IGOs (ASX:IGO) Nova and Tropicana achieves Q4 guidance

Company News

by Kathy Skantzos

Mining and exploration company IGO (ASX:IGO) announced its production at Nova is above guidance, and Tropicana is in line with the prior quarter, in its June quarter update released today. 

Underlying free cash flow is at $56 million for the June quarter and $311 million for the year. 

This brings its cash to $510 million along with investments of $108 million, and debt of $57 million, at 30 June 2020. Its balance sheet continues to strengthen to net cash of $453 million.

Revenue and other income for the group is $231 million and underlying EBITDA of $113 million, generating a group EBITDA margin of 49 per cent.

Peter Bradford, IGO’s Managing Director and CEO, said its teams have continued to deliver with resilience despite the challenges presented by the Covid pandemic. “I am proud to report that despite the ongoing challenges presented by the Covid-19 pandemic, our teams have continued to deliver in a way that has shown resilience, professionalism and most of all, care for one another. Our unique culture continues to be one of our greatest strengths and has been a key enabler for the strong operational and financial performance during the Quarter, and indeed the entire 2020 financial year,” he said. 

Shares in IGO (ASX:IGO) are trading almost 8 per cent lower at $5.09. 

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.