Yes, I am sure it will be a very good one
All indications are that it should be
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Yes, I am sure it will be a very good one
All indications are that it should be
As sign of things to come for ASX nickel producers...
http://www.forbes.com/home_asia/feed...fx2888955.html
Sydney - Wednesday - July 26: (RWE Australian Business News) -
Kambalda nickel miner Mincor Resources NL (ASX code: MCR) today said it achieved an outstanding production performance for the June quarter. It produced 3799 tonnes of nickel in concentrate or over 4290 tonnes of nickel metal contained in ore. This brought the company's production for the 2005/06 year to 13,495 tonnes of nickel in concentrate, exceeding its production target by 500 nickel tonnes. The strong quarterly production was due to the expected ramp-up in production and grade at Mariners after an extended period of rehabilitation, as well as high-grade production from the N14 ore-body at North Miitel. Cash costs per pound of nickel decreased at all mines, compared with the previous quarter. Cash costs at Mariners fell 20 per cent as the high-cost rehabilitation phase of the operation came to an end. Operating surplus totalled $29.84 million for the quarter, on sales revenue of $59.77 million. For the full year, the operating surplus was $69.28 million on sales of $174.59 million.
A very comendable result, production up and costs down
Raking in the cash, so will be able to carry out extensive prospecting / drilling from ongoing cash flow and pay a good dividend as well, something that most mining companies can not do
Need have no worries about mine lives, exploration will most likely ADD considerably to reserves
Yes an outstanding result - Operating surplus totalled $29.84 million for the quarter. nearly as much as the previous 3 quarters.
Nearly a month gone into the 1st quarter, Nickel price way above the last month, even further above the previous 2 months.
So if nickel stays up, or there abouts in price, look for 45 million operating surplus for the 1st quarter.
Why [?] Because costs stay the same and its pure profit and we are taking $6000 plus a ton extra.
Cheers ............. [B)][}:)]
1\3rd of this quarter gone and nickel way, way up from the last quarter average!
Another month to go before we get a re-rating of MCR, I suspect.
5 cents a share dividend will be only 9.5 million.
10 cents will only be 19 million, from cash of 40 million plus.
I'll settle for 10 cents, unless they buy something big. Then again, the CEO has a highly vested interest in MCR, is ultra conservative and careful, but very, very clever.
High on my agenda, is to meet Mr Moore at the AGM this year, truely a remarkable man.
Cheers from the not quite so [B)][}:)]
More great news out today with Carnilya Hill, 250 metre step out hole, finds more nickel, the important information is the electromagetic survey, down the hole, identified a strong conductor [:p]
The geologists at Mincor, now have picking an ore body extension on a string.
Anyone who has doubts about Mincors Reserves, forget it, this will be their next big mine.
It might be a long way down, but there is already existing mining infrastructure most of the way down.
So all they will bacially need to do is extend the decline.( unless there are structure issues relating to the former mining)
Cheers not so [B)][}:)]
Mincor Extends Carnilya Nickel Discovery
Kambalda nickel mine
Kambalda nickel producer Mincor Resources NL has substantially enhanced the potential of its new nickel discovery adjacent to the old Carnilya Hill Nickel Mine in Western Australia, with a step-out drill hole intersecting significant nickel sulphide mineralisation well to the west of the recent 11m intersection grading 6.95% nickel.
The new drill hole, CMD007, intersected 1.27m at 3.85% nickel from 604.83m down hole, and an upper intersection of 0.51m at 2.1% nickel from 603.37m.
This hole was completed on a major step-out position some 250m west of the previous intersection in hole CMD005 (10.71m at 6.95% nickel).
CMD007 successfully intersected significant nickel sulphide mineralisation on the basal contact more than 400m down plunge and to the west of the old Carnilya Hill ore body. Core angles indicate that both intersections are close to their true width.
The upper intersection is a zone of remobilized stringer sulphides in the basalt. The lower intersection, running 1.27m at 3.85% nickel, consists of semi-massive and matrix sulphides on the basal contact. A down-hole electromagnetic (DHEM) survey has been completed and has identified a strong conductor dominantly above and to the west of the hole.
The new results provide strong validation of Mincor’s geological model at Carnilya Hill and highlight the exceptional geological potential of the prospect.
A wedge off the earlier drill hole, CMD005, was also completed and achieved a separation of 31m in the up-dip direction from the intersection in CMD005. The wedge intersected the interpreted upper boundary of the mineralisation, returning 1.38m at 1.11% nickel from 489.55m. The DHEM survey indicates a strong conductor less than 10m below the wedge and dominantly to the east.
Mincor has already commenced its next hole, CMD006, designed to test the basal contact approximately 150m up-plunge and to the east of CMD005. While allocating priority to the Carnilya discovery, Mincor is also continuing its aggressive nickel drilling in the Widgiemooltha area as part of a multi-faceted strategy aimed at substantially growing its highly successful Kambalda nickel business.
Mincor is earning an interest of 70% in the Carnilya Hill tenements from View Resources Ltd through the expenditure of $2.5 million over three years.
- 03 Aug 2006
Brokers - you can't rely on them one bit, they kept on going on about a four year mine life ......., sometimes I wonder which planet they are on.
Mincor Resources NL Announces Nickel Sulphides Intersection In Regional Target North Redross
07 Aug 2006, 01:23 AM ET
Mincor Resources NL announced that the Company has intersected significant nickel sulphide mineralisation at a new regional target approximately two kilometres north of its operating Redross Nickel Mine. Mincor has completed three diamond drill holes along one section line through the anomaly. Two holes intersected significant nickel sulphides just above the basal contact: 1) MDD096: 1.83 metres @ 2.07% nickel from 189 metres (true thickness estimated at 1.8 metres) and 2) MDD139: 2.42 metres @ 1.71% nickel from 133.66 metres (true width estimated at 2.2 metres). The third hole on the section, MDD140, was drilled 60 metres up-dip of MDD139 and intersected an interpreted flank position overlain by disseminated sulphides. A fourth hole was drilled some 300 metres south of the above intersections. It intersected two very important positive indicators - a sediment-free contact and a broad zone of disseminated sulphides in the ultramafic rocks overlying the basal contact.
Mincor Resources NL Announces Nickel Sulphide Intersect At Carnilya Hill
18 Jun 2006, 11:08 PM ET
Mincor Resources NL announced that it has confirmed the potential for a new nickel discovery adjacent to the old Carnilya Hill Nickel Mine, part of its Carnilya Hill Joint Venture, after its first round of drilling returned significant nickel sulphide intersections. Mincor said that the results provided strong validation for its exploration concept, based on historical data and mine records, that the mineralised channel at Carnilya remains open to the west of the original ore body. Two significant intersections of nickel sulphide mineralisation were returned from a major stepout position some 270 meters down-plunge and to the west of the existing mine workings. Two diamond drill holes and one wedge were completed targeting this position, with results including: CMD002: 0.24 meters at 10.1% nickel from 598.25 meters to 598.49 meters, (including 0.16 meters grading at 13.0% nickel) CMD002W1: 4.95 meters at 1.94% nickel from 590.91 meters to 595.86 meters, (including 1.03 meters at 5.44% nickel from 591.02 meters depth) Core angles indicate that both intersections are close to true width.
Mincor Resources NL Announces Ownership Interest Of MIR Investment Management Limited
16 Jun 2006, 05:26 AM ET
Mincor Resources NL announced that MIR Investment Management Limited holds 10,651,530 ordinary shares of the Company representing 5.47% of the Company's share capital.
Mincor Resources NL Extends South Miitel Nickel Discovery With Significant New Intersection
01 Dec 2005, 02:10 AM ET
Mincor Resources NL announced that it has extended its emerging South Miitel discovery immediately adjacent to its flagship Miitel Nickel Mine with the latest drill hole returning a wide intersection of 11.5 metres grading 2.53% nickel. The result demonstrates that the South Miitel mineralisation continues strongly to the south, and extends the total known strike length of the new discovery to over 400 metres. The new hole, SMD002W2, was drilled as a downward wedge targeted at the area below the original intersection in SMD002 (2.16m @ 1.45% Ni). The wedge achieved a vertical separation of approximately 70 metres, and recorded 11.50 metres @ 2.53% nickel including 5.60 metres @ 3.14% nickel.
Unfortunately your average spoon fed broker can't be assed recalculating reserves (and hence valuations) based on drilling results.Quote:
quote:Originally posted by tricha
Brokers - you can't rely on them one bit, they kept on going on about a four year mine life ......., sometimes I wonder which planet they are on.
There have been many good finds over the past year, but MCR haven't updated total reserve estimates for nearly a year. I'm looking forward to the update at the start of September. Then the brokers can cut and paste these numbers into their s/sheets and finally change valuations (hopefully for the better!).
Have you noticed both MCR and IGO reporting good drill results and quarterly reports, the share prices goes up 3-6% in a day, then swiftly retraces back to pre-announcement price. Quite frustrating really.
Tricha, I presume the AGM will be in Perth?
SEC (MCR IGO)