IGO reported June Q and FY19 results. Nova reported lower QoQ production with 7.9kt Ni and 3.5kt Cu at A$2.22/lb cash costs (-6%, -7% and +14% QoQ). Ni and Cu production for FY19 of 30.7kt and 13.7kt respectively were both above guidance. FY19 cash costs of A$2.07/lb were slightly above the guided range of A$1.65-2.00/lb, primarily the result of lower Cu and Co by-product credits. Tropicana delivered a strong finish to the year with 132.9koz (100% basis) an all-in sustaining cost (AISC) of A$950/oz (+8% and -4% QoQ). FY19 gold production of 518.2koz at A$951/oz AISC was within the mid-range of guidance. FY19 unaudited financials were; revenue of $793m, EBITDA of $341m and NPAT of $76m. The Company added $91m cash in the Q to finish FY19 with $348m cash and $85.7m debt. HOLD recommendation maintained.
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