Independence Group’s Nova and Tropicana production delivers for the quarter | Finance News Network

Independence Group’s Nova and Tropicana production delivers for the quarter

Company News

by Kathy Skantzos

Mining and exploration company Independence Group (ASX:IGO) has reported its Nova nickel production is within guidance and Tropicana gold production was above guidance, however its Nova copper production guidance has fallen short.

Sales revenue for the quarter was $78.3 million, compared to $46.5 million for the previous quarter, driven by revenue from Tropicana and Jaguar.

However, cash from operating activities was lower due to $27 million of receipts for December 2017 shipments being delayed to January 2018.

The company reports its underlying EBITDA is in line with the previous quarter at $64.5 million, driven by strong base metal prices.

Net debt has reduced to $120 million from $164 million at the start of FY2018.

Shares in Independence Group (ASX:IGO) are trading 0.2 per cent lower at $5.06.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.