We remain a fan of this $9.5bn nickel and lithium miner which resides in our Flagship Growth Portfolio with a 5% weighting. We’ve heard a few in the market talking about the prospects of Rio Tinto (RIO) making a play and while it would be nice, we view it as unlikely given valuations. OZL was trading at a 10-15% discount to the value of its asset base, whereas IGO is trading at a ~10-15% premium given the market’s more bullish stance towards lithium stocks but never say never as RIO must be feeling a little behind the curve at this point in time.
- We can see IGO consolidating in the $12-13 region but we are bullish into 2023 looking for another test of $15.
MM remains long and bullish IGO
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