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Why the Independence Group NL share price is tracking higher

Independence Group NL (ASX: IGO) opened up 0.6% to $5.01 on February 16, with shares in the mineral exploration company steadily tracking upwards since mid-2017.

Independence Group has two key-mining operations in Western Australia with a focus on nickel, copper and zinc mining prospects.

It will be interesting to see if Independence Group can maintain its upward swing when the company hands down its half-year results on February 21 after a disappointing drop of almost 5% in share price to $4.02 at the same time last year despite first-half results coming in reasonably strong.

Independence Group’s quarterly report released in January outlined the company’s Nova and Tropicana projects are both within production and cost guidances, with Tropicana gold production significantly above pro-rata full-year guidance.

Independence is focused on continuing to strengthen its balance sheet by reducing net debt and ramping up FY18 exploration with a $50 million commitment made to the latter.

All things considered results should come in strong on February 21.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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