24/11/2008 - 10:57

Independence Group halts share buyback

24/11/2008 - 10:57

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The global economic turmoil has prompted nickel miner Independence Group to stop its on-market share buyback in a bid to maintain cash reserves.

The global economic turmoil has prompted nickel miner Independence Group to stop its on-market share buyback in a bid to maintain cash reserves.

The South Perth-based company launched the buyback in August, saying then that it would buy back up to 11.4 million shares over a 12-month period.

In a statement today, Independence said it had bought nearly 3.8 million shares for a total of $10.6 million, paying between $1.405 and $3.10 for each share.

"The current lack of funding available for projects and mining companies may provide growth opportunities for the Company," Independence said.

"The Board of Independence Group NL considers it prudent to maintain the Company's cash reserves in order to be in a position to take advantage of any such investment opportunity that may arise."

Shares in Independence were down 0.005c to $1.23 at 13:01 AEDT.

 

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