IGO Limited (Independence Group)
IGO Limited (Independence Group)
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West Australian miner IGO has secured a further 1,100sqkm of prospective Fraser Range tenements adjoining its Nova nickel-copper mine through a $A21M JV agreement with prospector-entrepreneur Mark Creasy.
IGO says its new Southern Hills tenements will be targeted as part of about $A30M exploration spending in FY19.
Independence Group builds its Fraser Range landholdings around the Nova nickel-copper mine to 15,800sqkm under a new JV deal with renowned West Australian prospector-entrepreneur Mark Creasy.
Orion Minerals has completed another $A17.3M of raisings to bring on its 365,000t contained copper Prieska Zinc-Copper Project in South Africa’s Northern Cape.
West Australian miner IGO has sold its declining Jaguar zinc-copper operation in a $A73.2M cash deal with CopperChem, the acquisitive specialist subsidiary of Australia's second-oldest listed company WH Soul Pattinson.
CopperChem, the acquisitive specialist subsidiary of Australia's second-oldest listed company WH Soul Pattinson, now has a Jaguar in its fleet with the $73.2M purchase of Independence Group's declining zinc-copper mine. John Feary reports
Mid-tier miner Independence Group is lifting its stake in developer Orion Minerals from 4.1% to 11.1% via $A5M share placement at 5cps, giving IGO preferential rights to J/V or purchase Orion’s nickel projects in the prospective Areachap Belt in South Africa’s Northern Cape.
The deal will primarily underpin Orion’s fast-tracking redevelopment of its flagship Prieska Zinc-Copper Project in SA, where resources were recently lifted to 29.4Mt @ 3.8% for 1.13Mt zinc and 1.2% for 365,000t copper.
Newcrest Mining is backing ABM Minerals’ view that the Tanami Region in the Northern Territory will yield Australia’s next major gold discoveries with a deal to sole fund up to $A12M over 7-years to earn up to 75% of ABM’s prospective Euro Project.
The non-binding heads of agreement will focus on key targets along strike or parallel to the Trans-Tanami Trend, which have seen limited or no previous exploration. Newcrest can earn 51% by spending $6M over 4-years, rising to 75% for another $6M.
The continued improvement of its Nova project near Norseman has helped West Australian miner IGO post record underlying free cash-flow of $A56.5M for the March qtr (Q3FY18).
IGO returned a $9.2M profit for the period, turning around its $1.5M loss 3 months earlier and finished with cash of $70.3M (Q2: $51.3M) and net debt of $142.9M ($171.4M).
Following a recent successful raising for its European tungsten-gold aspirations, Apollo Minerals is spinning off its Fraser Range assets in W Australian via a $7M IPO
Australian miner St Barbara has taken a 10% shareholding in ABM Resources, investing $A4.4M in a placement at 10cps to support its aggressive exploration in the Tanami region of the NT.
St Barbara sits on the share register alongside Independence Group, which gained 9% equity in mid-2016 via a JV over the Lake Mackay project 600km NW of Alice Springs.
The presence of two major explorers and miners clearly confirms the quality of ABM's exploration team, strategy and portfolio, MD Matt Briggs says.