Independence Group (IGO) reported a stellar December Q with record production at both Nova and Tropicana. Nova produced 7.6kt Ni and 3.5kt Cu in concentrate at A$1.94/lb cash costs (+11% Ni, +15% Cu and -30% on costs QoQ). Tropicana produced 136.9koz gold at an AISC of A$848/lb (+9% gold and -18% on costs). Net cash increased 52% QoQ to $93.8m. Both assets are tracking well within guidance. IGO also reported H1 FY19 financials with $353.4m revenue, $130.5m underlying EBITDA and a $0.9m net profit. IGO declared a $2c/sh interim dividend payable 1 March 2019. In December, the Company released a PFS for the Boston Shaker underground mine. This development has the potential to maintain higher mill feed grades for longer and extend Tropicana’s mine life. The underground is estimated to produce 100kozpa for 7-years with $95m upfront capex.
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