The sharemarket boom seems to have done nothing for INDEPENDENCE...

The sharemarket boom seems to have done nothing for
INDEPENDENCE GROUP (IGO).
A year ago the nickel miner was $1.23.
Yesterday it was $1.14, up 2c on the day, after issuing a
quarterly report.
We thought the report looked pretty good with Independence
achieving record production and record low operating costs.
Profit was also a record with after-tax EPS of 14.5c a share,
or 11.2c fully diluted.
At this rate it's earning better than 40c a shares for the full
year, which would put the stock on a low p/e of less than 3 (the market
average is more than 13).
The company paid an inaugural 5c fully franked dividend in
December 2004.
Directors believe this level is sustainable for the current
life of the mine.
"The board will monitor dividend levels to ensure that other
investment opportunities are able to be pursued which may generate
increased returns to shareholders," they said.