Independence Group launches buyback

South Perth-based Independence Group NL has started a share buyback in a bid to increase shareholder value.

In a notice to the market today, the company said it will use cash reserves to buy back a a maximum 11.4 million shares over a 12 month period.

The company currently has nearly 117 million shares on issue.

News of the buy back drove the company's share price up nine per cent to close at $2.95.

The company operates the Long nickel mine, located in the Kambalda region, and is in a joint venture with AngloGold Ashanti in the Tropicana gold project.