Weak 3Q for Independence Group but AUD 3.90 FVE Maintained
We maintain our AUD 3.90 per share fair value estimate for no-moat-rated Independence Group. Third-quarter fiscal 2018 production was weak with output from all mines below our expectations, particularly at Nova-Bollinger where the ramp-up to full production was slower than expected. As a result, we’ve lowered our fiscal 2018 earnings forecast by 38% to AUD 0.13 per share from AUD 0.20 per share previously. The large impact on near-term earnings reflects most of this year’s profit coming in the s...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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