Independence Group NL

IGO Details
·         Volatile gold prices: Independence Group NL (ASX: IGO) stock lost over 7% on April 19, 2017 given the volatile gold prices and overall losses in resource sector. On the other hand, the group’s core Nova project has been reported to ramp-up it’s the name plate production in the September 2017 quarter, 12 months earlier than planned in the Feasibility Study and some five years after discovery in July 2012. The group’s mine design has further been optimized to reduce upfront lateral capital development requirements by 24%, delivering multiple mining fronts. Moreover, the group has reported that its average daily development rate for March 2017 has enhanced by 43% against January 2017. The group’s overall metal to be produced in concentrate for FY17 is expected to have 5,000t to 6,000t nickel and 1,900t to 2,300t copper. The group’s first offshore shipments of copper and nickel concentrate would start in the June 2017 quarter.

·         Recommendation: We maintain a “Buy” recommendation on the stock at the current price of $ 3.30
 

Updated Mine Design and Mining Schedule (Source: Company Reports)

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