Cash flow from gold saw Independence again chasing growth, but Nova's purchase is likely a misstep.
We retain our AUD 2.50 per share fair value estimate for no-moat-rated Independence Group. Adjusted fiscal 2017 net profit after tax of AUD 42 million was in line with our forecast and up 44% on a year ago thanks to higher prices. Impairments and redundancies trimmed the statutory result to AUD 17 million versus a AUD 59 million loss last year. The fiscal 2017 result is not particularly important, with adjusted earnings at just AUD 0.072 per share. The key is the future, and we expect fiscal 201...Independence Group is a mining, development and exploration company. Co. has brought into production the Nova Nickel, Copper & Cobalt Project, located in southern Western Australia effective Jul 1 2017. In addition, Co. produces gold, nickel, copper, zinc and silver from three other mining operations in Western Australia comprising the Tropicana Gold mine located east northeast of Kalgoorlie; the Jaguar zinc, copper and silver mine and processing operations north of Leonora; and the Long nickel mine in Kambalda. Furthermore, Co. is actively exploring in the prospective Albany Fraser Range as well as the prospective Lake Mackay region in the Northern Territory.
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