IGO considers gold mine exit to ramp up battery metal efforts

IGO Ltd. – Independence Group NL, Perth, Australia, is an ASXlisted diversifiedmining and exploration company that is currently producing goldnickelcopperzinc and silver from three mining operations in Western Australia.

According to The Australian Financial Review, IGO could sell its stake in the Tropicana gold mine to help fund a big acquisition in the battery metals sector.

The Peter Bradford-led miner is eyeing acquisitions in line with its strategy to become a “globally relevant” supplier of metals needed in renewable energy generation and storage and electrification.

Peter Bradford, Managing Director and Chief Executive Officer, acknowledged that the Tropicana gold mine in Western Australia didn’t fit with that strategy but said it remained a core part of the nickel and copper producer’s portfolio as a high-quality asset generating strong free cash flow.

IGO owns 30 per cent of Tropicana with the remainder held by AngloGold Ashanti, which operates the mine 330 kilometres east north east of Kalgoorlie.

Mr Bradford said interest in the IGO stake had increase on the back of the strong gold price. “Certainly the level of external interest in that asset at these higher gold prices has gone up and we have been batting back a number of unsolicited incoming calls, but at this stage the board has not taken any view on Tropicana,” he said.


Previous articleWärtsilä’s GEMS to centrally manage multi-state energy storage projects for Duke Energy
Next articleClemson University, scientists create batteries that could make it easier to explore Mars