Nova Resource Downgrade Checks Bullish Exploration Hopes for Independence Group
We maintain our AUD 2.50 per share fair value estimate for no-moat-rated Independence Group. The market reacted negatively to grade control drilling at Nova-Bollinger which sees the estimated resource tonnes shrink by 15%. Also, completion of the Long Island optimisation study at Tropicana has been delayed, raising concerns the news could be negative. The fall in the share price trims some of the implied market overoptimism around exploration and Independence is now only slightly overvalued.On ...
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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