Independence Group’s Fiscal 2016 Result Challenged by Lower Prices but as Expected
Independence Group’s adjusted net profit after tax declined 62% to AUD 29 million in fiscal 2016. The result was better than expected but only due to the capitalisation of interest associated with the acquisition of Sirius Resources and the subsequent development expenditure for the Nova-Bollinger mine. In a cash sense, the result was as expected as cash still went out the door for the capitalised interest expense, which will just be amortised at a later date. Consequently, we make no change to ...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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