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#Bear Case
Added 7 months ago

Despite being one of the world's most cost-effective producers, IGO's share price has plummeted nearly 45% since early September. This decline is partly attributed to its joint venture partner's decision to reduce its spodumene intake due to unfavourable pricing and demand conditions. Jefferies believes its current valuation does not capture the intrinsic value of its asset suite but uncertainty surrounding sales volumes and pricing will likely weigh on the share price in the medium term.

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#Big WSA Writedown for IGO
Last edited 11 months ago

17-July-2023: Impairment-of-Western-Areas-Assets.PDF

I sold out of IGO today on the back of that announcement. I reinvested that money into MinRes (ASX: MIN), who are Iron Ore and Lithium instead of IGO's Nickel and Lithium.

This smacks of a reset to me. Peter Bradford, IGO's highly regarded CEO and MD passed away suddenly in October (2022) - see here: and here: ...and IGO have had their chief operating officer (COO) Matt Dusci also performing the role of acting chief executive (CEO) while they searched for a more permanent replacement for Peter.

On 13th June, IGO announced that Ivan Vella - who has worked for RIO (Rio Tinto) in Mongolia (at Oyu Tolgoi) and within their Aluminium business globally - would be IGO's next CEO and MD: Ivan-Vella-appointed-as-CEO-and-Managing-Director.PDF

Today, Matt Dusci has announced that IGO intend to write down the carrying value of the Western Areas nickel assets by almost $1 billion (a non-cash pre-tax impairment expense of between A$880M and A$980M), which is a BIG write-down considering that IGO paid A$1,263 million ($1.26 billion) for all of WSA last year - see here:

They are writing down somewhere between 70% and 77.6% of the purchase price only a year after they acquired the business.

And the previous head (MD and CEO) of nickel miner Western Areas (WSA), Dan Lougher, turned up as the CEO and MD of gold miner St Barbara (SBM) after IGO acquired WSA, only to quickly sell off Gwalia and all of their WA assets to Genesis Minerals and then retire on June 30th. He was originally slated to retain a director position on the SBM Board, but it appears he has left completely and SBM are renewing their Board (details not yet announced other than the Chairwoman, Kerry Gleeson and the MD, Andrew Strelein, who was an internal promotion). I've now sold all of my SBM and IGO shares.

The following paragraph from today's "Impairment" announcement also has me concerned:

"IGO’s Board and Management team acknowledge the quantum of this impairment is significant and have engaged a group of leading independent consultants to assist with a comprehensive review of the Cosmos Project to better understand risks and opportunities to the current life of mine plan, capital cost estimates and schedule. This review is underway and expected to be completed in the December Quarter and will result in a revised plan which will detail how IGO will drive optimum value from Cosmos. The Company expects to be in a position to provide further detail of this review in the June Quarterly Results, scheduled to be released on 31 July 2023."

It seems like they are resetting valuations and expectations lower, i.e. clearing the decks for the incoming new CEO/MD (Ivan Vella) so he can earn his incentives in future years. And such "reset" periods can be rough for shareholders in my experience.

I had invested in IGO assuming that their nickel assets (Nova and the WSA assets they recently acquired) were solid, and my main interest was in their lithium assets, because they are vertically integrated and value adding. IGO own 49% of their JV with Tianqi Lithium Corporation (51%) whose WA lithium assets comprise of a 51% stake in the Greenbushes Lithium Mine (49% owned by Albermarle Corporation) and 100% ownership of the Kwinana Lithium Hydroxide Refinery.

IGO could still play out well for investors from here, but I'm sensing there could be more bad news coming in the near term, as in this calendar year. That update with the June Quarter results (due late July) will perhaps make things a little clearer.

For now, I'm out of IGO. I did not own them here on SM, just in my largest RL portfolio, and I've swapped that capital into MinRes (MIN) now. Mineral Resources has come back about 22% from just over $90/share to just over $70/share over the past 6 months, and while I usually wait for the trend to change, as MIN can trend the same way for quite a while and then change direction and trend in the opposite direction for quite a while too, I reckon Chris Ellison is management worth backing right now, with the FY23 full year results not too far away. As MIN's largest shareholder (with 22.3 million of their 194.5 million shares on issue, or around 11.5% of the company) Chris tends to make decisions from the POV of a business owner, not just a business manager. He is usually on the better side of the deals he makes, even when the other side is a massive global corporation like Albemarle. Chris Ellison usually gets the better of all of them in the end. In my SMSF I've helf MIN now for a few years, and done very well out of them, and they're now back in my other RL portfolio as well. I'll have to add them back in to my SM portfolio as well at some point, once I sell something to make way for them.

But happy to step out of IGO and watch from the sidelines for a little while.

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#WA lithium Data from DLI
Added one year ago
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#Mt Alexander Lithium Explorati
Added one year ago

Quality Lithium Grade upto: 1.77% Resource size: Unknown.


A look at lithium in Australia:

To add SYA average Lithium Grade: 1.20%, Size:100Mt ( at Quebec - across 2 mines )

29/5/23 - IGO Has 25% ( St George 75% holding )holding in Mt Alexander Lithium Grade peak value of 1.77% and 1.49% , Size: unknown.

LTR & Albermarle still deciding on - Kathleen Valley ( Orange )



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#Record profit 1H
Added one year ago


Production up on Spodumene (5% up), Lithium Hydroxide (200% up).

Production on Nickel concentrate down 26% due to fire

Announced 14 cent dividend

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Valuation of $15.20
Added one year ago

19Dec - Price Target Citi $17.20

16Dec - Price Target JPMorgan $19.10

8Dec - Goldman Sachs $14.40

5Dec - Ord Minnett $10.10

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#Broker View
Added 2 years ago

Credit Suisse: 12% estimate price cut to $11.60

JP Morgan: 3% estimate cut down to target of $13.70

Looks like the uncertainty in this market has really baffled everyone. But I suppose they all provide some sort of uplift from current levels.

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##Broker View PT$15.50
Added 2 years ago

From Wall St Journal Commentary:

Investors paid too much attention to the immediate outlook for lithium pricing when IGO released its 4Q report on Wednesday, says Jefferies. "A significant focus on pricing metrics, while relevant in the short term, missed the point that the formula under which they are calculated is up for renegotiation in September 2022," analyst Mitch Ryan says in a note. "Given the broader market dynamics, and tenor of offtakes currently being signed, we would expect that the contract is moved closer to a rolling market price as part of the negotiations by year end." Jefferies retains a buy call and A$15.50/share price target on IGO, which settled at A$9.98 on Wednesday.

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Valuation of $14.00
Added 2 years ago

Apr/May-19: I recently trimmed my IGO holding at just over $5. I think $4.98 is a fair price target, but I'd only be a buyer below $4.50. You have to have a positive view on nickel and copper, and they do own 30% of Tropicana also (a gold mine, literally). They also produce cobalt and some lead. Nova is a world-class nickel mine, and there should be further exploration upside there also. A US-China trade deal, once done, should give base metals prices a nudge north, and IGO should benefit from that.

November 2019: IGO are now over $6 on the back of higher nickel prices. I no longer hold. Took my profits too early again, but at least I made some money on this one. Don't think I had it on my scorecard tho… I'd buy back in if they drop below $4.50, but that would also depend on why they dropped that far from over $6 of course - if it's just because the nickel price went down again, I'd likely be back in like Flynn.

01-May-2020: Time to update my IGO valuation. They did drop back below $4.50, but that was purely Covid-19-related and I was busy buying other companies that had fallen further than IGO did. They've dropped back below $4.50 again today, but I'm not holding them. I'm a little wary of nickel exposure with the current outlook for global growth having deteriorated somewhat. I think copper will bounce back before nickel, so I've kept my SFR shares, but I have no pure nickel exposure, other than through S32 who mine a variety of metals.

IGO remains one of my two preferred nickel exposures. WSA is the other one. Once I start getting more bullish on nickel, I'll likely get back into one or both of those. For now, I'm happy to leave the valuation at $4.98, but the upside from here to there isn't as attractive as other opportunities I'm seeing in the market at this point in time, so I'm staying on the sidelines with IGO for now.

30-Oct-2020: Update: IGO are currently reviewing their 30% holding in the Tropicana Gold mine that is 70% owned and operated by AngloGold Ashanti (based in South Africa). IGO have had an interesting journey, and I've been an IGO shareholder for much of it, and I am today. Only a few short years ago they were a zinc and lead miner, and they then bought the 30% stake in Tropicana and they also bought out Sirius Resources to get hold of the world-class Nova-Bollinger mineralised system that contains nickel, copper and cobalt, and now IGO are one of Australia's best nickel plays, producing high grade nickel (suitable for batteries) from Nova.

I have a feeling that the outcome of their current review is likely to be a sale of their 30% of Tropicana, and with gold prices where they are, it's not a bad time to be selling one third of a world-class gold mine. I think IGO are going to become a little more popular within the market as this outcome becomes clearer, and if the nickel price rises that certainly won't do them any harm either.

I'm not sure they are worth between $6 and $7 - where they were trading 8 to 12 months ago, certainly not with the nickel price where it is currently, but I don't see $5.25 as being too much of a stretch. Current levels (sub-$4.50) look good to be accumulating IGO - in my opinion, and so I am. Longer term, I think they will be back over $6, but for now my 12-month target price is $5.25.

30-April-2021: Update: Raising PT from $5.25 to $7.77, since they've now sold their 30% of Tropicana to Regis Resources (RRL) for A$903 million after going seriously into lithium in December via a $2 billion deal with Tianqi for a 25% stake in their Greenbushes lithium mine and also a 49% stake in the Tianqi Lithium Corporation's Kwinana lithium plant, which is the world's biggest and first fully automated lithium chemical manufacturing facility outside of China. The plant is another key part of IGO's bold play to get into lithium - and in a big way. The Greenbushes mine is widely regarded as the No.1 lithium project in Australia because of its size and ore type. The long-term goal is to have Greenbushes' spodumene processed at the Kwinana plant, which was designed to produce 24,000 tonnes of battery-grade lithium hydroxide for its first stage, and 48,000 tonnes once the second stage is completed. I was initially skeptical about IGO's move into lithium as I know that there are a LOT of lithium mines on C&M (care & maintenance) or lithium development projects that have been deferred until the lithium price rises, so I fully expect a rapid supply response to a demand-driven price rise in lithium, when that happens (when it rises enough). One example is MIN's (Mineral Resources') Wodgina mine, which is the biggest hard rock deposit in the world - with a mine life of at least 30 years - which is sitting there idle waiting for a higher lithium price, which will come. However, looking into this IGO/Tianqi deal a bit, it seems clear that the big strategic asset in this deal for IGO is actually the 49% of the Tianqi Kwinana lithium processing plant, which moves IGO up the value chain in the battery metals world. IGO have been clear about their battery metals focus for a few years now - in all of their company presentations (see my straws here for links to those). They have hinted for a couple of years that they wanted to add another significant battery metal to their list of metals produced - which already includes nickel, copper and cobalt (from Nova). This is that deal they've been waiting for, and at around $2 billion, it's a decent sized foray into lithium too, and gets them into the metal at various levels, not just at the bottom (at the mining stage). Mineral Resources Ltd (MRL or MinRes, ASX:MIN) were very strategic in October 2019 when they sold 60% of their Wodgina spodumene mine in Western Australia to Albemarle Corporation for US$1.3 billion, consisting of a cash payment of US$820 million, and the transfer to MinRes of a 40% interest in two 25 ktpa lithium hydroxide conversion trains being built at that time by Albemarle at Kemerton in Western Australia, just north of Bunbury, a city south of Perth that my wife and I lived in when we were first married. They said in 2019 that the 60/40 joint venture between Albemarle and MinRes (the JV was called MARBL) would manage the operation of the Wodgina mine and the Kemerton conversion trains, and that Albemarle would market 100% of the output from the Wodgina mine and the Kemerton lithium hydroxide conversion trains. Immediately after that announcement however, actually on the day of the settlement (when MinRes got their US$820 million), they announced they were shutting down and mothballing Wodgina, effective emmidiately, keeping about 35 staff on to provide C&M and the other couple of hundred were either redeployed into other MinRes roles at other sites or were made redundant. The point there however was that MIN's founder and MD, Chris Ellison knew that it was the right time to reduce MinRes' exposure to lithium, but to also guarantee some optionality for later when the lithium price was higher, by locking in 40% of a value-adding lithium processing facility, and using Albemarle's expertise and money to build it. While MIN did it from the POV of a successful lithium miner, IGO have done it from the outside, and have bought in to the lithium story, however they are both locking in access to various levels of the supply chain in terms of from in the ground to in the car or the battery or wherever else it ends up. It is common knowledge that the big money is not usually made by the people at the lowest level who are simply digging the stuff up and shipping it off, it's made in the processing; and both IGO and MIN have stakes in lithium processing facilities now, and both plants have been built by large corporations (Albemarle and Tianqi) who have done it before in other parts of the world. The market likes this. If you look at the IGO chart, this deal was announced in early December 2020, and look where the share price went - from around $5 to now around $7.50, a 50% rise. I think there is a little further to go, hence my $7.77 PT. Not enough upside from here for me to be buying in at current levels (I sold some in mid-December after the initial pop, then the rest in late January so fully exited IGO at that time). However, there's no denying they've done well, and they seem to have the wind behind them at this point with their chart heading North-East. They could easily overshoot my PT, but I think $7.77 is a fair PT. I am usually rather conservative with my price targets. They're still on one of my watchlists.

20-May-2022: New PT is $14, on the back of renewed positive sentiment towards lithium and IGO's core business of Nickel production. Nickel rose almost +9% overnight, and is up strongly this year, on previous years, even though it has recently been in a strong downtrend (which it may have broken last night).



See also: Tianqi Lithium delivers first battery-grade product - Australian Mining

[The first batch of battery-grade lithium has been produced by Tianqi Lithium Energy Australia (TLEA) from its plant in Kwinana, Western Australia, the first time the material has been produced in Australia in commercial quantities.]

[TLEA is a joint venture between one of the world’s top producers of lithium chemicals for electric vehicle batteries, Tianqi Lithium Corporation (51 per cent), and Australian miner IGO Limited (49 per cent).]

[TLEA owns the first lithium hydroxide plant in Australia and the largest in the world to be built and operated outside of China.]


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#Battery-Grade Lithium Produced
Added 2 years ago

20-May-2022: Tianqi Lithium delivers first battery-grade product - Australian Mining


The Kwinana lithium plant in Western Australia. Image: Tianqi Lithium

Tianqi Lithium delivers first battery-grade product


The first batch of battery-grade lithium has been produced by Tianqi Lithium Energy Australia (TLEA) from its plant in Kwinana, Western Australia, the first time the material has been produced in Australia in commercial quantities.

TLEA said it was a significant milestone for Australian mining as the sector expands to meet rapidly growing demand for rechargeable batteries, primarily from the electric vehicle and energy storage system industries.

TLEA’s Kwinana plant has successfully met internal certification processes, with the onsite laboratory confirming that battery-grade specification has been met on 10 tonnes of lithium hydroxide, produced consistently over several days. Samples have been sent for independent verification.

The next step in the plant’s ramp-up process is customer qualification, which will be completed over the next four to eight months. During this time, the plant will continue to focus on stable, consistent, and reliable production of battery-grade lithium.

Chief operating officer Raj Surendran said the company was pround to demonstrate that Australia could value add to its minerals onshore, enhancing its reputation as a critical contributor to the production of batteries for electric vehicles and energy storage.

“This is an exciting time for our shareholders, suppliers and service providers who have contributed to the construction and ramp-up of the Kwinana plant, and our employees who have worked so hard to turn the dream of producing battery-grade lithium hydroxide in Australia into a reality,” he said.

TLEA is a joint venture between one of the world’s top producers of lithium chemicals for electric vehicle batteries, Tianqi Lithium Corporation (51 per cent), and Australian miner IGO Limited (49 per cent).

TLEA owns the first lithium hydroxide plant in Australia and the largest in the world to be built and operated outside of China.

“More than 900 jobs were created during the construction phase of the plant, which is now being operated by about 200 people, as well as providing business opportunities for our numerous suppliers, many of whom are locally based,” Surendran said.

Lithium hydroxide produced at the Kwinana plant will be containerised and exported from the Port of Fremantle to customers around the globe.

Surendran said the first train will now continue its ramp up towards its nameplate capacity of 24,000 tonnes of battery grade lithium hydroxide per annum.

Lithium hydroxide is a lithium-based compound derived from spodumene, a lithium-bearing pegmatite mineral. Spodumene is sourced directly from the Greenbushes mine 250km south-west of Kwinana (Albemarle 50 per cent, Tianqi Corporation 25 per cent, IGO Ltd 25 per cent).

--- --- ---

Disclosure: I have held IGO in the past. I am not currently holding IGO shares. So far today, IGO is up 61cps (+5.5%) to $11.70 on the back of this news and a sharp rise in the nickel price overnight of almost 9%. IGO's revenue is still mostly from nickel sales at this point (from production out of their Nova mine in WA), but they have recently moved into lithium as well.

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Added 3 years ago


IGO results

The IGO Ltd (ASX: IGO) share price will be one to watch today when it releases its full year results. According to a note out of Goldman Sachs, its analysts expect the battery materials miner to report revenue of $913 million and underlying EBITDA of $475 million. The latter will be a modest 3.2% increase year on year.

IGO Limited (IGO, formerly Independence Group NL) is a mineral exploration company focusing on nickel, copper and zinc mining in Australia. The Company's focus is on Nova nickel-copper-cobalt operation and its portfolio of exploration projects in Western Australia, Northern Territory, South Australia and Greenland.

Disc' no holding, watching


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#Enters ASX100 5/2/21
Added 3 years ago


(ASX: IGO) (IGO or the Company) is pleased to announce that S&P Dow Jones Indices has advised that IGO joined the S&P/ASX 100 Index, effective 3 February 2021 following an out of cycle index rebalance.

Managing Director and CEO, Peter Bradford, commented “Today’s exciting milestone makes IGO a more attractive investment proposition for global investors looking for exposure to a unique business aligned to the clean energy metals future along with a strong ESG focus.”

View Attachment

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#Tianqi Lithium JV
Added 4 years ago

09-Dec-2020:  IGO invests in Global Lithium JV with Tianqi

plus:  IGO / Tianqi Lithium JV Presentation

[I hold IGO shares, but not for lithium exposure.  I will be reviewing my IT (Investment Thesis) in the light of this move.  I note that MIN (MinRes, Mineral Resources) have gone gangbusters since they offloaded the majority of their lithium assets and shut down Wodgina.  They seemed to get into lithium at just the right time, and they also moved on at just the right time.  I'm not sure if this acquisition is a net positive or negative for IGO yet.]

Further Reading:

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#IGO now in DJSI index
Added 4 years ago

24-Nov-2020:  IGO inclusion in the DJSI Australia


IGO Limited (ASX:IGO) is pleased to announce that it has been included as an index component of the 2020 Dow Jones Sustainability Index (DJSI) Australia. This inclusion ranks IGO amongst the top performing Australian mining companies for corporate sustainability and environmental, social and governance (ESG) reporting.

IGO is ranked in the 84th percentile of all Metals and Mining industry participants and is assessed as being among the top 30 per cent of sustainable businesses within the ASX200 listed companies. The Company achieved scores in the 90th percentile or higher in a range of categories, including environmental reporting, social reporting, mineral waste management, operational eco-efficiency and occupational health and safety.

IGO Managing Director & CEO Peter Bradford, said:

“IGO’s continued inclusion in the DJSI Australia reflects the Company’s continued commitment to sustainability in line with our purpose of Making a Difference and our strategic imperative to be Proactively Green. Our alignment to the clean energy future is complemented and driven by our Proactively Green sustainability framework, as we continue to integrate consideration of ESG and economic aspects across our business. We are committed to voluntary ESG and sustainability disclosure – disclosure that sees us transparently speak to what we have done well but what we could have done differently – and are proud of being recognised as a sustainability leader and included in the DJSI Australia.”

Manjit Jus, Global Head of ESG Research and Data, S&P Global, said:

"We congratulate IGO Limited for being included in the DJSI Australia. A DJSI distinction is a reflection of being a sustainability leader in your industry. With a record number of companies participating in the 2020 Corporate Sustainability Assessment and more stringent rules for inclusion this year, this sets your company apart and rewards your continued commitment to people and planet."

--- ends ---

[I hold IGO shares.]

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#Company Presentations
Added 4 years ago

19-Nov-2020:  2020 AGM Presentation and CEO's Address

plus:  Chairman's Address to Shareholders at 2020 AGM   and   IGO Commences Exploration Activities on BOA's Fraser Range tenements

I also note that all resolutions put to shareholders at the AGM today were carried almost unanimously.  The "against" votes in all cases (including for the remuneration report) were less than 1% - see here.

[I hold IGO shares.]

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#Quarterly Reports
Last edited 4 years ago

29-7-2020:  June 2020 Quarterly Activities Report

and:  June 2020 Quarter Presentation


Key Points

  • Underlying free cash flow1 of A$56M for the Quarter and A$311M for the year, bringing cash to A$510M along with investments of A$108M and debt of A$57M at 30 June 2020.
  • Revenue and other income for the Group of A$231M and underlying EBITDA of A$113M, generating a Group EBITDA margin of 49%.
  • Nova production for FY20 above guidance for all metals, at a cash cost of A$2.41 per payable pound of nickel. FY20 nickel production at 30,436t.
  • Tropicana gold production was in line with the prior quarter at 102,007 ounces, with the FY20 full year gold production within guidance at 463,118 ounces.
  • Tropicana Cash Costs and All-in Sustaining Costs for the Quarter were A$953 per ounce and A$1,440 per ounce respectively, with an EBITDA margin of 56%.
  • Nova and Tropicana achieved underlying free cash flow of A$65M and A$15M for the Quarter and A$321M and A$85M for FY20, respectively.
  • Strategic exploration joint venture and partnership agreements finalised with Metals X and Antipa, consolidating our belt scale land position in the Paterson Province.
  • COVID-19 effectively managed through Quarter to safeguard our people and the community while maintaining business continuity. Although we have scaled back restrictions in line with State Government advice our response readiness remains at a heightened level.

Peter Bradford, IGO’s Managing Director & CEO said:

“I am proud to report that despite the ongoing challenges presented by the COVID-19 pandemic, our teams have continued to deliver in a way that has shown resilience, professionalism and most of all, care for one another. Our unique culture continues to be one of our greatest strengths and has been a key enabler for the strong operational and financial performance during the Quarter, and indeed the entire 2020 financial year.

“At Nova, full year production of all metals exceeded the top end of guidance for the second year in a row. This was achieved within our guided cost range and has underpinned the generation of A$311M of free cash flow for shareholders over FY20.

“Tropicana performed consistently during the Quarter, resulting in a full year production result which was within guidance range. The focus for the AngloGold Ashanti team is on the successful commissioning of the Boston Shaker Underground Mine, which is expected to reach commercial production in the September 2020 quarter.

“On the growth front, our exploration teams have been busy drill testing high priority targets in the Fraser Range and preparing a work program for the newly consolidated Paterson Project where we are targeting Tier-1 copper discoveries. We maintain our strong conviction that our exploration strategy will deliver significant organic growth opportunities for shareholders and we look forward to what our FY21 program of work will deliver.”

--- click on link above for the full report - and the associated presentation ---

[I hold IGO shares]

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#Company Reports
Added 4 years ago

30-Apr-2020:  March 2020 Quarterly Activities Report

Also:  March 2020 Quarter Presentation

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...

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#Company Presentations
Last edited 4 years ago
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#Bull Case
Last edited 4 years ago

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.

AMEC Convention 2018 Presentation by Independence Group (IGO) 14-June-2018


Disclosure:  I hold IGO shares.

Image result for IGO Independence Group NL logo image


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#Media Articles
Last edited 5 years ago
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