IGO 0.46% $6.48 igo limited

igo march 2003 quarterly report

  1. 708 Posts.
    A quick summary:

    * Cash $4M at the end of the quarter (budget: $2.6M)Also $3.1 million in receivables.

    * A total of 30,593 tonnes of ore averaging 3.74% Ni was produced during the quarter. That's compared to 15,990 tonnes ore averaging 4.02% Ni produced during the December quarter.

    * Calculation of a new mine reserve/resource figure
    will be completed in the June quarter. (could prove a trigger for a share price re-rating) Additional
    recoverable reserves are expected to be added in
    the Long upper levels and at Gibb South.

    * IGO aims to double the current mining reserves to + 50K tonnes nickel metal. Drilling to test for a possible repetition of the Long orebody beneath Victor and Victor South will commence in the June quarter. According to IGO, "the discovery of another large nickel
    sulphide orebody in this position would have a
    significant impact on the mine life and NPV of the
    Long project".

    Looks like a solid report to me. Current share price of 33c offers a good opportunity to accumulate more IGO. Based on NPV, this stock is undervalued.

    Any IGO followers out there that would like to share their views?

    Cheers, J
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