Increasing Independence Group’s Fair Value Estimate to AUD 2.50 Per Share
We raise our fair value estimate for Independence Group to AUD 2.50 per share from AUD 2.30. The majority of the increase is from appreciation of the zinc price that drives modest increases in our revenue forecasts and also lifts our view of the value of the dormant and undeveloped Stockman project. In addition, improvements at Tropicana will boost gold production. The company has just finished a mill expansion to 7.5 million tonnes a year and intends to further grow to 7.7 to 7.9 million tonnes...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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