IGO Limited (Independence Group)
IGO Limited (Independence Group)
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An excellent Mar 2019 qtr (Q3 19) performance from Independence Group’s Nova nickel-copper operation has been a little offset by lower production/higher costs from the Tropicana gold project, but still enabling IGO to rack up a 6,300% after tax profit jump on Q2 19 to $A45M.
Increased nickel-copper production at record low costs from IGO’s Nova project have surpassed lower Tropicana gold output for a 6,300% Q3 19 profit jump to $45M. By Mark Mentiplay
Contractor Macmahon will operate both the openpit and underground mines at the Tropicana gold mine in Western Australia following the go-ahead by AngloGold Ashanti for the $US79.3M development of the Boston Shaker deposit with its ore reserve of 317,000oz (2.8Mt @ 3.84g/t).
Macmahon expects to start work in May on the underground mining contract, expected to be worth about $A170M over 5 years.
Go-ahead for Tropicana’s first underground development announced after feasibility study backs its potential to leverage further value from the West Australia gold mine. John Feary reports
Australian gold production hit a record 317t for CY18, breaking the record set 21-years ago, with near future output looking good, Surbiton report
The Tropicana gold J/V has outlined a new 1.45Moz underground resource at its Western Australia operation to be integrated into the current open pit mining plan.
The PFS has confirmed the technical feasibility/potential viability of a $A95M capex mine beneath the Boston Shaker pits delivering producing 100,000oz pa over a 7-year LoM based on current indicated/inferred resources of 10.6Mt at 4.2g/t.
Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.
Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18
(EXPLORATION)
After generations as the major source of iron ore for the global seaborne trade and last year’s excitement about a rush for conglomerate-hosted gold mineralisation, now the Pilbara region of Western Australia is generating more excitement over its potential for major copper discoveries. And it may be based to some extent on unconfirmed rumours.
(CONTRACTING)
The award of an extended mining services contract to Barminco at Independence Group’s Nova mine comes with agreement for a collaborative drive for new technological measures to deliver underground mining safety and productivity improvements. John Feary reports