Independence Group (IGO) has entered into an agreement with CopperChem Limited, a wholly owned subsidiary of Washington H. Soul Pattinson, to sell its Jaguar asset for $73.2m. IGO will receive $25m upfront and a further $48.2m in deferred cash payments. The Company stated Jaguar no longer fits with its focus on high-quality, long life assets. Argonaut valued Jaguar at $147m, so we regard this transaction as non-accretive. Going forward, the Company has a strategy to focus on battery minerals to take advantage of what they term “a battery super-cycle”. Argonaut upgrades IGO to HOLD with a revised target price of $4.15.
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