IGO LIMITED — Major Shareholding Notification 2016

Dec 20, 2016

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Independence Group NL
ACN/ARSN	092 786 304
1. Details of substantial holder (1) Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on		16/12/2016
The previous notice was given to the company on		18/11/2016
The previous notice was dated		17/11/2016

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Previous notice		Present notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	74.616.396	12.72%	15.93%	34,810,811

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	Van Eck Associates See Annexure A Corporation (VEAC)

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
NEAC	lBank of New York lMellon as custodian. lfor VanEck Vectors lGold Miners ETF	Miners ETF (GDX)	lVanEck Vectors Gold IVEAC holds its relevant linterest by having the power to exercise, control lthe exercise of, or linfluence the exercise of. the voting powers or disposal of the securities lto which the relevant. linterest relates in the lordinary course of investment management lbusiness.	Ordinary shares 33,917,115	5.78%

VEAC	Bank of New York Mellon as custodian for VanEck Vectors Australian Resources ETF.	VanEck Vectors Australian Resources ETF (MVR.AU)	Same as above.	Ordinary shares 47,617	0.008%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Australian Equal Weight ETF	VanEck Vectors Australian Equal Weight ETF (MVW.AU)	Same as above.	Ordinary shares 469,053	0.08%
VEAC	Bank of New York Mellon as custodian lfor VanEck Vectors Gold Miners UCITS ETF.	VanEck Vectors Gold Same as above. Miners UCITS ETF (UCTGDX)		Ordinary shares 377,026	10.06%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

(if ACN/ARSN Name and	Nature of association
___

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
VEAC	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	666 Third Avenue, New York, NY 10017
VanEck Australia Pty Ltd	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000
VanEck Investments Limited	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000

Signature

print name	Russell Brennan	capacity	Assistant Treasurer and AVP
sign here		date	70/12/2016

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualilication applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, $(7)$ become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

604 GUIDE page 1/1 13 March 2000

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

Signature				This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nil
Other forms to be completed	Nit
Additional information	(a)			If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form.
	(b)	This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.
		A copy of this notice must also be given to each relevant securities exchange.
	(c)		The person must give a copy of this notice:
		(i)		within 2 business days after they become aware of the information; or
		(ii)		by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
			(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and
			(B)	the person becomes aware of the information during the bid period.
Annexures				To make any annexure conform to the regulations, you must
	1			use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
				2 show the corporation name and A.C.N or ARBN
	з			number the pages consecutively
	4			print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5			identify the annexure with a mark such as A, B, C, etc.
	6			endorse the annexure with the words: This is annexure (mark) of (number) pages referred to in form (form number and title)
	7			sign and date the annexure.
				The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	08/19/2016 B			In-Kind	101,940
GDX	08/22/2016 S			In-Kind	6,796
GDX	08/29/2016 B			In-Kind	696,795
GDX	08/31/2016 B			In-Kind	20,394
GDX	09/01/2016B			In-Kind	98,542
GDX	09/02/2016 B			In-Kind	720,376
GDX	09/06/2016 B			In-Kind	312,708
GDX	09/08/2016B			In-Kind	40,800
GDX	09/09/2016B			In-Kind	91,800
GDX	09/12/2016B			In-Kind	438,600
GDX	09/14/2016 B			In-Kind	146,200
GDX	09/15/2016B			In-Kind	51,000
GDX	09/16/2016 B		17,790,970.84		4,844,681
GDX	09/19/2016B			In-Kind	1,137,420
GDX	09/19/2016 B		139,695.62		36,662
GDX	09/20/2016 B		83,917.95		21,928
GDX	10/03/2016 B			In-Kind	1,186,072
GDX	10/04/2016 S			In-Kind	60,105
GDX	10/05/2016 S			In-Kind	12,021
GDX	10/06/2016 S			In-Kind	132,231
GDX GDX	10/07/2016B 10/12/2016 S			In-Kind In-Kind	520,910
GDX	10/13/2016B			In-Kind	16,024 320,480
GDX	10/17/2016S			In-Kind	20,030
GDX	10/19/2016 B			In-Kind	84,126
GDX	10/21/2016 B			In-Kind	80,120
GDX	10/26/2016 S			In-Kind	32,048
GDX	11/03/2016 S			In-Kind	64,096
GDX	11/07/2016 S			In-Kind	8,010
GDX	11/09/2016 S			In-Kind	244,305
GDX	11/11/2016S			In-Kind	20,025
GDX	11/14/2016B			In-Kind	116,145
GDX	11/15/2016B			In-Kind	600,750
GDX	11/18/2016 S			In-Kind	144,180
GDX	11/21/2016 S			In-Kind	16,020
GDX	11/28/2016 S			In-Kind	220,275
GDX	11/29/2016 S			In-Kind	140,210
GDX	12/02/2016B			In-Kind	504,756
GDX	12/05/2016B			In-Kind	80,120
GDX	12/13/2016B			In-Kind	44,077
GDX	12/14/2016B 12/15/2016B			In-Kind	320,560
GDX GDX	12/16/2016S		9,779,636.21	In-Kind	92,161
					2,439,667

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

R

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	12/19/2016 S			In-Kind	11,247
GDXJ	08/19/2016 B			In-Kind	47,139
GDXJ	08/23/2016 B		1,349,635.73		331,602
GDXJ	08/24/2016B			In-Kind	618,100
GDXJ	08/25/2016 B			In-Kind	17,663
GDXJ	08/26/2016 B			In-Kind	423,888
GDXJ	09/06/2016 B			In-Kind	635,760
GDXJ	09/07/2016B			In-Kind	176,560
GDXJ	09/08/2016B			In-Kind	88,290
GDXJ	09/12/2016 S			In-Kind	264,585
GDXJ	09/14/2016 B			In-Kind	4,462,414
GDXJ	09/16/2016 B			In-Kind	105,852
GDXJ	09/16/2016 S		12,800,016.81		3,487,743
GDXJ	09/20/2016 B			In-Kind	359,300
GDXJ	09/21/2016 B			In-Kind	179,630
GDXJ	10/18/2016 B			In-Kind	179,650
GDXJ	10/19/2016 B			In-Kind	17,966
GDXJ	11/16/2016 S			In-Kind	161,775
GDXJ	11/18/2016 S			In-Kind	107,868
GDXJ	11/28/2016 S			In-Kind	107,874
GDXJ	12/12/2016 S		756,912.11		173,578
GDXJ	12/14/2016 S		638,507.13		152,132
GDXJ	12/15/2016 S			In-Kind	161,676
GDXJ	12/15/2016 S		6,525,574.94		1,611,745
GDXJ	12/16/2016 S		141,964,515. 77		35,382,364
MVRAU	12/16/2016 B		190,996.68		47,617
MVRAU	12/19/2016 B		250.55		62
MVWAU	12/16/2016 B		1,881,419.78		469,053
UCTGDX	08/25/2016 S		2,001.25		507
UCTGDX	09/16/2016B		231,408.57		63,010
UCTGDX	09/19/2016 B		1,769.27		473
UCTGDX	09/20/2016 B		1,495.88		391
UCTGDX	10/14/2016 S		62,805.29		16,367
UCTGDX	12/16/2016 S		104,756.97		26,137
UCTGDXJ	08/23/2016 B		164,030.39		40,473
UCTGDXJ	09/08/2016 B		109,799.33		28,279
UCTGDXJ	09/14/2016 B		104,222.00		28,534
UCTGDXJ	09/16/2016 B		29,872.68		8,134
UCTGDXJ	09/19/2016 B		3,497.95		914
UCTGDXJ	09/21/2016 B		56,724.76		14,572
UCTGDXJ	10/13/2016 B		58,320.80		14,570
UCTGDXJ	10/27/2016 S		23,345.67		5,643

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
UCTGDXJ	10/28/2016 B		125,664.06		29,136
UCTGDXJ	11/03/2016B		123,019.35		28,790
UCTGDXJ	11/23/2016 S		208,379.62		43,173
UCTGDXJ	12/02/2016 S		4,865.10		1,109
UCTGDXJ	12/16/2016 S		1,900,755.06		474,146
In-Kind transactions result from UCTGDXJ receiving a basket of securities (including INDEPENDENCE GROUP NL) in exchange for securities in UCTGDXJ.