IGO Limited (Independence Group)
IGO Limited (Independence Group)
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Australian underground contractor Barminco has been assured at least another 4 years at the Nova nickel-copper-cobalt project in WA with the award of a $A240M contract extension by Independence Group.
The contract also offers a further 2-year extension for Barminco, which has been carrying out development and production mining at Nova since development began in 2015.
West Australian miner IGO has increased its reliance on renewable energy, commissioning power producer Zenith Energy to construct the nation’s first commercial hybrid diesel/solar photovoltaic facility at its flagship Nova nickel mine.
The solar facility, due to commence supply in the Sept qtr 2019, will complement Zenith’s existing diesel power station to boost total generating capacity to 26MW at the mine 360km SE of Kalgoorlie.
Australian 2017-18 financial year (FY18) gold mine production has hit its highest annual output since 1997-98 -- 310t (just under 10Moz), according to Melbourne-based mining consultants Surbiton Associates P/L.
Gold production for the June 2018 qtr (Q4 18) was 81t, up 9% on Q1 18 and 8% better than Q2 17, lifting FY18 output 12t on FY17 and only 8t short of the FY98 record, with the latest qtr output just 1.5t lower than the record.
New study dismisses nay sayers big gold production drop predictions on Aussie FY18 gold production up 12t on FY17.
Global miner BHP is ploughing more investment into nickel mine development/exploration in Western Australia, seeking to secure its own supply of a key material in batteries needed to meet booming demand for electric cars, Reuters reports.
BHP is moving quickly to feed an increasing nickel need for electric cars as new technology moves to cut cobalt/manganese requirements
The rightly much lauded Nova Nickel Project in Western Australian has stamped its authority on Independence, lifting FY18 profit $36M to $53M. Mark Mentiplay reports
West Australian miner Independence has lifted after-tax profit for the year to end-June to $A52.7M, from $17M in FY17.
The result, on revenue of $780.6M (FY17: $421.4M), reflects the start of commercial production at its 100%-owned Nova nickel-copper project and operational advances at its 30%-owned Tropicana gold JV with AngloGold Ashanti.
Underlying EBITDA was $338.6M ($150.5M) and free cash-flow of $183.3M.
West Australian miner IGO posted a 23% increase in June qtr (Q4) nickel production to 7,334t contained metal at its Nova mine, up from 5,961t in the previous qtr. Copper production also rose to 3,230t (2,472t).
The increase was achieved despite an issue with Nova's SAG mill liners in late June that cost about 800t of expected nickel production.
Nova's FY18 contained metal production fell just short of expectations at 22,258t nickel (guidance 23,000-27,000t) and 9,545t copper (10,000-12,000t).
Independence Gold says its Nova nickel-copper mine in Western Australia is now 'fully ramped-up' despite technical issues that cost it around 10% of production in the June quarter. John Feary reports