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Independence receives offers for Tropicana stake, starts Long mine sale process

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Independence receives offers for Tropicana stake, starts Long mine sale process

Independence Group NL has received offers for its 30% interest in the Tropicana gold mine in Western Australia but said it wants to understand the mine's true value before making any decision, The Australian reported March 26.

Managing Director Peter Bradford said the company will wait to gain a clear understanding of the underground potential of the mine, which produced 261,991 ounces of gold in the second half of 2018 at an all-in sustaining cost of A$934 per ounce.

Independence is moving toward producing metals used in technologies related to renewable energy and energy storage, and gold production does not align with the company's direction, according to the report.

"Tropicana is not aligned with strategy but is still core to the portfolio. It's a quality asset with low costs," Bradford said.

AngloGold Ashanti Ltd. owns the remaining 70% of the Tropicana mine.

Additionally, Bradford confirmed that the company started a sale process for its shuttered Long nickel mine in Western Australia, which stopped production in 2018 and is still estimated to host about 30,000 tonnes of nickel.

"At a point in time in the future, whether it's us or someone else, there's an opportunity to take another look at Long," Bradford said.