Preliminary Metal Production: Independence Group NL’s (ASX: IGO) stock rose 3.1% on July 9, 2018 after the company in the June 2018 quarter has reported 23% rise in the Nova nickel production. This is achieved due to better than nameplate mining and processing rates and higher overall grade. However, the production for the full year is at 3% below the low end of the company’s guidance. The SAG mill liner issue has impacted the processing plant availability and productivity in the second half of June 2018, which resulted in an approximate 800t shortfall in nickel production relative to plan. The company’s SAG mill liners are being replaced currently and are not expected to be a continuing problem. The production at both Tropicana and Long are within the FY18 full year guidance range. Moreover, IGO is progressing with the prefeasibility studies for the downstream processing of Nova concentrates to produce nickel and cobalt sulphates and the Boston Shaker underground at Tropicana. Both the studies are due for completion by the end of calendar year 2018. Additionally, at Tropicana, the grade streaming is expected to continue into FY19 in conjunction with completion of a mill throughput expansion by calendar year end to 8.2Mtpa. Overall, investors have welcomed the encouraging update.
Preliminary Estimate (Source: Company Reports)
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