Buy, Sell, Hold: IGO, Base and Piedmont

A PREVIEW of IGO’s quarter, a review of Base’s results, and initiation on Piedmont.

Buy, Sell, Hold: IGO, Base and Piedmont Buy, Sell, Hold: IGO, Base and Piedmont Buy, Sell, Hold: IGO, Base and Piedmont Buy, Sell, Hold: IGO, Base and Piedmont Buy, Sell, Hold: IGO, Base and Piedmont

Independence Group (IGO)

Analyst: Michael Slifirski, Credit Suisse

Recommendation: Underperform

Price target: A$3.70

Thursday’s close: $4.80

Reason: December quarter preview

Comments: Nova remains the focus after Nova "demonstrated" 1.5Mt nameplatein the September quarter achieving 333.8kt (1.34Mtpa) mined, 338.1kt (1.35Mtpa) processed, both at 90%. September quarter head grade of 1.63% nickel and 0.63% copper was marginally below the revised model (nickel 97%, copper 96%, cobalt 98%). 82% nickel recovery met expectation for grade processed and ore source variability. 4.5Kt nickel at A$3.98/lb marginally str...