IGO Annual Report 2015

DIRECTORS’ REPORT

Annual Report 2015 67

Directors' report

30 June 2015

Operating and financial review (continued)

The Group currently has operations in the production phase in Western Australia comprising:

• The Tropicana gold operation (IGO: Non-operator joint venturer; 30% owned) located 330km east northeast of

Kalgoorlie. The operation comprises approximately 3,000km

of tenements (excluding the Beachcomber and Salt

Creek joint venture tenure) stretching over more than 275km in strike length along the Yilgarn Craton and Fraser

Range Mobile Belt Collision Zone. The Company targeted and pegged the area containing the current Ore

Reserves in 2001. AngloGold Ashanti farmed into the project in 2002, discovering Tropicana, Havana and the

Boston Shaker gold deposits in 2005, 2006 and 2010 respectively. The gold deposits occur over a 5km strike length

with gold mineralisation intersected to a depth of 1km vertically beneath the natural surface. The decision by the

Tropicana Joint Venture partners to develop the Tropicana Gold Mine was announced in November 2010 following

a positive bankable feasibility study assessment. In early 2011, construction commenced with the site access road,

followed by key site infrastructure including an aerodrome, accommodation village, borefields and processing plant.

Mining of the Havana deposit commenced in 2012.

• Commissioning of the processing plant occurred in 2013, with the first gold poured in September 2013. Nameplate

capacity of the processing plant, 5.8Mtpa, was achieved in March 2014.

Independence Group NL