IGO Limited (ASX: IGO) is pleased to report preliminary metal production for the June 2020 Quarter (4Q20) and the 2020 Financial Year (FY20) for the Nova and Tropicana operations. Full year production for FY20 from Nova exceeded guidance for all metals, while Tropicana FY20 gold production was within the guidance range.
[click on link above for the table that is positioned here and contains all of the production numbers]
IGO’s Managing Director & CEO Peter Bradford said: “FY20 was a year of unique challenges including devastating bushfires and the COVID-19 pandemic. Throughout, the Company has demonstrated outstanding resilience and adaptability while achieving excellent operational performance. I am incredibly proud of this performance and our teams.”
“At Nova, production of all metals exceeded guidance, with nickel production slightly higher than the top end of guidance, while copper and cobalt production were ~10% and ~20% higher, respectively.
“Tropicana production ended the year below the mid-point of guidance as we transitioned into the treatment of stockpiled ore with consequential lower milled grades. Stockpiled ore will continue to be a significant source of ore through FY21, supplementing run of mine ore from the Boston Shaker open pit and the new underground mine (which remains on schedule to reach commercial production during the September 2020 quarter) along with the Havana open pit as the Stage 2 cutback is developed.”
“Our consistent operational performance is a credit to the quality of our assets and competence of our operational teams. This forms an outstanding platform from which IGO can pursue growth opportunities through both exploration and disciplined M&A.”
Detailed operational and financial results for these periods, as well as production and cost guidance for the 2021 financial year, will be reported as part of the June 2020 Quarterly Report scheduled to be released on 29 July 2020.
21-Apr-2020: NCZ: LAUNCHES A$51.1 MILLION CAPITAL RAISING
IGO will invest up to A$27 million in NCZ, taking up to an 18.4% stake, and entering a strategic relationship for ongoing collaborative assessment of Century exploration potential & other resource assets within the clean energy metals sector. That is part of a $51m cap raising that NCZ is undertaking at 15cps.
30-Apr-2020: March 2020 Quarterly Activities Report
IGO is one of my two preferred nickel plays. The other one is WSA - Western Areas. I don't currently hold either of them. I tend to trade them, and I feel that copper is going to rise before nickel will coming out of this economic downturn, so I'm holding off on nickel exposure right now. I do have shares in South32 (S32) however, which do produce nickel as well as other metals. Unfortunately, by the time the metal price moves, it can sometimes be too late to jump on the producers of that metal, because the market is foward looking and often the price of the producers actually rises before the metal prices rise, based on what the market is predicting is going to happen rather than what has already occurred. However I'm just not currently that bullish on nickel that I want to invest in nickel producers over other opportunities I see today in the market - coz I see LOTS of opportunities, far more than I have dollars to invest in all of them actually...
16-Oct-2018: IGO Presentation at the Macquarie WA Forum - see here
31 July 2019: IGO June 2019 Quarterly Activities Report
June 2018: Independence Group (IGO) is a smaller miner who currently mine nickel, copper, cobalt, gold, zinc and lead. IGO own 30% of the high grade Tropicana gold mine that is 70% owned by (and operated by) AngloGold Ashanti (AGG), but the main game for IGO is their 100% owned Nova nickel/copper mine (which also produces cobalt). All of IGO's 100% owned assets (which excludes the 30%-owned Tropicana gold mine) produce battery metals. Nova is a world-class, low-cost nickel mine, and there is enormous exploration potential throughout the Nova-Bollinger system and surrounding area (IGO's tenements), which could extend the life of the Nova mine even further. Nova was constructed and commissioned in the past couple of years, so is a very new mine that is only just hitting their straps now.
Good management, paying down their construction-related debt fast, just sold their aging Jaguar copper-zinc-silver mine to CopperChem, a wholy owned subsidiary of Washington H Soul Pattinson (SOL) for $73.2m, heaps of further potential upside at Nova-Bollinger, producing battery metals: nickel, copper, cobalt.
Disclosure: I hold IGO shares.
29-Oct-2018: IGO have released their September 2018 Quarter Presentation today - see here.
Early August 2018: The following is a link to this year's IGO (Independence Group) presentation at the annual Diggers and Dealers Conference that is being held right now in Kalgoorlie (in WA):