IGO Limited (Independence Group)
IGO Limited (Independence Group)
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The ability to achieve production guidance despite bushfire and coronavirus challenges has enabled West Australian miner IGO to lift its revenue for the June year (FY20) to $A892.4M, up from $729.9M a year earlier.
Underlying EBITDA reached $459.6M (FY219: $340.7M) and after-tax profit to $155.1M ($76.1M). Underlying free cash-flow rose to $310.8M ($277.6M), enabling the company to end the year with net cash of $453.2M ($262.5M).
Australian explorer Antipa Minerals has done a series of deals worth $A33.2M, led by miner IGO’s $30M farm-in on 1,563sq km of Antipa’s 100%-owned gold-copper tenements in the Paterson Province, Western Australia.
A year of unique Western Australia challenges, including devastating bushfires and the COVID-19 pandemic, has seen IGO’s June 2020 year (FY20) Tropicana gold production slide, but with its Nova operations steady.
(CORPORATE)
A board challenge from substantial shareholder APAC Resources has resulted in diversified miner Metals X dropping its attempts to revive the troubled Nifty copper mine, instead opting to seek buyers for its West Australian portfolio of copper assets.
Australian miner Metals X has ended its three-year struggle to make a go of the Nifty copper mine in WA’s East Pilbara region, announcing it will seek offers for its whole copper asset portfolio after attempts to raise redevelopment funding were scuttled by corporate uncertainty.
The proposed sale will include its Maroochydore copper project and Paterson exploration project, the subject of a $A32M farm-in by IGO. Metals X hopes the sale will leverage the significant value added by the scoping study.
Mincor Resources has launched a 2-tranch $A60M capital raising to underpin capital development and accelerate exploration at its 100%-owned Kambalda nickel operations in Western Australia, where its Cassini Main resources have been lifted 16%.
The raising includes a fully underwritten, 2 tranche placement of new shares at $0.72cps for $50M, of which major shareholder IGO has committed $13M to take its company stake to 8%. In addition, a non-underwritten SPP is planned to raise up to $10M.
Nickel-gold-copper miner IGO has done a $A7M deal to earn 70% of fellow Australian miner Matsa Resources’ Symons Hill Nickel Project in Western Australia’s Fraser Range over the next 3-years.
Under the agreement, Matsa could receive staged cash payments of up to $3.5M and IGO can elect to spend a minimum of $3.5M, leaving Matsa free carried until IGO either completes an FS or reaches a decision to develop and mine.
Australian miner IGO has committed to sole-fund $A32M of exploration in WA’s exciting Paterson Province after executing a binding farm-in agreement over 2,400sqkm of tenements held by Metals X.
IGO can earn 70% interest in Metals X’s Paterson exploration project over 6.5 years, with a minimum $11M spend over 3.5 years, then free-carry Metals X to completion of a PFS.
Australia’s gold output for the Mar 2020 qtr has fallen 12% to 77t on Dec 2019 with many operators taking advantage of higher prices in 2019 and early 2020.
New Century Resources eyes the potential to transform Vale’s faltering Goro nickel project in New Caledonia into a long-term world-scale producer after being granted 60-day exclusivity to negotiate the acquisition of a 95% stake.