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Independence Group NL (ASX:IGO) shares slump on quarterly report

Shares in mineral exploration company Independence Group NL (ASX: IGO) are down 5.4% to $4.53 at the time of writing after its quarterly report webcast this morning.

According to the report, Independence Group had a “record quarter” – strengthening its balance sheet by increasing nickel production by 23% quarter-on-quarter, but this is still 3% below guidance for FY18.

Copper is also likely to miss guidance for FY18, with cash costs coming in above expectations and the company’s flagship Tropicana project only marginally bettering bottom-end guidance.

While Independence Group’s CEO maintains the company will end FY18 with a strong balance sheet, investors are understandably disappointed by the production summary tabled.

Analysts at Macquarie slapped an underperform rating on Independence Group late last month, with a price target of $5.10, while fellow miners at the bigger end of town, Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) had their price forecasts upgraded by the broker at the same time.

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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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