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Independence Group NL shares up on investor update

Nickel miner Independence Group NL (ASX: IGO) released an update to shareholders today reporting expectations to be net cash in the September quarter with a focus on discoveries at its Nova and Fraser Range projects.

Independence Group shares were up 1.3% to $4.91 at the time of writing.

Independence Group detailed its commitment to “solidify” its position as a world-class base metals producer aligned to the growing electric vehicle “megatrend” with a robust balance sheet allowing the company to shift its focus from construction to delivery and discovery.

Third quarter results out of the company earlier this month highlighted strengthening financial results with revenue up 12% to $182.7 million, underlying EBITDA notching up 14% and net debt reduced to $73 million.

Elsewhere in the space nickel sulphide explorer Western Areas Ltd (ASX: WSA) shares are up 0.8% to $3.41 at the time of writing in line with solid share price gains over the last 12 months for the stock and its March activity report detailing positive cashflow and FY18 guidance maintained.

Shares in commodity cousins BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) were all up at the time of writing, with Rio booking the best gain – up 2.1% to $86.49.

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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 Scott Phillips.

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