IGO slipped 6.4% yesterday on concerns of a major capital raise to purchase Glencores CSA Copper Mine, with a likely price in excess of $1bn its far from small change. This purchase would come close on the heels of its proposed $1bn acquisition for Western Areas (WSA) – a bid that looks likely to succeed with Twiggy Forest now backing the move. MM likes the direction IGO is heading although its unlikely to bounce too hard with the large raise feeling highly likely.
MM likes IGO in the $10.80-11 region
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