Tag: Independence Group

Truck full of ore coming out of the portal from the underground Nova-Bollinger mine. All images: Independence Group.   BY AMY BLOM   AFTER celebrating one year since its Nova mine entered commercial production in September, Independence Group has its sights firmly set on key metals used in renewable energy technologies and electric vehicles, with further expansion and exploration projects across WA and the Northern Territory on the horizon.   Independence Group (IGO) would continue to prioritise exploration work at its Nova operation and the surrounding Fraser Range, following a strong start to FY19. According to its September quarterly activities report released on 29 October, IGO increased net cash to $62 million and achieved metal production guidance at Nova, about 160km...

All images: Independence Group.   BY REUBEN ADAMS   THE March quarter was a mixed bag for Independence Group, but the miner’s medium to long term fundamentals are sound. The flagship Nova operation continues to ramp up and generate good cash flow, while a $50 million exploration program and downstream processing studies could deliver massive cash flow generation in the years to come.   Independence Group (IGO) is transitioning into a cash-generative business, as growing free cash flow from its operations – especially Nova – results in an ever-shrinking debt pile. Building cash reserves is an important part of the IGO strategy. It gives the company flexibility for potential acquisitions, or development options should a $30m exploration program on its...

All images IGO.   BY ELIZABETH FABRI   LESS than a month since the official opening of the Nova project, Independence Group  -- in the hunt for the next Nova-style deposit -- has again increased its footprint in the Fraser Range region through a new Joint Venture deal. Independence Group (IGO) is on the rise again in FY18. After bringing its $443 million Nova nickel-copper-cobalt mine into commercial production on 1 July, the mine’s balance sheet is set for a turnaround year as it adds an extra 26,000 tonnes of nickel, 10,000 tonnes of copper and 800t of cobalt to its annual production. Over the last two years, the company’s focus has been developing Nova. But now  the project is...

The Tropicana processing plant capacity was now upgraded from 5.8mtpa to 7.5mtpa.   By Elizabeth Fabri   DECEMBER is a big month at Tropicana. On the back of a major expansion and drilling program, the WA project will see the rewards of an upgraded 7.5 million tonnes per annum run rate, and its first reserves review that could extend mine life out to 2030. THE Tropicana joint venture between AngloGold Ashanti (70 per cent) and Independence Group (30 per cent) has been producing gold since September 2013. The project was the first significant Australian greenfields gold discovery to come online in more than 10 years, and has been closely watched by the industry since. Its three gold deposits, Tropicana, Havana and...