IGO Ltd

IGO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.70	Bqxqdn	Cckxpbcg

IGO: Initiating Coverage on Undervalued Narrow-Moat Critical Minerals Miner

Esther Holloway

Jul 3, 2024

We initiate coverage of IGO with a fair value estimate of AUD 8.30 per share. IGO is a mining and exploration company based in Western Australia. Its primary asset is a minority stake in the Greenbushes lithium mine. IGO also has an interest in downstream processing through a 49% stake in the Kwinana lithium hydroxide refinery. Outside of lithium, IGO owns and operates the Nova nickel-copper-cobalt and Forrestania nickel mines.

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