Tag: IGO

High-grade assays and large widths show Bencubbin emergency as a potential significant rare earths discovery, with grades of up to 7,243ppm TREO from latest drilling within intercepts up to 79m wide.

Bencubbin in WA emerging as potential significant rare earths discovery

Bencubbin in WA emerging as potential significant rare earths discovery Cygnus Metals (ASX: CY5) has found high-grade assays in an area that majors including Rio Tinto (ASX: RIO) and IGO (ASX: IGO) are actively exploring for rare earth elements (REE) in the same area. These are some of the thickest and highest-grade intersections to date at the Bencubbin rare earths project in WA, with grades of up to 7,243ppm TREO from latest drilling with intercepts up to 79m wide. The results came from the company’s...

Regis acquires IGO’s Tropicana stake

Regis acquires IGO’s Tropicana stake

IGO is selling its 30% stake in the Tropicana gold mine to Regis Resources so it can focus on commodities that align with its clean energy strategy. The $903 million deal will allow IGO to focus on battery metals, while Regis will inherit a Tier 1 gold asset and a ''world class'' joint venture partner in AngloGold Ashanti. Located 330km northeast of Kalgoorlie in Western Australia, Tropicana is Australia's fifth largest gold mine, producing 463,000 ounces of gold in the 2019-2020 financial year. IGO (ASX: IGO) managing director and chief executive Peter Bradford said Tropicana had been an important part of IGO’s history and a key driver of its sustained growth since its discovery in 2005. "While IGO continues to...

Independence Group exceeds production guidance

Independence Group exceeds production guidance

INDEPENDENCE Group has beaten its forecasts for copper, nickel and gold production for the half-year ended December 2019 as a result of higher output from its Nova and Tropicana mines in Western Australia. The company said gold output from Tropicana was 257,250oz in the six months ended December 2019, exceeding Independence Group’s guidance of 225,000 to 250,000oz for the period. Independence Group’s 30pc mine share from Tropicana was 77,550oz which was just over the company’s guidance figure of 75,000oz. Independent Group chief executive Peter Bradford said the company was expecting the Nova mine to maintain its production in line with company guidance as it focuses on delivering cost improvements and operational efficiencies. “At Tropicana, we also expect to produce within...

IGO squeezes Panoramic

IGO squeezes Panoramic

INDEPENDENCE Group (ASX: IGO) has increased the pressure in its takeover bid for Panoramic Resources (ASX: PAN), after Savanah downgraded its FY20 guidance at the Savannah nickel project in the East Kimberley, WA. Citing ongoing difficulties at the Savanah project, including underperformance of the paste filling system that impacted the stoping sequence, low nickel grade due to hanging wall failure, and continuing equipment availability, IGO has requested expedited and thorough due diligence to be completed. Panoramic had indicated it would need to raise additional capital, potentially through an entitlement offer in the near term, and that there would likely be a breach of several conditions of the off-market takeover offer bid made on November 4. “Given the material change to the...

IGO launches Panoramic takeover

IGO launches Panoramic takeover

INDEPENDENCE Group (ASX: IGO) has launched a $312m takeover bid for Panoramic Resources (ASX: PAN). IGO said the hostile all-scrip bid was taken to shareholders after a number of attempts to engage with the board for a friendly takeover were unsuccessful. The company cited poor performance and a “lack of engagement from the Panoramic board” as the reason for backing the takeover. “The offer represents, in IGO’s view, the best opportunity for Panoramic’s shareholders to crystalise and de-risk meaningful value from their investment in Panoramic in the foreseeable future,” it said. The offer would pay a premium 42pc to the last closing price of Panoramic shares before the date of the bidder’s statement, and 51pc to the one-month VWAP. Under...

Peering beneath the surface

Peering beneath the surface

AS Australia’s greenfield outcropping and sub-cropping deposits become increasingly scarce, miners are digging deeper than ever before, exploring new options on green and brownfields tenements. To do this, they must be able to look further underground to map the subterranean deposits before expensive exploratory drilling programs can take place. Geophysical technology allows explorers to do just that – giving explorers high resolution 3D models of up to 3km below the surface. According to Independence Group (IGO) chief geophysicist, Andrew Fitzpatrick, “the new frontier is exploring undercover”. Mr Fitzpatrick spoke with the Australian Mining Review about the way IGO has been using geophysical methods and technologies on the company’s Nova deposit, and its satellite Albany Fraser copper-nickel project in WA. The...

Commodity in Focus: Nickel

Commodity in Focus: Nickel

BY ELIZABETH FABRI ASK any analyst for their best performing commodities of the year, and nickel will be on the list. The base metal is enjoying a stellar year – its price has increased 75 per cent in the last 12 months – as it reinvents itself as a commodity of the future. A new cohort of nickel juniors are advancing exploration in Australia to capitalise on rising prices. At the end of June, nickel was hovering around the $US15,000 per tonne mark; a sizable increase from the $US8931 it was fetching a year prior. And if forecasts are anything to go by, demand for the metal is expected to increase by a further 50 per cent to...

CopperChem leaps on Jaguar

CopperChem leaps on Jaguar

Image: IGO. BY REUBEN ADAMS INDEPENDENCE Group (IGO) has confirmed an evolving focus on assets “aligned to the emerging super-cycle for energy storage minerals” after announcing the sale of its Jaguar zinc-copper operation in WA to CopperChem for just $73.2m. In June last year CopperChem, a subsidiary of diversified investment house Washington H. Soul Pattinson and Company, also acquired IGO’s Stockman copper-zinc project in north east Victoria for $47.5m. IGO acquired both the Jaguar/Bentley and Stockman assets in a $531m takeover of Jabiru Metals in 2011. $25 million will be paid on completion of the Jaguar transaction – scheduled for 31 May -- and an additional $48.2 million in deferred cash payments. The transition of ownership will...

Independence Group: Discovery & Delivery

Independence Group: Discovery & Delivery

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...