourth quarter of fiscal year 2024.
Jarden sees latent dividend capacity growing in TLEA but notes that a $1.2 billion capital expenditure stands in the way of the project returning to a healthy dividend stream.
The firm believes that over AU$250 million sits within the project, and could be used to release substantial dividends if a $1.5 billion debt facility is refinanced.
Jarden Research maintained the firm's buy rating but cut its price target to AU$6.07 from AU$6.20.
Shares of the company rose nearly 2% in recent Tuesday trade
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