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IGO focused on growth in 2021

18th November 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Metals miner Independence Group on Wednesday told shareholders that one of the company’s focuses for 2021 would be growth.

“Growth remains an important strategic imperative, [as does] exploration to deliver long term sustainable growth and disciplined merger and acquisition to deliver accretive growth in the short to medium term,” MD and CEO Peter Bradford told shareholders at the company’s annual general meeting.

Chairperson Peter Bilbe said that potential merger and acquisition activities would be aligned with the company’s strategy to become a globally relevant producer of metals critical to green energy, and which met scale, mine life and quality metrics.

“Despite a slight contraction during Covid-19, demand for clean energy solutions, in particular electric vehicles, continues to increase as the world rapidly moves towards decarbonisation. Government incentives and subsidies, aided by continued public pressures to address climate change is accelerating this trend,” Bilbe said.

“In addition, we are seeing investors having an increased focus on environment, social and governance matters when considering appropriate investments.”

Independence’s growth ambitions will also focus on exploration and discovery, with Bradford telling shareholders that the exploration and discovery budget for 2021 has been set at A$65-million.

“Approximately 60% of this is directed to Nova and the Fraser Range, where the discovery of Nova 2.0 would be transformational to our business. In parallel, we are progressing work programmes across the rest of the portfolio,” Bradford said.

Meanwhile, the strategic review into the Tropicana gold mine, in Western Australia, continues.

The review includes a bottom-up review of the strategy and life-of-mine plan for Tropicana and an assessment of options to demonstrate and realise full value for the company and its shareholders, Bradford said.

Edited by Creamer Media Reporter

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