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tricha
08-04-2006, 02:11 AM
If u read between the lines, as soon as David Moore wraps up TYC ( 16 million cash to Mincor), expect him to re-focus on gold.http://www.mincor.com.au/other_operations/africa.phtmVery interesting prospects, and they will have the cash and expertise to do it.Just look at what David Moore did with TYC, world class !Cheers, not so [B)][}:)]P.S Forgot to mention Widge, huge potential in that area and if u ever stop at the roadhouse and read the article on the wall, u will know why.[B)]

whiteheron
08-04-2006, 09:09 AM
tricha

No result from the link above , I am afraid

OldRider
08-04-2006, 09:48 AM
Whiteheron:

I'm not sure why the link isn't working.

But if you cut, then chop /africa.phtm, you will connect,then select - I think it's operations then Africa, but you will be able to find quickly I'm sure

tricha
08-04-2006, 02:38 PM
sorry about that, try that and then go to other projects - then Africa

http://www.mincor.com.au/other_operations

JBmurc
09-04-2006, 01:19 PM
MCR is my second largest holder and will be held for the longterm .
great divi growth should be at least another 3c this year (total 5c)
very confident the MD can increase MCR,s nickel reserves extending the nickel mining past 3-4yrs
by which time MCR will be pouring there first gold at there new 5mill ounce gold mine;)

redredwine
09-04-2006, 02:16 PM
MCR needs to do some work to break 80, then we will break for $1.04 again I will look to accumulate some longs around 70 to 75

whiteheron
09-04-2006, 07:13 PM
MCR is a definite hold in my opinion , a company with a great deal going for it --- and it pays dividends too , which is not too common with mining companies

Share price has been struggling for some time , but now moving ahead nicely
Outlook is bright and will be very cash rich once proceeds from TYC received

tricha
12-04-2006, 11:30 PM
Mr Moore is world class (TYC proves it, that was no mean feat)this is only the beginning! Well thats my belief, I've recieved my cheque in the mail to prove it and expect a much bigger one in August.

Cheers [B)][}:)]

Mincor Secures Lake Cowan Gold Prospect

Mincor operations


Nickel producer Mincor Resources NL has announced the first step in its new growth and diversification strategy after completing preparations for the start of exploration on its 100%-owned Lake Cowan Gold Project, located between the St Ives and Norseman gold mining centres in Western Australia.

The strategic addition to Mincor’s exploration portfolio represents the first in a series of new project acquisitions designed to broaden its asset base into other commodities, leveraging off the strong cash flows from its core nickel operations.

The 40sqkm Lake Cowan tenement block – located between Avoca Resources’ Higginsville Gold Project (which includes the recent Trident and Athena discoveries) and the Zuleika South Project – lies in the heart of one of the most sought-after gold and nickel exploration provinces in Australia.

Mincor’s managing director David Moore said Lake Cowan represented a high-quality gold play located just south of Mincor’s nickel operations and around 30km north of the 5Moz Norseman gold mining centre.

“We are very pleased to have secured this prime gold exploration property, where we plan to aggressively target Archaean-style gold ore bodies similar to those at Kalgoorlie, St Ives, Norseman and Higginsville,” Mr Moore said.

The Lake Cowan Project covers a large anti-form in mafic basalt-gabbro-dolerite rocks adjacent to two of Western Australia’s most prolific gold-bearing structures, the Boulder-Lefroy Fault and the Zuleika Shear. The Boulder-Lefroy Fault hosts the world-class 15Moz St Ives Gold Mine, located some 60km to the north-east of Mincor’s Lake Cowan tenement.

Mr Moore said there had been almost no exploration on the Lake Cowan tenement due to the presence of lake sediments which had hindered past exploration. Mincor plans to fly a detailed aeromagnetic survey (at approximately 20m line spacings) followed by first-pass lake aircore drill traverses.

“We expect to complete the aeromagnetic survey by mid-May, which will clear the way for drilling to commence by June 2006, or sooner if possible depending on rig and aircraft availability and environmental approvals,” he added.

Mr Moore said Mincor’s strategy was to widen its exposure to a range of new growth opportunities across the minerals industry, while simultaneously expanding its existing highly successful Kambalda nickel business through aggressive nickel exploration.

“We expect to announce a number of new growth opportunities over the coming months, with these projects advancing in parallel with our ongoing intensive nickel exploration programs at Kambalda,” he added.

- 12 Apr 2006

tricha
14-04-2006, 12:39 AM
Well nickel raced over $24,000 a ton oz tonight,

Mincor are doing 13,000 tons a year now, x $16,000 ( BHP get around a third for processing costs)

Quite impressive sums if these prices continue.Still earns 208 million - costs

And costs will rocket down this quarter as the spending is done, as far as production goes on their four mines.



Live Spot Prices

SPOT MARKET IS OPEN
closes in 9 hrs. 41 mins.
change since 19:00 London Time
Price: US$/lb

Nickel ¬ Apr 13, 09:05
Bid/Ask 7.9088 - 7.9315
Change +0.0696 +0.89%
Low/High 7.7713 - 7.9769
Charts

London Metal Exchange Warehouse Stocks(Apr 12)
Metal Tonnes in Storage Change from
previous day
Aluminum 747,275 -2550
Copper 111,750 -600
Nickel 28,728 -168 The key to it all, lets hope this number continues to plummet.
Lead 92,850 +725
Zinc 264,625 -525
Charts

Cheers not so [B)][}:)]

tricha
21-04-2006, 12:21 AM
Mincor Adds To Portfolio

Mincor's Mittel Mine


Mincor Resources NL was granted Exploration Licenses for its Gascoyne Project, which is 350 kilometres east of Canarvon in Western Australia. The company has established known occurrences of tungsten and uranium, as well as copper and gold targets.

The acquisition is a further step in Mincor's recently announced strategy designed to broaden its asset base into other commodities and geographic regions outside its core nickel business at Kambalda.

The Gascoyne project consists of 2 now-granted and 100%-owned Exploration Licences (E05/1205 & 1228) and 2 Licence Applications covering a total area of 756 square kilometres. The area contains a number of high priority exploration targets, including uranium occurrences at the Nardoo Well and White Well Prospects as well as tungsten, gold and copper.

Mincor's Managing Director, David Moore, said the company would complete its initial reconnaissance programme and verification of historical data before starting a programme of shallow RC and diamond drilling, expected to be underway by June 2006.

"If we can replicate the results of earlier sampling at Nardoo Well and demonstrate that the reported tungsten grades pervade the units of interest, we could be in a position to delineate a significant open-pittable resource, possibly with uranium as a co-product, creating a major strategic growth opportunity for Mincor," Mr Moore said.

"In addition to drilling at Nardoo Well, we plan to systematically evaluate the numerous other gold, copper and uranium prospects located within the tens of kilometres of prospective strike length with a view to drill testing of priority targets before the end of 2006," Mr Moore added.

"This is a highly prospective area which has seen very little historic exploration, making it an exciting strategic addition to our portfolio of growth projects," Mr Moore commented.

"We are currently evaluating a number of other prospects, similar to the Lake Cowan and Gascoyne Projects, which offer diversification into gold and base metals with the potential to become long-life growth assets. We expect to make further announcements in this regard in the coming weeks," Mr Moore said.

- 20 Apr 2006

JBmurc
21-04-2006, 07:44 PM
-AGM- ha ha sky,s the limit with this gem

wns
24-04-2006, 01:55 PM
Good day for MCR today. Up 10%.

Delayed reaction to recent announcements OR more good news to come OR on the back of recent Nickel prices?

sparrow
24-04-2006, 04:20 PM
Some weekend television coverage of record high metals prices might have spurred sa few punters into action

tricha
24-04-2006, 06:59 PM
Well u must have a smile from ear to ear today JBmurc.AGM and now MCR.

WNS - Delayed reaction to recent announcements OR more good news to come OR on the back of recent Nickel prices? I'll say yes to all of them.

Lets face it, how many producers are putting out 13,000 tons of nickel, nickel now $25,000 a ton, with no debt, all mine developement complete and a bonus coming of 15.7 million.

A hint of a new nickel find around Widgemolta, big resource upgrades to come.

And gold, yes they will find gold and anything else that they are into. And they will have the cash flow to develope it.

Oh, and a CEO who is world class, owns 4.5 million shares in MCR and is on a mission. Dedicated to MCR and a very clever man. He's just out there doing the business, nothing flash.

Anyway I have a smile on my face today at long last, Cheers [B)][}:)]

P.S Bring on the quarter report.

whiteheron
24-04-2006, 07:05 PM
Yes , MCR is a definite hold

Pays divvies too !

wns
24-04-2006, 08:39 PM
I'm happily holding also.

It will be good to see them get into other base metals + gold, which is what their last announcement indicates.

tigers
25-04-2006, 10:20 AM
Done my shirt and socks on ECH maybe there is a Great Guru up there working on the swings and roundabouts theory.I HOLD.

tricha
25-04-2006, 12:11 PM
Key to Mincor accelerating profit 13,000 tons x $25,000 - 1\3rd to BHP for processing - costs = $...........
[B)][}:)]

Inco forecasts 10,000 mt global nickel deficit in 2006

Source: Platts
Books
Find books on Nickel #9658; See also
Nickel Board
Nickel CatalogCanadian integrated mining group Inco has forecast a 10,000 mt worldwide deficit of nickel in 2006 compared with an 11,000 mt surplus in 2005 and a 6,000 mt surplus in 2004.

Speaking at Inco's first-quarter earnings conference call for analysts this week, Peter Goudie, Inco's executive vice president of marketing, said there was more than speculation to firmer nickel prices, noting that it was the third time in three years that nickel had risen above $17,000/mt.

He estimated world production and supply at 1.339 million mt in 2006 and world demand at 1.349 million mt compared with 2005 production/supply of 1.289 million mt and demand of 1.278 million mt.

"The nickel market is about fundamentals; nothing more, nothing less," he said, adding that nickel had already exceeded Inco's expectations so far this year. He said the main factors behind higher prices were the stronger-than-expected rebound in global stainless production, a tightening scrap market, strong non-stainless growth, limited nickel supply growth and low inventories.

He noted that London Metal Exchange inventories had declined from a peak since February by 23% to around 28,000mt.

Goudie estimated that global Q1 stainless steel production had risen by 11% from Q4 2005 levels, representing an increase of 600,000 mt. China has registered a 19% increase, while the US had seen a 12% rise, and Western Europe recorded a 13% gain. South Korea and Taiwan both saw 5% increases, while the Japanese industry achieved a 3% growth in stainless steel output.

He estimated that nickel demand from the global stainless steel industry had risen by 13% in Q1 2006 compared with Q4 2005, adding that in addition to increased output, this was also helped by a higher "austenitic [nickel containing stainless steel] ratio and lower scrap ratio."

Goudie said that austenitic ratios had moved higher since bottoming in Q3 2005. and Inco estimated austenitic ratios at around 76% for Q1 2006, up from 75.5% in Q4 2005 and 73.2% in Q3 2005.

As a result of higher prices, the scrap ratios in stainless steel have fallen to an estimated 47% in Q1 2006 from 48.2% in Q4 2005 and a recent peak of 52% in Q3 2005.

Meanwhile, world non-stainless demand for nickel is showing steady growth and Goudie forecast a 6% increase in 2006 to 525,000 mt from 500,000 mt in 2005. Growth was strong in high nickel alloys, used in aerospace, industrial gas turbines, energy applications and in the gas containment systems for ocean-going liquefied natural gas carriers. Other products, such as batteries in hybrid electric vehicles, batteries in the electronics industry and metallurgical powders were also showing strong demand for nickel, Goudie said.

He said that nickel production gains would be limited in 2006 as the industry was already running at capacity. Goudie also noted that the threat of strikes and slow restarts, feed shortages, extended maintenance, inclement weather and ramp-up delays could curb production.

JBmurc
26-04-2006, 04:49 PM
91.5c today ;) coming together nicely should break $1 soon
and still be good buying with many upside factors in the next 6-12 months.
just compare to others in the sector like SMY IGO JBM [?]
imo-MCR will be 1.50 by years end

pago
26-04-2006, 05:19 PM
hi been holding mcr too long waiting for upside,finally its moving,my target was 90c/100c,now,$1.20.but i will reassess with news,cheers pago.

wns
26-04-2006, 08:56 PM
quote:Originally posted by JBmurc
just compare to others in the sector like SMY IGO JBM [?]
imo-MCR will be 1.50 by years end


Those three look to be on forward PE's of about 15-17.

At 91.5c, I'm estimating MCR are on a forward PE FY06 of about 5, based on $36m npat -> $10m in the first half, say another $15m in the second half from normal operations and additional $11m after tax from the options in Tethyan Copper. The second half could be even higher than $15m.

At $36m npat, a PE of 8.1 would put the share price at $1.50.

wns
26-04-2006, 09:16 PM
Further to my previous post, even if we took out the options since they are a one off, $25m npat is still a PE of just 7.1 times.

tricha
28-04-2006, 12:22 AM
Judgement day should be tomorrow WNS

I'm estimating MCR will earn closer to 20 million second half if nickel stays above $24,000 OZ for the next 2 monthes.

1 - Remember, 66% is pure profit above the last quarters result in terms of the nickel price( for this quarter and the last quarter}

2 - Costs will come down in the last quarter.

3 - Tonnage will be up in the last quarter.

4 - Mine developement costs will be small as all is just about done. ( harvesting is in full flight)

10.5 million 1st half + 20 million 2nd half + 15.7 million TYC cash =

46.2 million profit for the year

Cheers [B)][}:)]

wns
28-04-2006, 12:36 AM
Hi Tricha,

I like to be on the conservative side with my estimates, but I'll take any upside if/when it comes. ;)[:p]

I think 30% of the proceeds from TYC options will go to tax so I was factoring more like $11m towards npat from the options.

Some (not a big percentage) of their production is hedged at something like $19,000/t (varies a bit & can't remember the details) for the next couple of years... as per the schedule in an announcement a couple of months back.

tricha
29-04-2006, 02:14 AM
WNS - conservative is good.

Just spent time going over quarter - estimate 6.74 million profit, 3.58 cents a share.

Big room for improvement this quarter - tonnage up, grade up, costs down and hopefully nickel price stays up there, bit of a correction in nickel price at the moment, but u get that. LME rocketed down another 500 tons a plus.

cheers [B)][}:)]

wns
05-05-2006, 04:37 PM
They got their $15.7m from the Tethyan options today. :D

tricha
05-05-2006, 11:31 PM
Yes WNS - a great coup for Mr Moore.

And when they hit gold, they will have the cash and outstanding management to deal with it.
No farmouts, buy ins, no cash raising, no share dilution.Gold will be the icing on the cake!


To top off a great day for MCR, this is what we like to see. Nickel price up, LME down an impressive 912 tons today.

Nickel ¬ May 05, 08:14
Bid/Ask 9.0295 - 9.0522
Change +0.0907 +1.01%
Low/High 8.8254 - 9.0976

London Metal Exchange Warehouse Stocks(May 04)
Metal Tonnes in Storage Change from
previous day
Aluminum 751,600 +13300
Copper 115,975 -175
Nickel 25,854 -912
Lead 99,150 -500
Zinc 257,600 -750

Cheers

P.S Those millions of hybrid cars will need a ton or two of nickel to make them go round.

wns
05-05-2006, 11:45 PM
One of the recent announcements said they hope to have some operational mines - gold & other base metal(s) - by 2010.

So is it going to be pretty much nickel only for the next four years, then a mixture of metals? Or will we see them selling gold before 2010??

tricha
08-05-2006, 02:02 PM
Mr Moore is on the rampage, copper tenants now in NSW.

TYC a done deal, anything is possible.He is a man on a mission.

Gold before 2010, will have found a heap by then I suspect.
Which when it happens will make it a prime takeover target.

How many miners are debt free, heaps of cash ( around 30 million and climbing fast), mining 13,000 tons of nickel a year and have a company with the management quality of MCR.
And the share price is still dirt cheap.[?][?]

Watch this space ...........................

Cheers [B)][}:)]

tigers
08-05-2006, 10:57 PM
I agree with tricha. Why still dirt cheap?

tricha
09-05-2006, 05:26 PM
Mincor secures Tottenham copper project in NSW
Source: Egoli



Books
Find books on Copper Mining #9658; See also
Copper Concentrate Board
Copper Concentrate CatalogMincor Resources NL (MCR) has lodged tenement applications to secure the Tottenham Copper Project, 120km south of Girilambone in New South Wales, the nickel producer announced today. The Tottenham Project is located in the Lachlan Fold Belt.

Mincor said the geological setting is similar to that of the Girilambone group of mines, including the operating Murrawombie and Tritton copper mines.

Tottenham is also located 160km southeast of the CSA copper-silver mine and Peak gold mine near Cobar. Mincor said it expects the tenement application to be granted within 3 months.

The application is aimed at growing the core nickel business, while simultaneously expanding into commodities and geographic regions outside the Kambalda region in Western Australia, the company said.

Mincor's managing director, Mr David Moore said Tottenham represented an advanced exploration opportunity in one of Australia's oldest and richest copper mining districts.

Drilling in the late 1990s returned significant results at Tottenham including 20 metres at 2.1% copper at the Caroline Prospect, and 7 metres at 1.5% copper and 10 metres at 1.4% copper at the Orange Plains Prospect, Mr Moore said.

"We understand that, apart from a limited number of holes, previous exploration focused on the near-surface oxide potential of the area and there has been very little deeper drilling," Mr Moore said.

"Given the project's location in a productive copper mining area, and the fact that previous drilling achieved ore grade copper intersections, the Tottenham Project clearly offers the potential to become a growth asset in copper for Mincor," he added.

Mineralisation in the region is associated with shallow-dipping zones of massive sulphides within silica and magnetite altered Girilambone sediments and volcanics, the company said in a media statement.

"Potential exists for both oxide and sulphide mineralisation along strike and down-dip of known occurrences," Mr Moore said.

Mincor said the application for the Tottenham Project represents the third major step this year in its new strategy. In recent weeks, the company also said it had secured the Lake Cowan Gold Project and the Gascoyne Project, both located in Western Australia.

Concurrently with the evaluation of these new opportunities, Mincor said it is undertaking intensive exploration drilling in and around its Kambalda nickel operations.

pago
09-05-2006, 06:39 PM
hi tricha,been holding mcr too long,good to see its moving up,i compare mcr with igo on nickel production but with mcr expanding its reach into new projects,just maybe its sensible to start comparing mcr with igo on potential,cheers pago.

wns
09-05-2006, 10:34 PM
quote:Originally posted by tigers

I agree with tricha. Why still dirt cheap?


The only thing I can think of is the relatively short mine life & their stated nickel resources. They do however tend to be conservative in regards to how they 'count' their resources, which is something I like.

Unlike so many other mining companies they are actually producing and earning a profit. Their profits have been increasing over the last couple of years too. Last year they made $20m npat on 10,000t of nickel concentrate and this year they gave guidance and are on track for 13,000t of nickel concentrate plus the proceeds of the TYC options.

wns
11-05-2006, 10:07 PM
quote:Originally posted by tigers

I agree with tricha. Why still dirt cheap?


Looks like people are catching on, its been a good couple of days for the share price. :D

Heavy Metal
11-05-2006, 10:13 PM
$1+ tomorrow looking at how nickel is surging up again tonight. When $1.05 is broken, watch it catch up with the likes of IGO and reach $1.50 in quick time.

wns
11-05-2006, 10:18 PM
quote:Originally posted by Heavy Metal

$1+ tomorrow looking at how nickel is surging up again tonight. When $1.05 is broken, watch it catch up with the likes of IGO and reach $1.50 in quick time.


What's the significance of $1.05? Is it a %age above a previous peak? Some kind of TA related price point? TIA.

Heavy Metal
11-05-2006, 10:27 PM
$1.05 = previous top, back in 2003. Been a long time to get back to these levels!!

wns
11-05-2006, 10:46 PM
quote:Originally posted by Heavy Metal

$1.05 = previous top, back in 2003. Been a long time to get back to these levels!!


Thanks for that. If you've been holding since then I'm glad its moved up for you.

I hadn't even heard of Mincor until the start of this year... saw them as one of SEC's picks for the ASX tipping comp and decided to investigate. Saw the value and bought in March and again in April. Certainly would be nice if it shot up to $1.50.

So thanks SEC for bringing MCR to my attention! By the way haven't seen SEC post for a while...

Heavy Metal
11-05-2006, 11:54 PM
Holy crap Kitco is showing the nickel price fell 65% tonight!!! The counter must have had a fit when it hit $10/lb - a bit like the Y2K bug. Sell sell sell!

tricha
16-05-2006, 10:02 PM
Every ones playing Chicken Little, me thinks it's all bull at this stage, fundamentals are still sound!

Nickel still trading $27,000 OZ and LME is still dropping fast, $21,000 is a great price, Mincor and all the other nickel producers will be creaming it.

So I put my money where my mouth is and bought more at 84 cents.

We will see, [B)][}:)]

SEC
22-05-2006, 11:20 PM
quote:Originally posted by wns



So thanks SEC for bringing MCR to my attention! By the way haven't seen SEC post for a while...


WNS are you still thanking me after the recent falls?[B)]

tricha
22-05-2006, 11:39 PM
Believe it or not Sec, it' all good.;)

Fundamentals for Mincor have not changed, except they are an even better deal.

BBC metals tonight put Nickel at $28,000 a ton OZ. Scary stuff, maybe people are pre-empting a price drop.
But the LME stocks are now plummenting [:p]

Unfortunately Mincor have 30% hedged at around $19,000 a ton for this quarter.:(

But with 30 million in the bank and around another 10 million coming this quarter, I'm expecting a 5 cents a share dividend in a few monthes.:)

Expect a reserve upgrade coming out real soon, another 10,000 tons [?]

Expect mining costs to go down this quarter.

Expect production to be up this quarter.

Expect them to find heaps more Nickel at Carmalia Hill.

Cheers not so [B)][}:)]

P.S By the way gold has gone up $12 in the last 30 days.

wns
23-05-2006, 12:25 AM
quote:Originally posted by SEC


quote:Originally posted by wns



So thanks SEC for bringing MCR to my attention! By the way haven't seen SEC post for a while...


WNS are you still thanking me after the recent falls?[B)]


Hi SEC, yes I am. I'm still up on my purchase prices and think the company should do well, so happy to hold.

Last couple of days have been a bit ugly but treating it as time to do some more buying.

tricha
13-06-2006, 02:31 PM
Another big bad day in the market.

Mincor is the only one on my watch list holding up, good turn over.

Management reshuffle out today - Looks extremely postive! This will stengthen Mincor, it's all internal, but it keeps the whole team together.

The no1 rule for a great companpy is great management and I truely believe, Mincor has got just that.
Mr Moore is a great CEO, has international experence, pulled of a truely great Coup with TYC.

With 30 million cash, no debt and expecting another 10 million this quarter, we could see Mincor make a big move sooner than later.

With this market correction, bargins a plenty for them.

Watch this space! ..............................

JBmurc
14-06-2006, 01:03 PM
MCR so solid in the massive resource sector sell off
up 1c today just check out IGO down $1 from its highs still falling[xx(] only wish my other shares where as solid-great time for MCR to invest into the sold down sector alot of bargins out there
like AGM;)

whiteheron
14-06-2006, 01:36 PM
Yes , MCR is the only stock on my extensive watchlist of resource companies to have risen today

The others are all swimming in a sea of blood

tricha
14-06-2006, 02:13 PM
Yes Folks

Something strange is happening with MCR, over the last couple of days, big volumes, over 2 million today and buyers lining up.

Otherwise I would say it would be down to 70 cents like all the others, down.

Not that I'm complaining, tempted to sell some and jump into all the bargins.

But something big is happening [?][?][?] Big as in what[?][?][?]

Regardless of the fact they so many millions tucked away in the bank, pay excellent dividends and should already be at $1.50

Cheers Not so [B)][}:)]

SEC
14-06-2006, 09:30 PM
Yeah something odd happening, perhaps an announcement on the much awaited increase in reserves? Not sure about takeover prospects, given relatively short mine life. I held MCR right through this correction, and bought a swag of IGO today (as low as $2.03 this morning - oh pllllleeeeease, give me a break, there's some desparate sellers out there!!!). Only about 12000 tonnes of open warrants on the LME, has dropped nearly 2/3s from 6 months ago.

SEC

tricha
16-06-2006, 06:51 PM
Its official MIR Investment Management LTD have taken a 5.7% stake, hence the buying in the doom and gloom days.

It's all good, nickel stocks getting low.[:p]

Only one way from here and that is .....

tricha
19-06-2006, 12:42 PM
Its official, MCR have struck nickel at Camilya Hill.

In fact, a show of 13%, bring it on.:)

tricha
19-06-2006, 06:24 PM
Pay to read the full articule, drills are flying in all directions on other prospects as well. Exciting times a head.

Cheers not so [B)][}:)]


Mincor Resources NL Announces Nickel Sulphide Intersect At Carnilya Hill
18 Jun 2006, 11:08 PM ET
Mincor Resources NL 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.

tricha
21-06-2006, 09:49 PM
More fund managers buying today or MIR Investment Management LTD, the only ones that has worked out, what a bargin MCR is. [?][?][?]

Every couple of hours today, someone came into the market with a buying hit.[8]
The average nickel price this quarter is outstanding.[:p]The LME is continuing its downward march.[:p]
And with this 19% increase in ironore, the boom continues![:p]

Cheers not so [B)][}:)]

whiteheron
26-06-2006, 08:11 PM
Mincor today announced Tungsten results from 1.10% to 6.66% , described as "spectacular"

From what I have been able to ascertain commonly exploited tungsten ore grades are about 0.50% world wide so Mincors find certainly seems to be as they have described it

From the information provided in the announcement I am not able to get any real idea of the extent or importance of the find as I do not have geological or mining experience
Maybe / probably the information provided at this stage is inadequate to get a good fix in any case ?

Is there anyone out there who can help me or point me in the right direction ?

Any help will be most appreciated

As a matter of interest I see Mincor as a long term hold , an excellent company with a great deal going for it

tricha
27-06-2006, 10:41 PM
Whiteheron, I do not know anything about ,Tungsten, results from 1.10% to 6.66% , described as "spectacular"

Spectacular, sounds very much like it is. If no one knows, I suggust you ask David Moore, he has always replied to anything I have emailed to him about.

But I do know, the way the LME for nickel is plummenting, there will be none left for sale at this rate, very soon. The price is still way up there, quarter all but gone.
Big bucks for Mincor this quarter$$$$$$$$$$$$$$$$ at 3300 tons of contained nickel.

London Metal Exchange Warehouse Stocks(Jun 26)
Metal Tonnes in Storage Change from
previous day
Aluminum 758,525 -1975
Copper 95,050 +50
Nickel 11,838 -750
Lead 115,300 -1175
Zinc 224,700 -2275

Cheers not quite so [B)][}:)]

tricha
27-06-2006, 11:54 PM
High-grade mineralisation confirmed at Gascoyne tungsten project, WA
Source: Press Release



See also
Tungsten Concentrate Board
Tungsten Concentrate CatalogNickel producer Mincor Resources NL announced Monday encouraging results from the first exploration program carried out under its recently announced Growth and Expansion Strategy. The Company reported that initial field work at its 100%-owned Gascoyne Tungsten Project in Western Australia had confirmed the presence of high grade tungsten mineralisation in outcropping skarn units.

Mincor said the assay results, including spectacular values up to 6.66% WO3 over 3 metres, provided strong confirmation of the tenor of scheelite mineralisation encountered by previous explorers in the late 1970's.

Mincor confined its first field campaign to an initial assessment of the Nardoo Well prospect (EL09/1205), only one of numerous areas of interest within the larger Gascoyne Tungsten-Uranium Project.

At Nardoo Well, an intermittently mineralised vesuvianite skarn (an altered calcareous sediment) is present over a strike length of 2-3 kilometres. The skarn unit is part of the Paleoproterozoic Morrisey Metamorphic Suite. Mincor sampled three zones within the skarn unit: an upper Quartzite Skarn, the Main Skarn and a Northern Skarn, with a combined strike length of 650 metres.

Best results from channel rock-chip sampling included:
2 metres @ 5.34% WO3 (Quartzite Skarn)
4 metres @ 1.10% WO3 (Quartzite Skarn)
2 metres @ 2.07% WO3 (Northern Skarn)
3 metres @ 6.66% WO3 (Main Skarn)

A second skarn unit, an actinolite-magnetite rock, was confirmed lying stratigraphically above and 100 metres west of the Northern Skarn; this unit returned 1 metre @ 0.73% copper, 13.9g/t silver and 0.06% WO3.

The Company has now commenced a second field campaign designed to confirm the continuity of mineralisation and to extend sampling coverage over the remaining untested 2 kilometre strike of the skarn unit. In addition, some 6 kilometres of the strike of a para-amphibolite unit will be mapped and sampled, to confirm the presence of scheelite mineralisation reported from the 1970's.

Subject to the outcome of this work, initial drill testing of the target units is likely to commence during the coming quarter.

Mincor secured the Gascoyne Project, comprising a 756 km2 ground package some 350 km east of Carnarvon, earlier this year as part of a series of new growth opportunities designed to broaden its asset base into commodities and geographic regions outside its core Kambalda nickel business.

whiteheron
28-06-2006, 11:16 AM
tricha

Thanks for your comments , I will see what I can find out about the significance of the Tungsten results and will advise anything of significance that I find

As for nickel operations I , like you , expect the results for the quarter to 30/6/06 ( and beyond ) to be close to sensational

MCR is all good , a definite dont sell in my portfolio
It has all the good things going for it and nickel prices are holding up well , with stocks of nickel reaching critical levels

Tertullian
29-06-2006, 08:29 PM
Latest news from MCR announced today ...

Kambalda nickel producer Mincor Resources NL (MCR: ASX) has achieved further exploration success adjacent to its recent South Miitel nickel discovery, with the latest diamond drill hole intersecting both a new zone of massive sulphide mineralisation above the main South Miitel (N18) ore body and an [u]unexpectedly wide </u>intersection in the N18 ore body itself.
The upper intersection of 1.57 metres at 4.94% nickel highlights the potential for a new body of massive sulphide mineralisation up-dip and to the north of South Miitel, while the lower intersection of 6.92 metres @ 2.65% nickel is likely to increase the mineral resource at South Miitel, which currently stands at 258,000 tonnes @ 3.98% nickel (December 2005).
Mincor announced the South Miitel discovery, located immediately south of its flagship Miitel Nickel Mine, in September 2005, and the area has since been a key focus for its ongoing exploration and reserve development program at Kambalda.
The new drill hole, SMD006, was positioned to target the sp****ly-drilled northern end of the South Miitel ore body, with the aim of building confidence in the current geological interpretation and enabling this section to be [u][b]upgraded from the Inferred Resource category to the Indicated Resource category</u>.

The drill hole intersected a previously-unknown zone of massive sulphide mineralisation above the South Miitel ore body:SMD006: 1.57 metres @ 4.94% nickel (675.00 metres to 676.57 metres down-hole)Core angles are at 40 degrees, indicating a true width of approximately 1.0 metre. This massive sulphide zone lies within a basalt/basalt pinchout position, within a basalt leading edge overlying the South Miitel ore body. This position has not been intersected in previous
drilling, suggesting it has limited extent to the south. However, it may extend to the north and/or up-plunge. Further evaluation will take place with underground drilling in the near term. Drill hole SMD006 also intersected the main South Miitel ore body (known as the N18 ore zone)as it was designed to do. A wide zone of mineralisation was intersected in the predicted position, providing strong onfirmation of the resource model in this area. The intersection comprises a consistent profile of disseminated and matrix sulphides:
SMD006: 6.92 metres @ 2.65% nickel (702.82 metres to 709.74 metres down-hole) including: 1.71 metres @ 4.09 % nickel (708.00 metres to 709.71 metres down-hole)Core angles are at 70 degrees, indicating a true width of 6.5 metres for the total intersection.
This intersection confirms the current geological interpretation, and provides an upgrade to the width of mineralisation at this point. The N18 Resource will be re-modelled and re-calculated and the revised tonnage and grade figures will form part of Mincor’s annual end-of-June statement of Resources and Reserves. The position of the new hole is shown on the attached diagram.

Drill hole SMD006 also intersected a narrow zone of disseminated mineralisation on the upper basalt contact, which is equivalent to the Mariners contact. A total of 1.1 metres @ 1.91% was intersected from 332.49 metres.

Sounds like more reasons to hold.

SEC
04-07-2006, 06:23 PM
Oh happy days, finally closed over $1 for the first time in nearly 3 years (when the Ni price was around $6...) My money is that it'll finally break its all time high very soon - LME Live warrants now only 6600 tonnes, down 80% from 6 months ago.

SEC

(MCR IGO)

tricha
04-07-2006, 08:45 PM
Do the sums, this quarter alone should be another $10 million, profit.

I wonder if they can do another 1500 tons this month [?][?]

Australia's Mincor expects to beat FY nickel target
Source: Dow Jones

See also
Nickel Mining Board
Nickel Mining CatalogAustralia's Mincor Resources NL said Tuesday it expects to report nickel in concentrate production of 13,400 metric tons for the year ended June 30, compared with its 13,000-ton target.

The expected fiscal year result is based on estimated output from its four Kambalda nickel operations in Western Australia of a record 1,500 tons for the month of June and 3,700 tons for the quarter ended June 30The figures are subject to final assay results, it said.

Managing Director David Moore said the company's strong production performance, at a time of near all-time high nickel prices, puts the company in a strong financial position to for its next phase of growth.

"We are determined to substantially grow our successful Kambalda nickel business through exploration and to expand across the wider minerals industry," Moore said, while continuing to reward shareholders with "generous dividends."

In a May presentation, Mincor reported A$30 million cash on hand and no debt and said its global acquisition search will focus on advanced projects or operating mines.

Mincor has budgeted between 12,500 and 13,500 tons of nickel metal in concentrate production for 2006/07.

For the six months to December 2005, it reported net profit of A$10 million on sales of 6,754 tons, as well as copper and cobalt byproduct.

At 0452 GMT Mincor shares were trading up 4% at A$1.02 as nickel traded at US$21,700 a ton, up US$4,600 on its mid June low.

SEC
05-07-2006, 06:46 PM
I love it when you buy a stock that makes you grimace and grit your teeth because you continue to hold as it goes sideways for a few months but comes right in the end (in rather spectacular fashion).

Only 6000 tonnes left (open warrants) in LME warehouses, the Asian buyers who were playing games late last year in holding off their purchases must be gutted now as it's cost them more in the long run.

SEC

whiteheron
05-07-2006, 08:59 PM
SEC

I know exactly what you mean, I have some like this at present(BMO, CUE, SMO) but the patient are invariably rewarded in time if they have done their homework, as I have been in the last couple of days with EXS & MCR

Rember that the sharemarket transfers wealth from the impatient to the patient

In times past I have been too impatient, I am now much more patient (unless I dont feel comfortable with a particular share, then I quit)

I am sure that MCR will be a great performer for years to come

David Hardman
05-07-2006, 09:08 PM
MIR look keen to increase their stake as well.

They picked up another 2.25m shares in todays session alone.

Now holding 7.78%

tricha
05-07-2006, 11:35 PM
Well folks, Mincors going to be the next big thing, today at Carnilya Hill is of JBM and IGO proportions, massive.

Hits of 10.75 metres @ 6.95% and including 4.67 metre @ 11.83 is truely of massive proportions, when this sinks in add another 20 cents a share.[:p]

MIR investments are the only investment group that has done their homework on Mincor.
Thanks again AMP for the discounted shares!:D

In times past I have been too impatient, I am now much more patient, says Whiteheron.
I can truely relate to this, sold of all my IGO at $1.45, to buy more Mincor.
Well I'm not letting Mincor go.

Cheers not quite so [B)][}:)]

wns
06-07-2006, 03:03 PM
Yes its been lots of good news for MCR and I'm happily holding. :)

Tricha or someone else here, can you please explain what those dimensions mean in their announcements and how it relates to tonnes of nickel? TIA.

JBmurc
06-07-2006, 06:09 PM
I can truely relate to this, sold of all my IGO at $1.45, to buy more Mincor.
Well I'm not letting Mincor go.

NOWAY anyone selling MCR or any company with MCR like future earnings potention shouldn,t be investing in the sharemarket,MCR has been hitting some major paydirt of late which is going give MCR some much needed depth in resource holdings.;)

tricha
06-07-2006, 08:20 PM
WNS - the dimensions of 4.67 metre @ 11.83 is truely of massive proportions, mean that they have found an extension of an ore body, that could be world 1st class. High grade ore,generally means low cost production.

How it relates to tonnes of nickel? It could take a year for Mincor to quantify this one, with a heap more drilling and hours of filling in a 3d image.
They have already stated that they are employing another drill rig, it sounds like they are excited and so they should be, I certainly am.

Cheers [B)][}:)]

tricha
06-07-2006, 08:31 PM
Exciting stuff - High-grade massive sulphides intersected at Carnilya Hill

Mincor operations


Kambalda nickel producer, Mincor Resources NL yesterday announced that its exploration drilling had achieved a “highly significant” intersection at the old Carnilya Hill nickel mine.

The intersection, 4.7 metres of high-grade massive sulphides, within an overall 11 metre intersection of ore grade nickel mineralisation, was only 200 metres down-plunge of the existing underground development at Carnilya Hill.

The results follow Mincor’s earlier results from Carnilya Hill of near ore grade intersections in drill holes CMD002 and CMD002W1, some 270 metres down-plunge of the existing mine development.

Mincor’s latest drill hole, CMD005, was targeted on a geophysical anomaly detected in down-hole electromagnetic surveys conducted on drill holes CMD002 and CMD002W1. This anomaly suggested a target up-dip (that is, back towards the existing underground development).

Drill hole CDM005 achieved a multiple intersection made up of two zones. The upper zone comprises 4.7 metres of solid, banded high-grade pentlandite-rich massive sulphides, including a narrow zone of un-mineralised basalt, which lie on the overturned basalt contact. This is followed by 6 metres of disseminated mineralisation.

Further down the hole a lower zone of disseminated mineralisation occurs over 2.71 metres.

The results from drill hole CMD005 were 10.71 metres @ 6.95% nickel (496.24 metres to 506.95 metres), including 4.67 metres @ 11.83% nickel (496.52 metres to 501.19 metres) and a further intersection 2.71 metres @ 2.01% nickel (518.63 metres to 521.34 metres).

All core angles are between 70 and 80 degrees, indicating that the down-hole intersections are very close to the true widths of the mineralisation.

Mincor view these results as being highly significant as they demonstrate the presence of high-grade, high-tenor massive sulphide mineralisation, typical of what was previously successfully mined at Carnilya Hill.

Also significant is the proximity of the mineralisation to the existing underground mine development at the now-closed mine.

Prior to drilling CMD005, Mincor deepened its first hole, CMD001, and also drilled a new hole, CMD004.

These holes both intersected sediments on the basal contact, providing a clear and positive indication of a sediment-free window within which the nickel sulphides intersected in CMD005 and the earlier CMD002 and CMD002W1 are developed.

Mincor is now drilling a wedge hole off CMD005 to test the up-dip extent of the mineralisation. The company is mobilising a second rig to Carnilya Hill and will proceed rapidly with both broad step-out drilling and infill drilling.

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.

- 06 Jul 2006

SEC
07-07-2006, 05:10 AM
Nickel broke $11/lb today!! At the current rate of live warrants reduction, there may be no more nickel on offer within a coule of weeks!

IGO to charge back over $3 tomorrow CEDT, and MCR over $1.20? I´ll sleep well tonight.

SEC

David Hardman
07-07-2006, 10:57 AM
MCR looking very nice in PreOpen!

Looking good for a run.

tricha
08-07-2006, 12:34 AM
In times past I have been too impatient, I am now much more patient, says Whiteheron.

Well now the patient have been rewarded! 1500 ton of nickel in June.

Relate it to this week, $32,000 OZ a ton for nickel, $21,500 to Mincor, rest to WMC smelter.

21,500 - costs = say 14,000 profit x 1500 = 21 million.

Can they do it again for July at these prices [?][?][?]

21 million profit for the month at 1500 tons x $32,000 a ton for a month.

Imm, I must be wrong, always seem to get these calculations wrong. Mind you last year they managed to spend 36.5 million on mine developement from cash and still payed a dividend.

One things for sure as JBmurc said, no one in their right mind,is going to sell.

5 cents a share, end of year dividend, will still leave them 40 million in the bank.

Imm, from the not so [B)][}:)]

whiteheron
10-07-2006, 06:05 PM
Tricha

Your maths seem OK, but I somehow feel that the end result that you arrive at is somewhat too high
It is of course based on the best of both production and prices for one month only, both of which are no doubt significantly higher than what can be expected from a full years operations

I am going to prepare another guestimate, based on a different approach. We can then look at a comparison of the results

It may take me a few days however as I am busy at present attending to other matters as well as looking after grandchildren during the school holidays

wns
10-07-2006, 06:30 PM
For what its worth, my guessimate is for npat of $38-40m for FY06, which -&gt; EPS of about 20c.

$10m npat for the first half.
About $7m for the 3rd qtr.
Then about $11m after tax from the Tethyan Copper options.
And I'm estimating about $10m for the 4th qtr.
-&gt; $38m npat for FY06 - a pretty rough estimate and not a lot of analysis into it, but I think it'll be in that ballpark.

They are most welcome to exceed that of course!! ;)

whiteheron
10-07-2006, 08:53 PM
Hi folks

Here is a question for those more familiar with mining matters than I
I am learning, but still have a long way to go as I dont have any formal training in the field of mining, minerals etc
Learning something new every day though

MCR quotes production of copper in concentrates
How does this relate to copper prices quoted on the LME

I cant seem to establish a relationship between MCRs figures and Kitco charts

tricha
10-07-2006, 09:49 PM
Good question Whiteheron.

They sold last year 949.1 tons of copper, why they call it Copper-in-Concentrate I do not know.

I assume its concentrated copper giving it a real value of 949.1 tons.

Wow did not realise, worth 9.5 million at todays price.[:p]


How did you get on with your Tungsten research, I did a bit of digging around in Vital metals (VML), who are focusing on Tungsten in WA.
They are trying to define a resourse of .6% to 1%

The price of Tungsten is not that great, $75 to $300 US a ton, over the last 18 monthes.
But if Mincor could define a big reserve of 1% plus, could be a good thing.

Cheers

whiteheron
11-07-2006, 09:26 AM
tricha

I didnt find much out about tungsten
Did find that current price is around USD $200 + per tonne (up substantially from a couple of years ago) and that price is by negotiation, ie no world price comparable to copper, nickel, zinc etc

Hope to find out more and if I do will let you know
No doubt we will get more information from MCR in this regard in due course

I would say that at this very early stage the share price does not recognise any value for the tungsten project

tigers
12-07-2006, 06:24 PM
Today was a good day for me as I reached my target price all profit from here on.

whiteheron
12-07-2006, 07:40 PM
tricha

We both were incorrect about the approximate price of tungsten, it is traded in MTU and the current price is close to US $300 per MTU, (not per tonne)
MTU is 10Kg, so the true potential seems significantly better than we both thought

MCR say that a lot more work will be required before they can quantify the significance of the find, but they are pretty pleased with it at this stage

JBmurc
12-07-2006, 08:09 PM
It's looking good for a 100% profit in my MCR holding paid 66.5c ;)
only few more cents to go

tricha
12-07-2006, 08:36 PM
Thats huge Whiteheron

I take it you got a reply from Mincor[?]

( The approximate price of tungsten, it is traded in MTU and the current price is close to US $300 per MTU, (not per tonne)
MTU is 10Kg, so the true potential seems significantly better than we both thought )

I was wondering how Vital Metals was going to make money at the price I thought it was.

My calculation is close to $40,000 a ton OZ on that price you gave me, they found some at 6%.[:p][:p][:p]

This could be absolutely outstanding, I know this has a long way to go, but if it is a good one, I wonder if they will form a new company like TYC.[?]

Cheers [B)][}:)]

whiteheron
12-07-2006, 09:03 PM
Yes tricha

Maybe the market is now beginning to recognise what an excellent company MCR is
Good price move today

There seems to be some talk about that the relatively short mine life is holding MCR back (see postings on Hot Copper) but they seem to be having top success in ongoing exploration and more than replacing reserves used

I contacted MCR and got some extra good info on the technical processes that nickel goes through from ore to nickel metal so I now have a much better understanding of things and will have a go at an income estimate for the year

This may take another day or two as I have other matters that I must attend to and I am a terrible typist so everything takes ages

tricha
12-07-2006, 11:52 PM
Heres a challenge Whiteheron.

As you said nickel might not stay up there that long! But did you know all those Hybrid cars they are producing and ramping up production for, use nickel for their batteries.

Anyway say Mincor produces 1500 tons again for July, at an average of $33,000 a ton OZ.
What is the guessimated profit.

1500 tons
$33,000 per ton
- 1\3 rd to BHP for processing
- production costs
- average down for hegded tons

= I guess $24 million profit for the month! Nuts, so I must be way out.

There you have it, am I close or a mile out[?]

whiteheron
13-07-2006, 10:14 AM
tricha
This is just a brief reply as I have other things that I must attend to

From info provided by MCR
From mining to copper metal there are four stages
MINING, CONCENTRATING, SMELTING, REFINING

MCR mines the ore and sends it to BHP
BHP processes it into an approximately 12 % nickel concentrate
MCR pay BHP a toll treating charge for this service, then sells the concentrate to BHP at a set percentage of the LME quoted nickel price (for refined metal)--- the amount is unavailable because it is commercially sensitive, however I believe it is somewhere near the industry standard and this I have been trying to find out (without success at this stage)
Maybe you can see if you can suss something out on this
Here ends MCRs involvement in the process

As BHP now owns the concentrate everything from here on is carried out by them
This involves smeltering the concentrate to a 55 % matte, refining this into nickel metal and all marketing matters

From this it can be seen that MCR receives somewhat less for the concentrate sold to BHP than the price of refined metal
How much is the question ?????
I think that it is in the order of very approximately 60 % to 65%, but I am not sure
Any help in this regard will be appreciated

The above goes at least some way towards us having a full understanding of how things work

whiteheron
13-07-2006, 03:38 PM
I have now discovered, through a reliable independent source, that the industry average price for copper concentrate is in the order of 65 % of the LME quoted price for nickel metal

That is that the production tonnage quoted as contained copper in concentrate,which is what MCR sells to BHP, is worth approximately 65 % of the LME price for nickel metal

Maybe I have repeated myself in similar words,but I am sure that you know what I mean

This will significantly change some of the previous calculations and the end result arrived at

When time allows I will have a go at estimates for FY2006 and FY2007

wns
13-07-2006, 06:57 PM
Good stuff Whiteheron, I appreciate what you're sharing.

tricha
13-07-2006, 11:06 PM
Whiteheron - I'm a bit confused.

Just one question, as stated by Mincor they produced 13500 tons of nickel.
Is that 100% nickel as you would see on the LME.[?]

.................................................. ...................

Ahead of a retreating nickel price, Stock Research said it would "cash in its remaining chips" in Australian nickel miner Mincor Resources N.L. (MCR.AX: Quote, Profile, Research), whose stock is up 84 percent this year to A$1.18 in tandem with nickel prices.


Bit of a downer for Mincor, says sell,well I'm not selling, too cheap and Stock Research would probably be buying them. Anyway time will tell!
I remember when I subscribed to shareanalysis, they recommends a sell on JBM for years, what did they know,not much.
And what did AMP know about MCR, not much, although I did buy a few from them cheap.

Cheers not so [B)][}:)]

Turtle
14-07-2006, 06:04 PM
Looking at the results for the 3rd quarter this year, the pre development and depreciation EBIT is A$11M on revenue of A$37M or around 30% (note full year 2005 was 40%). This was on 2940T NIC sold. So margin around A$3700 per tonne. If 1500T on a month then ~A$5.5M at Jan-Mar sales costs, less corporate overheads and developmetn costs. So say A$66M in EBIT less overheads (A$8M), development and depreciation (A$24M) and tax @ 30% (A$10M) leaves around A$24M for shareholders.
Looks like the A$38M pretax profit is around the top end of the range (natural born pessimist here but still not selling) if the options benefits are taken into account?

whiteheron
14-07-2006, 07:05 PM
tricha

The 13,500 tonnes is the amount of nickel in the concentrate which is sold by MCR to BHP
Because it requires two further steps (smelting and refining) MCR receives approximately 65 % of the LME price
BHP get the full LME price when they sell the fully refined metal --- they therefore get 35 % for carrying out the smelting and refining

To work out what MCR would get for the 1500 tonnes produced in June the calculation would be something like the following :
1500 tonnes at 65 % of the average LME nickel price for June of very approx USD $18,500 (about AUD $25,000 after conversion), or

1500 times AUD $25,000 times 0.65 which equals approximately AUD $24 million
That is the total that MCR would get (before allowing for expenses)

This is a top month however and is unlikely to be repeated consistently

tricha
14-07-2006, 10:46 PM
Good one WhiteHeron

24 million to Mincor for one month, say 10 million costs, would be 14 million profit or 7.5 cents per share.

That would be fantastic and thats at $25,000 OZ, we are talking about $35,000 at the moment.
Whiteheron - you reckon, this is a top month however and is unlikely to be repeated consistently.

Well the way this number is going down, you might be quite right, it will not be repeated, but vastly improved.



London Metal Exchange Warehouse Stocks(Jul 13)
Metal Tonnes in Storage Change from
previous day
Aluminum 744,550 -2525
Copper 93,575 +500
Nickel 7,674 -570
Lead 108,700 -175
Zinc 201,825 -1750

Great day for Mincor today, one of the very few stocks to rise and nothing much for sale.

Yeah, I know I'm ramping, but I'm having a port and proof will be in the pudding.

Cheers, not so quite [B)][}:)]

whiteheron
16-07-2006, 07:50 PM
I have now tried to work out a profit estimate for MCR for the year to June 2006, but there appear to be many items to factor in for which I dont have details so my estimate is at best a very rough guide only and could be subject to many innaccuracies

For what it is worth I come up with a figure of very approximately $25,000 to $30,000 NPATDA which is not too different to that arrived at by Turtle
In addition, there is the "one off" gain net of tax from the sale of the TYC options so MCR will no doubt have had a really good year

Who knows what the average nickel price for 2006/2007 will be ???
It seems that it could be anything from USD$6 per pound to USD $18 per pound !!!
My guestimate is for USD $8 to USD $10 or thereabouts

I note that MCR is expecting a similar tonnage production for the year ahead

sparrow
20-07-2006, 03:42 PM
Fourth qtr Activities Report due out any day now. Looking forward to it.

whiteheron
20-07-2006, 03:46 PM
Yes, I am sure it will be a very good one

All indications are that it should be

David Hardman
20-07-2006, 06:18 PM
As sign of things to come for ASX nickel producers...

http://www.forbes.com/home_asia/feeds/afx/2006/07/19/afx2888955.html

zac
26-07-2006, 02:28 PM
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.

whiteheron
26-07-2006, 03:18 PM
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

tricha
26-07-2006, 09:41 PM
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)][}:)]

tricha
01-08-2006, 11:39 PM
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)][}:)]

tricha
02-08-2006, 11:12 PM
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)][}:)]

tricha
04-08-2006, 12:06 AM
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

tricha
07-08-2006, 07:22 PM
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.

SEC
07-08-2006, 08:50 PM
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.

Unfortunately your average spoon fed broker can't be assed recalculating reserves (and hence valuations) based on drilling results.

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)

tricha
07-08-2006, 10:56 PM
From Sec - 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.

Yep Sec, noticed, but I'm to scared, to even comtemplate trading MCR, made that mistake when I traded IGO for MCR at $1.50

When the numbers come out for MCR and the dividend is revealed, it will be all over ................ Retired, well semi anyway.

As far as the AGM, most likely Perth, are you thinking of going as well [?][?]

P.S be nice if Mr Moore gave a preview of July's performance, tons x price, for operating surplus, that would put, the flea amongst the dogs.
It would be absolutely outstanding.

SEC
07-08-2006, 11:39 PM
quote:Originally posted by tricha

When the numbers come out for MCR and the dividend is revealed, it will be all over ................ Retired, well semi anyway.

As far as the AGM, most likely Perth, are you thinking of going as well [?][?]


I thought it would be 'all over' re IGO's outstanding profit, yet the price went nowhere. I suspect MCR will be the same, you just can't please the market at times. I believe the reserve update statement will be more influential in moving the price than the profit announcement.

Re AGM, naah mate, a bit too far away for my liking!

SEC
15-08-2006, 11:29 PM
quote:Originally posted by SEC

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.


Surprise surprise it happened again. Like clockwork[xx(]. No longer term vision by the market at the moment. Wants to trade day by day. In the meantime the nickel miners' forward PEs get lower and lower.

SEC

tricha
16-08-2006, 12:41 AM
You are right on the button Sec.

But its all good, the clock is being wound and the spring is loaded and ready to explode.

Simple facts - Mincor had a 30 million operating surplus for the last quarter.

With the nickel price up, around $8,000 a ton Moore on average, over the last six weeks, than the previous quarter.
What is the operating surplus likely to be this quarter, only six weeks to go at these prices = massive, just massive.

A little Moore Patience and we will all be rewarded.

Cheers [B)][}:)]

buffel
16-08-2006, 07:58 PM
Natural resources



The Times August 16, 2006


Nickel price hits new peak as Inco agrees to talks
By Carl Mortished, International Business Editor



THE price of nickel rose to a new peak as Inco, the Canadian nickel miner, agreed to begin talks with CVRD, the Brazilian iron ore giant.
The silvery metal, used to manufacture stainless steel and in batteries, has risen $500 per tonne to $27,800 (Ł15,000) from Friday’s peak as concern mounted over shrinking stocks.



CVRD last week waded into a three-way battle for Inco with a cash offer of C$17.2 billion (Ł8 billion). Yesterday the Toronto-based company decided that CVRD’s bid of C$86 per share was large enough to justify Inco discussing terms. Hinting that CVRD might be persuaded to raise its offer, Inco’s board said that it had given its executives a mandate to conduct negotiations.

Inco said: “The board did determine, based on information then available and after consultation with its advisers, that the CVRD offer could reasonably be expected to result in a ‘superior proposal’.”

However, Inco is still recommending that shareholders accept a cash-and-shares offer from the American miner, Phelps Dodge, valued at C$17.7 billion, until the talks with CVRD are concluded. It also continued to recommend that its investors reject a rival proposal from Teck Cominco, the Canadian zinc miner.

The bid frenzy over Inco reflects the soaring price of nickel and other base metals, such as copper, which have been transformed by rising demand from dull industrial commodities into financial assets, chased by pension funds.

Stocks of nickel freely available from London Metal Exchange warehouses have dwindled to just one day’s supply. The shortage, caused by rising demand for construction materials, has been made worse by a strike at Inco’s Voisey Bay mine in Labrador.

A takeover by CVRD would make the Brazilian firm a base metals behemoth — the largest producer of nickel and iron ore, with an important position in bauxite and alumina, used to manufacture aluminium.

tricha
16-08-2006, 11:54 PM
Jackpot, OZ $40,000 a ton for nickel. can it keep it up, no one knows, but lets hope so!

Mincor licienced to print money.

What happened to gold, drilling, but at the moment, nickel is where it is at.

Cheers ( not so ) [B)][}:)]

tricha
18-08-2006, 11:33 PM
Well, good offer Sec, lets hope for all our sake, $20 a ilb on the way.

Ok all Mincor followers, what do you reckon the dividend is going to be.
Should be announced by next Friday, unless they are having trouble counting the spoils.

My bet was 5 cents, but I am now willing to go to 10 cents.

So 10 cents it is. Why,lets face it they will probably make another 10 cents profit,this quarter alone.
They quite clearly stated harvesting had begun, i.e the majority work\spending of getting the new mines, fully operational is done.

Cheers from the [B)] Mincor head.

JBmurc
20-08-2006, 08:35 PM
10c sounds good to me;) tricha might have to buy some long CFDs in MCR is very undervalued IMHO a large divie should drive SP to new highs
---$1.40-1.50ish

tricha
21-08-2006, 09:40 PM
Another great day for Mincor, Big volume, Good price increase, before another announcement for Carnilya Hill.

Check it out, excellent map of the Carnilya Hill mine, shows the existing mine decline and how easy it will be to start mining, just extend the decline.( add some more ventalation and pumping stations)

Carnilya has the potential to be their best mine by far, because of the JBM type high grades.

The Mincor story gets better every day and the news is coming thick and fast! No way in the world I'm selling this gem.

In my opinion they have world class management, world class geologists, world class mineral targets and world class mining personel.

And as far production tonnage goes, they leave IGO, JBM, SMY for dead at the moment.

What ever they buy into next, will be fully researched and value added.

Cheers not so [B)][}:)]

P.S any takers on the dividend, JBmurc is happy with 10 cents.

wns
21-08-2006, 10:13 PM
Over the last three years the dividend payout ratio has been in the 25-30% range.

tricha
21-08-2006, 10:19 PM
What is your best guess for a dividend WNS [?]

wns
21-08-2006, 10:58 PM
quote:Originally posted by tricha

What is your best guess for a dividend WNS [?]


Hi Tricha, its hard to know, really.

Perhaps 4c or 5c final dividend, making total of 6c-7c for FY06. I would say 8c absolute tops for the final dividend, and that's if they return all the Tethyan option proceeds to shareholders as a dividend instead of retaining all or some of it.

It will depend quite a bit on what they do with the proceeds of the Tethyan options, since they are a once off. If they pay them out as a dividend, it equates to about 5.64c per share. But will they retain the money to help fund their growth? Or return it all to shareholders as a dividend? Or a combination of the two?

Perhaps since they are now 'harvesting' their payout ratio will be more like 40%, rather than the 25-30% of the last three years?

SEC
21-08-2006, 11:30 PM
My 2c worth is there'll be 2c normal dividend and 5c special dividend from the proceeds of the Tethyan options.

Tricha, I seem to recall you've been to Kambalda before. Do you reckon there's potential for further consolidation amongst the Kambalda miners in terms of improving operating efficiencies?

SEC

tricha
22-08-2006, 08:14 PM
Hi Sec - At this stage MCR and IGO, I would not rate them as a take over option.

Reason - The take off agreement they have with BHP (WMC), whereby BHP has locked in treating their ore for a 33% take,there abouts.
In my opinion, BHP would be the only suitor, but more than likely, they will leave it, like it is, they couldn't run small mines as WMC and this is a win, win system for them.

However do not be suprised to see them try and take someone else out!
( However IGO's foray into Matrix looks like a flop.)

I did pick TIR to be taken out and had them, so maybe it would be worth checking SMY, WSA, JBM, CSM, AGM( might be under takeover now, huge volume sold today), as potential targets.

Theres big talk about consolidation in Gold,

Food for thought, cheers not so [B)][}:)]

robbo
23-08-2006, 12:29 PM
Mincor (MCR)

Mincor (MCR) ...imo, could be going through some sort of a potential; insto givng more support to -- Re Rate upwards presently ...... to be more viewed by FUNDS/INSTOS; through same sort of LENS as say a Jubilee (JBM).[?]:)

Kindest Regards,

Robbo :)

tricha
23-08-2006, 09:56 PM
Another JBM Mr Rob. Hmm.

A lot of people are slow to pick up on the potential of Carmilya Hill.

1st strike - including 4.67 metres @ 11.83% nickel, that is JBM type ore and Mincor were very excited. That's far from surprising.

So excited, 2 drilling rigs now in operation and as I have stated it might be deep, but the infrastructure is already in place most of the way down.
So the cost and time to production is significantly reduced!

And this is only part of a great story................

Cheers

wns
23-08-2006, 11:12 PM
quote:Originally posted by tricha

Jackpot, OZ $40,000 a ton for nickel. can it keep it up, no one knows, but lets hope so!

Mincor licienced to print money.

What happened to gold, drilling, but at the moment, nickel is where it is at.

Cheers ( not so ) [B)][}:)]



Yes tricha, with the nickel price going through the roof, MCR are off to a cracker of a start to FY07!!

The rise in the share price over the last few months has been great, but I suspect there's still a long way to go yet. It wouldn't surprise me if it was $2+ in a couple of months time.

As you say, the increase in their sell price is pretty much all profit.

The dividend will be nice too!!

SEC
23-08-2006, 11:35 PM
quote:Originally posted by JBmurc

It's looking good for a 100% profit in my MCR holding paid 66.5c ;)
only few more cents to go


Like you (and Tricha, WNS, Pago and perhaps a few other regulars on this site), I was buying MCR in the mid-60s when AMP was dumping this stock at unrealistic prices. Now it's $1.30 and we've clocked 100% profit.

So thanks to AMP for selling us this bargain.

SEC

sparrow
24-08-2006, 07:29 AM
I wonder if MCR has the option to buy out the other 30% of Carinya Hill if they want to.
Notice the punters started to wake up to VRE, has risen about 3 cents in the last few days.

JBmurc
24-08-2006, 06:22 PM
Am so confident of MCR future I,ll be holding too its 200% at which point I,ll sell half;)
AGM at least 500% before selling any.
-Very bullish on Nickel holding a high price till late 07

whiteheron
24-08-2006, 07:24 PM
SEC and others

I too bought MCR at mid 60s not too many months back

When you see an institution like AMP selling and consider what has happened since you tend to wonder how much (or little) they really know about what is going on --- maybe they are just following the crowd in many cases !!!

Personally I prefer to make my own decisions and with the ASX announcements and the way they work it very much puts us on an equal (or better) footing than the institutions as we can make decisions at short notice, especially on companies that we are familiar with, without the necessity to refer things to higher authority or maybe the next board meeting to get an approval

I used to work for a large and very well respected company and can confirm that instant decisions were not easy to obtain --- a frequent problem with big business, so maybe we small private investors at long last are now on a fairly even playing field with the big boys

I am sure that MCR will produce excellent returns for many years to come
Time has tought me not to sell my best performing companies --- to do so just ends up downgrading to the level of the worst stocks held

SEC
24-08-2006, 09:24 PM
quote:Originally posted by whiteheron

Time has tought me not to sell my best performing companies --- to do so just ends up downgrading to the level of the worst stocks held


How very true - keep the outperformers, let their profits run and sell the underperformers.

You get to the point where your outperformers have served you so well (e.g a 6-bagger if you have held MCR since 2002) that when they do plunge 20 - 30% in any market 'correction' you are far less inclined to sell. Invariably they fully recover and charge higher still.

SEC

tricha
24-08-2006, 11:31 PM
Personally I am pretty sure Mincor will have a go at buying out, the other 30% of Carnilya Hill, Sparrow.
They did it earlier on with their existing tenants.

But I do not think they will take out View Resources, their gold does not look that good. I've been up and down View and it dosn't inspire me.
But they might buy someone else, if the dividend ain't that great, it a higher possibilty they are hunting, who [?], anyones guess [?][?][?][?]

Anythings possible [}:)]

whiteheron
25-08-2006, 09:07 AM
Personally, I am more interested in value than dividends

If MCR can put the money to better use than I and grow shareholder value then I will be very happy

I realise that dividends may be important to some investors, but for me it is the overall growth in shareholder value that is paramount

tricha
25-08-2006, 11:16 PM
Well, no news is good news,they are still out counting the money.
Actually I heard all the management were out at Widgemootha, with wheelbarrows and picks, helping harvest the nickel veins.
Can imagine they are going hard out, with nickel prices where they are at the moment.

Good to see huge results from Jubilee and now Minara (which had a poor tonnage result for the year)

Going back to Whiteherons comment, " rather have value growth over dividends".
I personally hope they follow JBM's lead and have organic growth and maintain a large dividend, it has worked extremely well for them.

Anyway back to the dividends.

JBMurc reckons 10 cents, sounds good.

SEC 7 cents

WNS 4-5 cents

Tricha 10 cents

Bring on next end of year report next week, cheers, not so [B)][}:)]

wns
27-08-2006, 09:13 PM
I've had a look at the nickel price chart on the LME website, as well as MCR's financials... to summarise the last two years and look at what could happen this FY.

FY05
ave Nickel price approx $US 15,000/t
10,000t nickel in concentrate sold
-&gt; $122m revenue (ave $12,200/t)
Operating margin 38%
$20m npat


FY06
ave Nickel price approx $US 15,000/t
13,500t nickel in concentrate sold
-&gt; $175m revenue (ave $12,960/t)
We'll know npat very soon, I'm tipping somewhere in the mid $30's(m), of which $11m is from the Tethyan options.


NOW TO THE INTERESTING BIT...

FY07

Let's say MCR sells $13,000t nickel in concentrate since they've already told us they'll probably sell similar amount to FY06.

Now the nickel price started FY07 at about $US 20,000/t and has since climbed to about $US 35,000/t.

Who knows what the nickel price will do over the next 10 months?
We're only two months into the FY, so let's be rather conservative and set $US 20,000/t as the average nickel price for the year on the LME.

Let's say AUD/USD averages $0.75 for FY07 and MCR sells at about 65% of LME quoted price. If the AUD loses ground against the USD, then MCR makes even more money.

With $13,000t sold, that would put revenues at about $225m (ave $17,333/t).

That's $50m more revenue than FY06!! Taking away 30% for tax leaves $35m npat over and above this year's result!

Let's run the figures with average price of $US 26,000/t on the LME, which is quite feasible. That would give revenues of about $293m (ave $22,533/t).

That's $118m more revenue than FY06!!!! Let's say expenses rise by $18m, then that's still $70m npat ADDITIONAL to what they earn this year.

Yes there's lots of assumptions here, but with the nickel price having risen so much, MCR should be in for a fabulous FY07. They could quite feasibly make npat of $80-100m+ in FY07.

There's about 195m shares on issue.

$80m npat -&gt; EPS of 41c.
PE of 6 -&gt; share price of $2.46
PE of 8 -&gt; share price of $3.28
PE of 10 -&gt; share price of $4.10

$100m npat -&gt; EPS of 51c.
PE of 6 -&gt; share price of $3.07
PE of 8 -&gt; share price of $4.10
PE of 10 -&gt; share price of $5.13

Share price closed at $1.29 on Friday.

Their exploration program has been going very well, and they're building a good pipeline of nickel and other base metals etc.

Should be an interesting (and profitable) year ahead! ;)

I'd be interested in other peoples' thoughts...

JBmurc
28-08-2006, 10:41 AM
I thought $2-2.50 would be great ,but as you show here Tricha $4-$5 could well be a more relistic long term sp for MCR
[V]only sad thing is I,d have a least another 200k to invest if my investment property would sell ;)

JBmurc
28-08-2006, 10:48 AM
quote:Originally posted by JBmurc

I thought $2-2.50 would be great ,but as you show here Tricha&wns;) $4-$5 could well be a more relistic long term sp for MCR
[V]only sad thing is I,d have a least another 200k to invest if my investment property would sell ;)

Bel
28-08-2006, 11:00 AM
I was dead keen to buy into MCR a year ago but had %100 of my funds tied up at that particular point. That in itself was a valuable lesson for me.

Sigh, live and learn.
i.e. Why on earth would people use full service brokers or money managers/mutual funds?

SEC
28-08-2006, 09:01 PM
quote:Originally posted by JBmurc

I thought $2-2.50 would be great ,but as you show here Tricha $4-$5 could well be a more relistic long term sp for MCR
[V]only sad thing is I,d have a least another 200k to invest if my investment property would sell ;)


Uh-oh I see some fairly inflated price targets for MCR, it must be time to sell:D

Broker consensus estimates for MCR remain a paltry 23 cps for FY07. MCR is probably half way there already!

SEC

tricha
28-08-2006, 10:33 PM
WNS - "I've had a look at the nickel price chart on the LME website, as well as MCR's financials... to summarise the last two years and look at what could happen this FY".

$80m npat -&gt; EPS of 41c.
PE of 6 -&gt; share price of $2.46
PE of 8 -&gt; share price of $3.28
PE of 10 -&gt; share price of $4.10

Well WNS, I'll be happy when Mincors at $2.00 soon, your data looks ok to me, huge is what the profit is daily at the moment, just huge!
Good news , cobalt gone up 34% in four weeks, Mincor 194 tons last year, be more this year, an extra bonus.

Big volume today, someones selling, but someones also buying, at $1.30, hopefully the seller is cleaned out soon.

Broker consenus 23 cents for 2007, they aren't getting any of my shares.
Yeah good on AMP for selling Mincor at 64 cents not to long ago.
Yes Bel, fully agree with you, brokers are mainly a bunch of yuppies, drinking cocktails on Friday, most wouldn't has even been to Widgemoolta, probably do not even have a clue where it is.

If anyone gets the chance, call into the pub there and have a look at the picture of a huge golden nugget found there.
What happens when they hit gold at Lake Cowan [?][?][?] Will they find the next trident sized deposit[?][?][?], it's next to them.

Mincors got so many strings to their bow, anything is posiible.

Cheers imm,not so [B)][}:)]

P.S bought my 1st Mincor shares at 44 cents, had free shares in TYC, dividends every year and it only the beginning!

zac
29-08-2006, 02:27 PM
MCR report out - looks pretty rosy

Sydney - Tuesday - August 29: (RWE Australian Business News) - Kambalda nickel miner Mincor Resources NL (ASX: MCR) has delivered its fourth straight year of strong earnings growth with a 45 per cent increase in net profit to a record $29.3 million. The strong earnings performance enabled the Company to declare an increased final fully franked dividend of 3c, lifting its full-year payout to shareholders by 67% to 5c. The results were generated from strong production of 13,500 tonnes of nickel metal in concentrate for the 2006 financial year (2005: 10,000 tonnes), with all four of the Company's Kambalda nickel mines operating at full capacity by year end. The Company benefited from strong nickel prices in the last quarter of the financial year, and earnings were further boosted by the sale of Mincor's residual interest in Tethyan Copper Company Ltd. The result was struck on a 44% increase in sales revenue to
$174.6 million (2005: $121.2 million), generating a record EBITDA (earnings before interest, tax, depreciation and amortization) of $70.6 million (2005: $46.7 million). EBITDA before significant items (the sale of the Tethyan Options
and write-off of exploration properties in Tanzania) was up 35% to $63 million. The bottom line result compares with a net profit after tax of $20.2 million last year, and translates into earnings per share of 15.1c (2005: 10.4c).

tricha
29-08-2006, 09:42 PM
I got my dividend guess horrible wrong. Way off my expectatons of a top dividend, looks like they are going for growth, should please Whiteheron.

The market didn't like it that much, down, when most nickel stocks up.

8 million to go owner\miner for Redross. They have done the numbers.
Spend some to gain more I guess.

Still a good report, especially when you look at it, only 65 cents not long ago.

Moore patiene required I'm afraid!

Cheers not so [B)][}:)]

steve fleming
29-08-2006, 10:25 PM
Satisfactory result...but operating Cash flows were actually down on 2005 - suggests that rising costs may actually be more of an issue than the company is admitting

whiteheron
30-08-2006, 09:30 AM
Like all mining companies MCR is also experiencing increased costs, cash costs still okay though
All in all a comendable result

I feel that we aint seen nothing yet with this company
Embarking on a comprehensive expansion programme, well managed, low risk (and I think that this is becoming much more important), history of coming up with the goods, oodles of cash, etc, etc

Al ong term hold for me

JBmurc
30-08-2006, 09:56 AM
[quote]Originally posted by steve fleming

Satisfactory result...but operating Cash flows were actually down on 2005 - suggests that rising costs may actually be more of an issue than the company is admitting

-yeah good reason to take over running of Redross
Labour&fuel costs hurting alot of miners

-good result IMO- MCR EPS-15.1c current P/E-8.3 comphered to others in nickel sector like -IGO,SMY,JBM P/E's well over 10
MCR look good buying and IMO should be trading 1.50-$2 over the short term $2+ mid-longer term ;)

steve fleming
30-08-2006, 06:06 PM
quote:Originally posted by steve fleming

Satisfactory result...but operating Cash flows were actually down on 2005 - suggests that rising costs may actually be more of an issue than the company is admitting


Ok…I think I was a bit too harsh in my earlier assessment, MCR is generating very impressive return on capital…..my concern was that while payments are up 57%, receipts are only up 33%, however I now think this can be adequately explained by some year end timing differences, with MCR not yet having the benefit of the full 4th qtr collections (as detailed by the strong net increase in receivables over the yr)…..it was just a bit disappointing to see a drop in operating cash from 05, but still $52 mil is nothing to be sneezed at.

This is a long term hold in my superfund – and any dividends are a bonus...good times ahead!!

SEC
30-08-2006, 11:04 PM
3c dividend... Wot a bunch of tight ass bastards:( $45 million cash to burn...


quote:Originally posted by steve fleming

my concern was that while payments are up 57%, receipts are only up 33%, however I now think this can be adequately explained by some year end timing differences, with MCR not yet having the benefit of the full 4th qtr collections (as detailed by the strong net increase in receivables over the yr)


Yeah, trade receivables up from $30M to $54M.

Cash costs up approx 10% per tonne Ni, the magnitude of the increase has been fairly typical for mining co's. Mariners has had start-up problems but seems to have been sorted by June, with cash costs falling to below $5/lb in line with the other mines.

What interested me was July's EBITDA for Mariners of $5M!!!!!! Mariners accounts for approx 1/4 of Mincor's production, so MCR may have made an EDITDA of $20M for July alone[:0]

This givs you an idea of how much MCR may make in 07 if Ni prices remain at current levels... $240M EBITDA. Quite staggering.

SEC (MCR IGO)

zac
31-08-2006, 04:06 PM
More good news

Sydney - Thursday - August 31: (RWE Australian Business News) -
Kambalda nickel miner Mincor Resources NL (ASX code: MCR) today announced board approval for a major expansion of its Miitel mining operation following completion of a positive feasibility study on the proposed $24 million development of the South Miitel ore-body. The company has also released its June 30 resource and reserve statement, saying its in-ground nickel resource inventory had increased to an all-time high of 76,000 tonnes of nickel metal and 81 per cent of
ore reserves that were mined during 2005/06 had been replaced through successful exploration.

sparrow
31-08-2006, 04:27 PM
quote:3c dividend... Wot a bunch of tight ass bastards $45 million cash to burn...

In hindsight, todays announcement shows they need $24 miillion for South Miitel development, though not all immediately.

Also, MR. Moore owns 4.5 million shares - guess he didn't want to give too much tax to the tax department on his dividend which will be $1,350,000.

Like the positivr vibes coming out about Carinya Hill, though, sounds like they have basically decided to push it into production

whiteheron
31-08-2006, 04:45 PM
I, for one, am very happy to receive a "normal" dividend and for MCR to hold funds for what is going to no doubt be a period of high growth and , in due course, a much higher share price

A much better option than paying a high dividend and then following up with a new share issue or debt raising

A very astute management that have a clear understanding of where the company is headed

Well done --- if only all companies were this good !!!!!!

tricha
31-08-2006, 10:57 PM
I totally agree with u on this one Whiteheron - "A very astute management that have a clear understanding of where the company is headed"
But I agree with Sec on the dividend, Bloody miserable. Especially with this 1st quarters huge profit, which should pay for all near future developement.
However, I think something else is in the wind ..............

Who's dumping Mincor - MIR Investments, made their $ and ran, did hold 15.1 million shares, from what I am reading from Mincors top 20, just updated, MIR do not exist any more. Good ridance [xx(][xx(][xx(]
But unlike AMP at least they took a profit.:D

So with this considatation looking complete, upside from here on in.

Cheers not so [B)][}:)]

xman
04-09-2006, 09:56 PM
one of the directors has just sold more than 1m shares.not a good sign.

tricha
05-09-2006, 11:20 PM
Excellent recovery going ex dividend - ex dividend date 3c 04/09/2006 record date 08/09/2006 payable 06/10/2006 100% Final 3C FRANKED 30%

Shares are quoted ‘ex dividend’ on the fourth business day before the company's Record Date. To be entitled to a dividend a shareholder must have purchased shares before the ex dividend date. The share price may fall on the ex dividend date, with the fall in price being related to the amount of dividend being paid, on the basis that the buyer will not, in the ordinary course of events, receive the dividend because they will not be registered by the Record Date.

Got MIR totally wrong, re - do not exist anymore, they must be Westpac on the top 20 list[?] Sold some and then a little while later, bought back, interesting.[:o)]


Top 20 Shareholders
As at 1 September 2006

Shareholder
Shareholding
% Issued Capital

Westpac Custodian Nominees Limited
17,191,657
8.83

National Nominees Limited
13,784,699
7.08

ANZ Nominees Limited
10,353,619
5.32

JP Morgan Nominees Australia Limited
6,308,065
3.24

Citicorp Nominees Pty Limited
5,906,259
3.03

Cogent Nominees Pty Limited
4,867,101
2.50

David C Moore
4,500,000
2.31

HSBC Custody Nominees (Australia) Limited-Gsi Ecsa
4,099,477
2.11

John W Gardner & Janet L Gardner
3,000,000
1.54

Anthony H Shields
1,900,000
0.98

HSBC Custody Nominees (Australia) Limited
1,836,578
0.94

Merrill Lynch (Australia) Nominees Pty Ltd
1,687,844
0.87

Citicorp Nominees Pty Limited
1,442,182
0.74

Anthony H Shields & Amanda C Nayton
1,300,000
0.67

CS Fourth Nominees Pty Ltd
1,259,134
0.65

Ravex Pty Ltd
1,210,000
0.62

John W Gardner
1,150,000
0.59

Robert E Macmillan & Ruth D Macmillan
1,111,000
0.57

Daphne G Balaam
952,588
0.49

Peter T Blackwell & Daphne C Blackwell
800,000
0.41

Total
84,660,203
43.49

Current shareprice: ACN 072 745 692

robbo
06-09-2006, 12:29 PM
Mincor (MCR)

Yes indeed. Agree Tricha.

See another 25-30% from about these (MCR) prices over the next 3-5 weeks.

Regards,

Robbo :)

SEC
07-09-2006, 09:32 PM
Ex dividend, director selling and nickel prices soft. Yet MCR surges by 10%. The market is truly bizarre at times.

SEC

tricha
07-09-2006, 10:04 PM
Robbo did point it out Sec "See another 25-30% from about these (MCR) prices over the next 3-5 weeks"


How bizarre!

Someone must have also worked out, that they are far to cheap, done their numbers on this quarter, bingo, 3 million turned over today and they hogged into them at the start and again at the close of trading.

Mincor has so many things going for them its getting hard to name ( except the dividend, but I foregive them)

You didn't go cold turkey and sell them did you Sec [?][?]

Cheers not quite so [B)][}:)]

tricha
07-09-2006, 10:19 PM
And you thought the last quarter was good, what will you make of this quarter [?][?][?]

The June quarter alone the business spun off a cash surplus of A$30 million

Minews Story Story Date: August 31, 2006

Mincor On A Roll And Diversifying Away From Nickel

By Our Man In Oz

In his darker moments, when thinking about past mistakes, former WMC Resources boss, Hugh Morgan, must seriously question why he authorised the closure of the once great company’s many nickel mines which dot the landscape around Kambalda in central Western Australia. True, nickel prices were low through much of the 1990s, and equally true, the mines are small and chew up manpower and management time. But, the point which is being driven home today by their new owners is that they are rich, and in the mining world there is a saying which will never go away: “grade is king”. That point is being underlined, highlighted, and printed in bold capitals every day during the current nickel boom by a small Australian miner called Mincor. As well as the small, but rich, nickel mines, Mincor “stole” WMC’s old title and calls itself “the Kambalda nickel company”. The latest plan is to use the mines, which put nickel and WMC on the Australian map way back in 1966, as a lever to grow into new mines, and new metals, and potentially emerge as a diversified miner of global significance.

Largely overlooked by investors for five years after its late 2000 participation in the purchase of Miitel, the first of the WMC mines to be sold, Mincor is finally on a roll. Over the past six months, as the nickel price has soared, and production expanded, Mincor’s share price has blossomed. From a lacklustre A65 cents as recently as March, the stock has traded up to A$1.33 recently, a price which capitalises Mincor at A$258 million. It might go a lot higher if results from its latest discovery bear fruit, and the market starts to recognise the shift in management focus from being a pure nickel business into one with a range of emerging interests, including gold, copper and tungsten.

“We’ve developed a lot of operating skills as a business,” said Mincor chief executive, David Moore, when Minesite caught up with him in his Perth office. “We think we can take those skills and apply them to new projects. The immediate focus will remain nickel, but our other projects look very promising.” Not mentioned by Moore is another factor in the rise-and-rise of Mincor - cash. First is the cash from the spectacular price of nickel. In the June quarter alone the business spun off a cash surplus of A$30 million from the production of 3,800 tonnes of nickel in concentrate. Second is the “forgotten” cash in the form of a handsome windfall gain of A$15.69 million from the transfer of options in Tethyan Copper to its new owner, the London-listed, Chilean-based, Antofagasta copper group.

Mincor’s nickel output, which totalled 13,500 tonnes in the financial year which ended on June 30, generated record gross revenue of A$175 million. Yesterday Moore followed this up by announcing the financial results in which the company had delivered its fourth straight year of strong earnings growth with a 45 per cent increase in net profit after tax to a record A$29.3 million. The strong earnings performance enabled the company to declare an increased final fully franked dividend of 3 cents per share – lifting its full-year payout to shareholders by 67 per cent to 5 cents. This was roughly in line with the target set by RBC Capital Markets, but its analysts expressed some worries about the future for the nickel price and Mincor’s costs. What they missed, however, because it was a post-report event, was the latest round of exploration discovery at the Carnilya Hill mine. Just over a week ago Mincor reported an assay of 4.12 % nickel from an intersection of 5.68 metres, some 430 metres

robbo
08-09-2006, 10:55 AM
Mincor (MCR)

Hi Sec & Tricks,

Do know that ABN Amro corporate is supporting as well as quite a bit of other Fund Money...

Theory is that Jubilee (JBM) and Minara(MRE) cannot be priced up forever, and as you very nicely point correctly out Tricha; Mincor(MCR).... is on many a view; (including mine) massively under valued...

But whatever; you and I reckon about (MCR) -- mid cap Mining Plays---- are all about; From Where cometh from ---- The-- "Weight of the Big Money" ?? [?]....

And so the above hypothesis rests on that central key question....

ie: Will the Big Insto Money support a consistent level of re rate on credit and suport for the MCR story; compared to the relatively subdued lack of supoport demonstrated in the recent previous historical support for Mincor (MCR) .

Obviously we also need to keep a "half weather eye"-- :)-- on the Spot Global Nickel Price; in the context of all of this too ...;):)

Kindest Regards gals & guys ,

Robbo :)

SEC
10-09-2006, 11:11 PM
quote:Originally posted by tricha

You didn't go cold turkey and sell them did you Sec [?][?]


Sh-i-t no! Not while there's increasing insto interest in all things nickel. MCR IGO MRE JBM etc all at long term highs in the past few days with more to come due to the raised awareness.

SEC

tricha
11-09-2006, 10:17 PM
Sec - Great to see you maitain a hold.

Spot on DavidRob - "Obviously we also need to keep a "half weather eye"-- -- on the Spot Global Nickel Price; in the context of all of this too ..."

In my view, even if nickel goes down $10,000 OZ, it's still going to be a awesome result.
This quarter with 2 weeks to run will be spectacular [:p]

(ASX: MCR)
Outperform
Above Average Risk
Upgraded to Outperform & AS2.20 target on Booming Nickel Price


Geoff Breen (Analyst) (612)9033-3022 email geoff.breen@rbccm.com
David Haddad (Associate)
(612)9033-3071 email david.haddad@rbccm.com Event
We have upgraded our rating on Mincor to Outperform following substantial increases in RBC's forecast nickel price, particularly CY07, which rose 33% to US$10.00/lb. We increase our forecast FY07 profit by 72% to A$64m and 86% to A$50m in FY08 as a result of the nickel price changes. Our target is increased from A$l .40 to AS2.20.
Investment Opinion
• RBC's upgraded metal price forecasts were most positive for nickel with CY07 increased from US$7.50/lb to US$10.00/lb. Our CY08 forecast has risen 9% to US$6.00/lb and CY08 25% to US$5.00/lb, We believe nickel has the strongest fundamentals of all the base metals and companies such as Mincor will continue to derive significant benefit from this strength. Mincer's shares have doubled over the past 6 months and the outlook remains very positive. It is trading on an FY07 PER of 4x and 5x the following year.
• The effect of the high nickel price was evident in Mincor's recent FY06 profit of A$29.3m, up 45%. Cash on hand more than doubled to A$45m and a final dividend of 30 brought the year total to 50. We are retaining a conservative outlook on future dividend payments pending more information on developments such as Carnilya Hill.
• The average FY06 spot nickel price was US$7.03/lb and our FY07 forecast average of US$1 1 .66/lb results in profit of A$64m, a 72% increase. Moreover, we forecast FY08 profit of A$50m, up 86% on our pre-upgrade estimate. We reiterate that sustained nickel prices are highly earnings positive for Mincor.
• We have left our forecast FY07 production at 13.5kt, at the top end of company guidance. Mincor is actively pursuing a number of exploration and development opportunities and thus has scope to expand operations. In particular, Camilya Hill is returning good drill results and we view this prospect as the company's next mine development.
• Valuation: Our increased price target of AS2.20 (A$l .40) uses an unchanged mix of FY07E P/E of 7x and a P/CF multiple of 5x but higher forecast nickel prices provide a strong lift to our estimated earnings and cash flow. Likewise, our NPV has increased 44% to A$ 1 .26 from A$0.86 because our much higher forecast nickel price has a very strong effect on earnings over the next three years. Consequently, we increase our Sector Perform rating to Outperform.

tricha
20-09-2006, 02:36 PM
Good to see a little bit of interest today on Mincor, in this, another bad day for resource stocks.

Of interest is Mr Moore's recent comment, "every $1 US increase in nickel is worth another $16 million to us"

He didn't exactly define the bottom point, how ever I take it is anything above last years average of $6.75 US ($8.96 OZ)

So by my calculation it's worth roughly $13.00 ilb US, equates to an extra $96 million income to Mincor, above last year.( if this price stays high)

No wonder the latest broker report targets Mincor at $2.20

Mincors worth it's weight in gold!

Cheers not quite so [B)][}:)]

JBmurc
20-09-2006, 09:16 PM
Looking forward to the upcoming quarter ;) should light the SP up
may even sell some at $2 300% profit;)

tricha
25-09-2006, 11:51 PM
No JBmurc, your target is getting bigger every day, $3.00 sounds more like it.

We knew Carnilya was going to be big. It's getting closer to massive! [:p]
Talked to a mate of mine, where we worked at a nickel mine from Kalgoorlie today, Sounds like a big find at Carnilya Hill, that's what the rumour mill has it from a step out hole drilled 800 metres from last strike.Yeah, the city is abuzz with it.
They are talking about Carnilya Hill being a major new nickel play! Far better than anything Mincor already have.

And if you read Mincors latest brief, Mr Moore said mine start up will be low cost, very stable rock structure and relatively simple. (decline and equipment in place, mine under care and maintenance)

So from wow to go, expect very short time span![:p]

Cheers [B)][}:)]

SEC
27-09-2006, 11:18 PM
Looks like another breakout coming, next target $1.50.

Brokers have updated forecasts recently and increased 07 eps to 30c (based on Ni prices well below the average of the past 3 months), so at $1.50 MCR will only be trading on a PE of 5.

SEC

JBmurc
28-09-2006, 01:12 PM
shouldn't take long to reach 1.50;) September 6, 2006
Mincor Resources NL
(ASX: MCR)
Outperform
Above Average Risk
Upgraded to Outperform & A$2.20 target on Booming
Nickel Price
Event
We have upgraded our rating on Mincor to Outperform following
substantial increases in RBC’s forecast nickel price, particularly CY07, which
rose 33% to US$10.00/lb. We increase our forecast FY07 profit by 72% to
A$64m and 86% to A$50m in FY08 as a result of the nickel price changes.
Our target is increased from A$1.40 to A$2.20.

tricha
04-10-2006, 10:20 PM
Count down JBmurc and Sec!

Nickels price still up there, stocks declining when historically should be climbing and 1st quarter now finished.

Boomer result now coming in another 3 weeks. Nothing can change that!

Today the resistance line of $1.40 reached, with 1.4 million shares traded.

Will the market prempt the quarter result, or will it take off[?][?]

Hmm, better than any gold or oil at the moment.

Cheers not quite so [B)][}:)]

JBmurc
05-10-2006, 08:54 AM
should keep uptrending from here IMHO see there was a 250,000ord trade at 1.40 at yesterdays close should blow through 1.40 today as the big boys getting serious Now;) $2 soon

tricha
07-10-2006, 12:08 AM
Carnilya Hill must be a go now, with mineral extended 550 metre ( big problems getting drillers, slowing down results.)

Apparently big plus is the down dip is relatively shallow, cheap to mine[:p]

Hopefully the seller at $1.42 will be taken out soon and the price will resume its northly direction to $2.20 sooner than later.

Has this quarters profit been pre-empted or it is going to be a pleasant surprise [?][?]

JBmurc
11-10-2006, 03:00 PM
they can have my shares for $2.50;)

Mincor's Reeve Says Nickel Miner Is Open to Takeover Offers

By Catherine Yang and Tan Hwee Ann

Oct. 11 (Bloomberg) -- Mincor Resources NL, Australia's fourth-largest nickel producer by mine output, said it's open to takeover offers as mining companies worldwide search for more resources to meet surging Chinese demand.

The company hasn't been approached and is focused on exploration to increase resources, Jim Reeve, chief operating officer of Mincor, said in an interview in Sydney.

``Everything is for sale at the right price that gives our shareholders the maximum return,'' said Reeve. An offer ``would have to be a fair way north of the existing share price because we believe we're undervalued and there is a lot more potential in our mines,'' he said.

Prices of nickel, used in batteries and to rust proof steel, have more than doubled this year, reaching the highest in at least 19 years this month as demand exceed supply. Inventories have slumped 89 percent this year amid soaring demand from Chinese steelmakers.

Shares of Mincor have more than doubled this year, compared with a 10 percent rise in the benchmark S&P/ASX Index. Mincor closed at A$1.40 Oct. 10.

To contact the reporter on this story: Tan Hwee Ann in Melbourne at hatan@bloomberg.net
Last Updated: October 10, 2006 19:23 EDT

wns
11-10-2006, 06:44 PM
JBmurc,

We should have the quarterly around the end of this month.

I wouldn’t be surprised if MCR make npat in the vicinity of $20m for the quarter on revenue around $70-80m.
If they keep that up all year then $80m npat with 195m shares on issue is EPS of $0.41 for the year.

$2.50 would be just 6.1 x earnings & therefore a bargain for the buyer. I think the SP could be over $3 in a year from now if the Nickel price holds up.

BTW did you sell your investment property yet? I will probably sell one of ours fairly soon and pay off our home loan in full. That’ll be nice!

JBmurc
11-10-2006, 08:14 PM
-paid 66c for MCR only so at 2.64 I,ll have a 400% profit ;)
you make a good point a future P/E of 6 is very low when you look at extra potention of MCR outside Nickel.
Might have to hold to the 500% profit of 3.30 sp


No haven't sold my investment property yet but am confident it'll
sell this summer absolute bargin at the current price.;)

tricha
14-10-2006, 01:00 AM
Got your Mincor yet, 2 weeks till zoom day!

Upside - Carnilya Hill $1.00

- Gascoyne Tungsten Propspect $1.00

- Tottenham Copper Prospect $1.00

- Widgemooltha Gold $1.00

- Lake Cowan Gold $1.00

- Bonaparte Lead and Zinc Prospect $1.00

The next raging bull.;)

Bobbyvee
14-10-2006, 08:50 AM
Tricha, congratulations on your dogged support of MCR - how right you have been. More fool me, sold in frustration at 75c - but back in now.
I am wondering what you think of View Resources (VRE) which has no coverage on Sharetrader yet hold 30% of Carnilya Hill with MCR doing all the work. At 20c they seem good value if Carnilya Hill lives up to expectations.

Cheers
BobbyVee

tricha
14-10-2006, 04:05 PM
BobbyVee

View Resources (VRE) which has no coverage on Sharetrader yet hold 30% of Carnilya Hill with MCR doing all the work. At 20c they seem good value if Carnilya Hill lives up to expectations.

I looked into this one as a short term gamble recently.

They were mining Carnilya and couldn't make any money from it [?][?]

They are into, getting their Bronzewing gold mine going, grams per ton poor and their cash flow low.

Suspect Mincor will give them cash to take out their 30% which will be needed for their gold operation.
So View could bounce on a cash injection, but its not my cup of tea.

Cheers [B)][}:)]

Bobbyvee
14-10-2006, 05:50 PM
You may be right, however the following VRE announcement when MCR first became involved in Carnilya suggests a JV will be formed to develop the asset.
"Terms of Agreement are as follows:
#56256;#56451; Mincor will pay View $150k cash;
#56256;#56451; Mincor will spend $850k on exploration at the Carnilya Hill Project in year one (no equity earned);
#56256;#56451; In order to earn 70% equity, Mincor will spend an additional $1.5m over the next two years; and
#56256;#56451; After all exploration expenditure commitments are made View and Mincor will form a 30/70 Joint Venture to further develop the asset.
This Agreement will have the following benefits:
#56256;#56451; The Agreement will allow View to obtain 100% benefit from its current mine development and the Zone29 East extension;
#56256;#56451; View will obtain significant benefits from any Mincor discovery without investing any further financial or managerial resources in project exploration;
#56256;#56451; The Farm In will introduce a quality partner who will invest a considerable amount of money to fully test the potential of the Carnilya Hill Project; and
#56256;#56451; View will be able to focus all of its resources to bring the Bronzewing project to production and therefore become a significant long term gold producer."

BobbyVee

tricha
14-10-2006, 06:02 PM
#56256;#56451; View will obtain significant benefits from any Mincor discovery without investing any further financial or managerial resources in project exploration;

Thats right no more money required for project exploration, but where are View going to get a share of the 30 million needed to develope the mine.
Mincor have the cash in the bank.

Mincor have top rated management who are very astute.( just look at the TYC deal)
Views management are [?]

View could be a worthy short term gamble, but like I say it' not my cuppa. I'm sticking to BRW as my very good gamble, excellent articule in the latest Resourcestocks Mag about them.

Cheers [B)][}:)]

Bobbyvee
14-10-2006, 08:22 PM
Thanks for you thoughts on View, Tricha. Point taken - there cash position is nothing to write home about. They would have to embark on considerable fund raising to meet full development cost share.

Mothman
15-10-2006, 12:45 PM
Hi Tricha and all, I have been investing in nickel stocks for a few years now and like the returns that have been achieved with a few lessons along the way.

Bought into IGO at $1.10 and sold at $2.00 : Lesson learned there!

Fortunately had some MCR at 71c and bought more at 78c with IGO proceeds. Sold out of MCR at $1.29 for a good profit.

I have bought back half my original holding in MCR (at $1.43) as I watch the price of Nickel go increasingly higher (and of course the stocks getting lower)

My initial target is $1.80, unless someone takes them out first!

Its a shame half their production is hedged at lower than curent prices but I like David Moore's confidence in spending CAPEX to improve mine life and develop new mines - long may the nickel bull run continue :)

Do you know when the quarters results are due?

tricha
15-10-2006, 01:49 PM
Quarter due end of month Mothman.

Its a shame half their production is hedged at lower than curent prices but I like David Moore's confidence in spending CAPEX to improve mine life and develop new mines - long may the nickel bull run continue

You are right about having the hedging, but it is now 25% till end Dec and reduces to 20% next 6 months. Still bad though, but the thing about nickel through history is no one can predict the price.

Lets hope they produce 3,500 tons this month.

Cheers [B)][}:)]

SEC
15-10-2006, 04:16 PM
quote:Originally posted by JBmurc


-paid 66c for MCR only so at 2.64 I,ll have a 400% profit ;)


Weird - I bought MCR at around the same price yet I'll only have a 300% profit should it get to $2.64. You're not an accountant of property spruiker are you:D

Analyst expectations for FY07 eps is now 38cps so you're not far off the mark WNS.

SEC

JBmurc
15-10-2006, 05:17 PM
paid 66c for MCR only so at 2.64 I,ll have a 400% profit

Make that 3.30 [:p];)

whiteheron
15-10-2006, 09:36 PM
Tricky things these percentages

eg
an increase from 100 to 200 is a 100% increase (double the original cost)

an increase from 100 to 300 is a 200% increase(not 300%)
The INCREASE is 200, the DIFFERENCE between 100 and 300)

whiteheron
16-10-2006, 10:00 AM
If you want more info on percentages go to Google and type in
percentage increase calculation
you will get more examples than you can poke a stick at

sparrow
16-10-2006, 12:33 PM
already hit $1.65 this morning, now at $1.60, with sellers scarce as hens'teeth
:):)

sparrow
16-10-2006, 05:01 PM
make that $1.74

wns
16-10-2006, 05:05 PM
Whoooshka!!!!! Thar she blows!!!!

Up to $1.745 (up 23.5c for the day) at time of writing.

There was an investor update out today.

Estimate of 3,600t this quarter (x 4 = 14,400t for the year if they keep up that rate of production).

pago
16-10-2006, 05:12 PM
hi ,mcr having a good run,$1.72,up 13.9%,spurred on by the investor presentation.what is fair value for mcr hangs on the price of nickel and the other minerals mcr is exploring.in the background is possibly a takeover offer which mcr acknowledges may occur but hasnt.i cannot see a reason to sell,cheers pago.

JBmurc
16-10-2006, 06:32 PM
-Great close at 1.75 depth looks very bullish should be over $2 very soon;)

SEC
16-10-2006, 11:32 PM
quote:Originally posted by JBmurc

paid 66c for MCR only so at 2.64 I,ll have a 400% profit


Wow, MCR up 115.9% today:D;)[:o)][:p][^]

wns
17-10-2006, 12:01 AM
What's everyone's estimates of profit for the September qtr?

I'm tipping about $20m npat on revenue of about $80m.

(that's net profit margin of 125%!!!! ;):D)

tricha
17-10-2006, 01:04 AM
From Pago - is possibly a takeover offer which mcr acknowledges may occur but hasnt.i cannot see a reason to sell,cheers pago.

Looks like Mr Moore has gone into damage control, needs the price up to stop a takeover.
Because at the price it was, it was coming. And with the amount of shares Mr Moore has, I can't see him letting anyone having her cheap.
When the sky is the limit.

Carnilya Hill is a company maker, just look at the the big picture.
Mr Moores no fool.

Cheers and what a day! [B)][}:)]

edison
17-10-2006, 08:36 AM
The market has been doing so well I think could be another correction coming. So watch out people. Suggest u set tight stop losses.

robbo
17-10-2006, 10:33 AM
Mincor (MCR)

Hi guys,

The T/Over theory 'could indeed, be a bit of the price surge imperative'.... But methinks also that, 'the hedge funds' and the 'metals money' -- NEEDED a new Minara (MRE),to direct thier Energys and CASH-- especially with Jublilee(JBM) perhaps looking a little like, 'needing a spell' as well.....

Talking to some Non-- Retail 'desks' -- at ABN Ammro and J.B. Weirs--that seemed, 'to be the feeling'......

The second part of it: is as you know; is that their is also..... one large 'body of opinion' that basically MCR is highly under-rated and intrinsically under-valued... as simple as that....


And maybe that 'pro- MCR'--- 'body of opinion' is now getting taken up by the 'desks' concerned who drive the larger money flows. ....

..... Although of course their are varying; 'length of mining life views' and 'grade' --- divergences of opinion--re MCR-- out there etc, etc......[?]

Certainly I agrred that (MCR) need a up-grade-- and it will be interesting to see how far MCR will now run....

One more final footnote-- that may be relevant.??--

I found the enormous 'run' (over last 8 mths) of Minara (MRE) interesting---....

(1)And then the pullback--

(2) *** But here, imo, is 'the kicker' [:0];)-- How long/short a period .... was the pull back ?[?],

(3) how much was the retreat, for (MRE). ...?[?],

(4) What did (MRE) go, 'back to... and beyond...'-- shortly thereafter ...[?]--[^];)

Could be imo --- some 'possible parallels'.... with MCR-- --without wanting to make a exact comparo with (MRE)... :)[?]

Kindest Regards,

Robbo :)

JBmurc
17-10-2006, 12:34 PM
MCR -Mining Company Rocketship-----MCR 1.95

up $9,000 profit in couple days thanks to MCR;)(20,000aud 2weeks)

up 200% now from a 9month hold

tricha
18-10-2006, 12:06 AM
Got your Mincor yet, 2 weeks till zoom day! Did I get that wrong! [:p]

Mr Moore let the cat out of the bag, but it wasn't a cat, it was a lion and it roared.:)

To Mr DavidRob - this is one difference between Minara and Mincor.

Upside - Carnilya Hill $1.00 + From good information, Carnilya Hill has the potential to equal all 4 existing Mincor mines. BHP and WMC mined it jointly and they couldn't agree on how to operate it properly. It is a jewel in Mincors crown, says my mate in Kal, grades are great and they have width and it was very poorly mined in the past.

- Gascoyne Tungsten Propspect $1.00

- Tottenham Copper Prospect $1.00

- Widgemooltha Gold $1.00

- Lake Cowan Gold $1.00

- Bonaparte Lead and Zinc Prospect $1.00

The next raging bull.



Wrote Mr David Rob - .... Although of course their are varying; 'length of mining life views' and 'grade' --- divergences of opinion--re MCR-- out there etc, etc......

Sorry David you must be reading from a different book from me, The Mincor Bible, right in front of me shows that all their existing mines, ore bodies are open in all directions.
Hint - Resource 75,831 tons amd Reserves 44,695 tons.
Just bugs me where people get this misconception from.

The cost of drilling just to quantify resources is huge, its much cheaper to drill horizontal than vertical when at depth. So you dig out the dirt and then drill a few more horiziontal holes.

Minara - is a high pressure acid leach operation, very risky, one blow up and it could wipe out Minara.
They have tubes like a sub, but much bigger, 500 psi pressure, 180 degrees C and full of Sulphuric Acid. 3 things in one that can kill you. I worked at a site like it, it scared the hell out of me.

Cheers [B)][}:)]

robbo
18-10-2006, 06:35 PM
Mincor (MCR)

Up yet 'another' 5.63% again today-- real low hanging easy fruit this one...hey what... [:p]

Hi Tricha,

Actually; I agree with you--- what my quoted words by your good self were trying to convey; [?].....was that for 'some reason'--- ?? [?]-- (and I just really tried to paraphrase, the misapprehension / ... & disinformation perhaps--??)-- Mincor (MCR) --was not getting the Jubilee (JBM), IGO and MRE --style of 'weighting from the local and overseas 'metal money' funds' which make up ---the 'weight of Money' --that was supporting quality Nickel Stocks -- like Mincor...(MCR) --[}:)];)

Until, as You Know Tricha-- until.... late Feb/early March.... of this year.... yet the other Nickel Stocks; had received greater support much ---MUCH---- earlier than that....

Let me be clear Tricha;: I agree with you wholehartedly on the Mincor stroy--and agree with the actuality and tone of your excellent posts on this great thread-- [^][^][^]-- and I invest in; and like Mincor-- MCR very much... [^]:)

Anyway, Tricha, obviously everything; ought to auger well for MCR over the months ahead; -- which is excellent....:)

Kindest Regards,

Robbo :)

tricha
19-10-2006, 12:05 AM
Hi Robbo

Thanks for the very descriptive and nice reply!

.................................................. ...............
Another great day for Mincor today, must be due for a correction, which will clean out any weakness.

Mr Moore has never been the one to grab the limelight, which has it good and bad points depending how you look at it. For the long term its got to be great, a extremely stable company not based on hot air and bull.
Just facts! I rate Mr Moore as one of the best CEO's around, based on his background, how he handled TYC, how Mincor preforms and the outlook for the future.( I was disappointed with the dividend, but I'm well over that now)

And the facts will speak for themselves. One by one the ducks are being lined up.

Cheers [B)][}:)]

tricha
20-10-2006, 02:30 AM
Post it WNS post it!

We are running out of nickel, close to $46,000 OZ a ton tonight, last year around $16,000, a slight difference might I say. ;)

Example - Mincor 3600 tons for the quarter x $40,000 a ton average = turnover of ...................., dam calculator not up to it!

Try 14,000 tons for a year, ouch!

Bring it on, [B)][}:)]

SEC
20-10-2006, 10:02 AM
quote:Originally posted by tricha


We are running out of nickel, close to $46,000 OZ a ton tonight, last year around $16,000, a slight difference might I say. ;)

Example - Mincor 3600 tons for the quarter x $40,000 a ton average = turnover of ...................., dam calculator not up to it!


Think you're getting a bit too excited there:D, only get approx 65% of spot Ni price from BHP, 30% hedged at $19K/tonne....

wns
20-10-2006, 10:39 AM
Here's how I'm working out my estimate of revenue and npat for the qtr we're in...

Looking at lme nickel price, it has average about $US 28,000/t during the quarter.

Let's say average USD / AUD conversion is about $0.74 during the qtr (this will be a fairly close estimate), and MCR selling about 70% of their production at about 65% of the lme price, and the other 30% at $AUD19,000/t.

MCR estimating production of 3,600t this qtr.

That's...

($US 28,000 / 0.74) * 0.65 x (3600 * 0.7)t = $AUD 62,000,000(revenue from unhedged sales)
+
$19,000 * (3600 * 0.3)t = $20,520,000 (revenue from hedged sales)

Estimated total revenue for the September quarter = $82,500,000.

x 4 -&gt; approx $320m revenue for the year (IF the nickel prices averages $US 28,000/t for the year).

Last year, expenses were approx (give or take a bit) $133m.

They are mining about the same qty of nickel this year, but let's say expenses still go up 20% compared to last year -&gt; giving expenses of about $160m.

$320m revenue - $160m expenses = $160m net profit before tax

x 0.7 = $112m npat.

195m shares on issue... -&gt; eps of 112m / 195m = 57c.

Let's say PE of 8 -&gt; share price $4.56.

Share price closed at $1.80 yesterday.

Why would anyone be selling right now?

So what if the nickel price went down 4% the other day, MCR is going to make a big profit, and so will those who continue to hold.

djones
20-10-2006, 11:18 AM
So everyone on this thread rate this stock a buy at the 175-185 sp range?

JBmurc
20-10-2006, 11:38 AM
Yes its still great buying IMHO

thanks to wns-Let's say PE of 8 -&gt; share price $4.56.
Share price closed at $1.80 yesterday.

So on current future production- $3.50-$4.50


Then from tricha- Gascoyne Tungsten Propspect $1.00

- Tottenham Copper Prospect $1.00

- Widgemooltha Gold $1.00

- Lake Cowan Gold $1.00

- Bonaparte Lead and Zinc Prospect $1.00

--Its a no brainer when you add up the numbers provided;)

--1.80---2.50---3.50---4.50---$6-$8 --2008[?]

JBMURC-Will be looking at buying a long CFD in MCR today

tricha
20-10-2006, 11:35 PM
Oh, I'm getting excited Sec.

Nickel at $45,000 a ton OZ, was about $16,000 this time last year.

Mincors hedging down to 25% and 20% after 1st Jan 2007.

Carnilya Hill to be a company maker and many projects to come. Mr Moore is extremely excited about Carnilya and rightly so, absolutely huge high grade good width nickel and mining structure in place.

Whats not to be excited about, had Mincor since 42 cents, dividends, free shares in TYC and now $1.90
Watched AMP dump shares and kill the price, not once, but twice. thanks again AMP for some cheap shares a year ago;)

Management and staff make a great company and they have it and what it takes!

Read all about it next week [:p] and probably every few weeks after that.

Cheers [B)][}:)]

edison
20-10-2006, 11:55 PM
Tricha,

Yes MCR does look good .... Having been in and out since it was 1.40s last week ...... now going long on my CFD with it. Will probably add more long CFD positions next week. Cannot wait for Carnilya Hill results.

sparrow
23-10-2006, 01:53 PM
Just opened the bubbly. Congrats to all the loyal followers on MINCOR hitting $2 !!

In the MCR thread in 2003 I predicted it would hit $2, just didn't dream it would take this long.

But once it moved, it did so at dazzling speed!!

whiteheron
23-10-2006, 02:10 PM
It wasnt long ago that there was excitement at MCR hitting $1

Maybe in another year or two it will double again !!!!

A great company in all respects

SEC
23-10-2006, 09:35 PM
quote:Originally posted by sparrow

Just opened the bubbly. Congrats to all the loyal followers on MINCOR hitting $2 !!

In the MCR thread in 2003 I predicted it would hit $2, just didn't dream it would take this long.

But once it moved, it did so at dazzling speed!!




Can all those who bought MCR a few months ago when it was about 65c and now sitting on 200+% profit please charge your glasses and be upstanding.

"A TOAST.... TO AMP!!!!!"

CHEERS ALL!

SEC

David Hardman
30-10-2006, 12:59 PM
Quarterly Out

Strong quarterly production of 3,612 tonnes nickel in
concentrate
• Record quarterly operating surplus of $38 million
• Current cash and receivables net of creditors and
accruals stand at $69 million; Mincor has no debt
• Development decision taken on South Miitel – a major
new expansion of the Miitel Nickel Mine
• Successful transition to owner-mining at Redross
• Ore Reserve statement underlines outstanding record of
reserve replacement, while mineral resources stand at
an all-time high
• Record profits, cashflows and dividends announced for
financial year 2005/6
• Continued exploration success at Carnilya Hill and
elsewhere – Mincor raises exploration budget from $8
million to $12 million for the current financial year.

JBmurc
30-10-2006, 01:33 PM
Total Change
from Base
%38.36 05/08/06 looking good to make another 100% portfilo profit
by 05/08/07

Thanks to MCR(2nd largest holding)as with AGM will be holding till at least late 07 and will buy more when funds become av.;)

leonchai
30-10-2006, 02:04 PM
29 million in profits after tax this quarter equates to and EPS of 0.58 for the year...meaning that the PE is only 3.2

Assuming of course that the price of nickel is sustained at current levels...

IMO one of the better nickel plays at the moment...

wns
30-10-2006, 09:50 PM
quote:Originally posted by leonchai

29 million in profits after tax this quarter equates to and EPS of 0.58 for the year...meaning that the PE is only 3.2

Assuming of course that the price of nickel is sustained at current levels...

IMO one of the better nickel plays at the moment...


leonchai,

Where did you get the $29m npat figure for the qtr?

It refers on the second last page of the quarterly to their $29.3m npat for last financial year. You're not mixing up qtrly profit with last year's full year profit figure are you?? Mind you, I wouldn't be surprised if your EPS figure of $0.58 ends up being fairly accurate, perhaps a bit on the high side.


MCR's estimate of revenue for the qtr is $70.65m which is 40% of last year's revenue figure.

FY06

Revenue $174.59m
Operating surplus $69.28m
Capital & development costs $28.23m

Operating surplus - capital & dev costs = $41m

npat was $29.3m (includes a few million from the Tethyan options)

FY07 - Q1

Revenue $70.65m (company estimate)
Operating surplus $38.25m
Capital & development costs $3.76m

Operating surplus - capital & dev costs = $34.5m (compare to the figure of $41m for the whole of last year - except this is just the first qtr!!!!)

Gives us an idea of what the result will be for the whole of FY07!

Cash price for nickel on the LME averaged about $US 29k / tonne for the Sept qtr. We're a month into the second qtr and so far its averaged out at about $US 32k / tonne. ie. so far we're on track for another qtr that will be the same or better than the last one.

Thanks AMP for the cheap shares!! (what else are they selling?)

tricha
30-10-2006, 10:18 PM
Yes its a ripper everyone!

With 69 million in the bank ( cash and receivables), puts them ahead of IGO now in that stake.
When the fundmanagers digest these results, we should see the selling stop.

But the big story is the future - Carnilya Hill, take a good hard look at the orebody, not far from the existing decline, the plunge is leveling of and is truely awesome.
View Resources must be run by a bunch of ..........., but hey, I'm not complaining.

Then we will have the next chapter in this exciting story ...........

Or may be many more chapters ..........

Its all great, cheers [B)][}:)]

tricha
30-10-2006, 10:55 PM
Nickel price comes home to roost at solid Mincor

Paul Garvey
Monday, 30 October 2006

CONTINUED steady production from its suite of Western Australian mines and a booming nickel price has delivered a record quarterly operating surplus for West Perth-based Mincor Resources, with the company pocketing $38 million for the three months to September 30.



David Moore


Mincor managing director David Moore (left) at the Mariners Portal.


Undergound drilling at Mincor's Miitel mine.


The Redross open pit near Kambalda in Western Australia.

The company's suite of mines yielded 3612 tonnes of nickel for the period, just short of the record 3799.9t produced in the June quarter.

While direct costs per tonne of ore fell at its Miitel, Mariners and Redross operations, total cash costs per pound of nickel increased from $5.07 in June to $5.78 due to the "generally lower grades" mined for the quarter.

The $38 million operating surplus takes Mincor's net working capital position of $69.22 million. The company is currently in the process of spending $12 million on exploration over the 2007 financial year.

Much of that commitment will go towards continued drilling at the company's Carnilya Hill discovery, which Mincor says had the potential to replicate the original high-grade Carnilya Hill ore body down plunge.
During the quarter, Mincor erased just under 270t of its hedge position, with the remaining facility of 4544t nickel hedged at an average price of $19,725/t, or 26% of the company's budgeted production out to December 2008. At the end of the June quarter, the hedge position represented 33% of forecast production.

Shares in Mincor, which have appreciated almost 30% in the past month on the back of a soaring nickel price, closed marginally lower (0.3%) to $1.815 today.

Click here to read the rest of today's news stories.

tricha
31-10-2006, 10:54 PM
Could Mincor have $100 million in the bank and receivables by 1st January [?]

Got a sneaky feeling Views share in Carnilya Hill will be bought out by then! So that might dampen the 100 million.

1 month gone into this quarter with record nickel prices [:p]

Profits will increase this next quarter, if the price stays above $35,000 Oz a ton.

cheers [B)][}:)]

steve fleming
01-11-2006, 09:52 PM
nice up-day for MCR today....RBC Capital ( who have been covering MCR for over 2 years ) updated their MCR price target to $2.30 yesterday, following release of MCR's quartely....interesting to see that last month when RBC updated their target from $1.20 to $2.20, within a couple of weeks MCR increased from $1.26 to $2.00.

sparrow
02-11-2006, 07:13 AM
Bloomberg - Barclays forecast for 2007 nickel prices raised from $9.98/lb to $13.78/lb.

sparrow
02-11-2006, 07:15 AM
The Sydney Morning Herald - Goldman Sachs JBWere analyst reports

"nickel market will continue to tighten at least thru 2008 and for that reason we are prepared to forecast rising annual prices for each of the next few years."

MrDevine
02-11-2006, 08:08 AM
Don't believe those price targets, they're rubbish. Price increased due to instuition buying up a company thats making a lot of money because its being run well.

Does anyone know what MCR's P/E is now after their Q earnings?

MrD

wns
02-11-2006, 11:47 AM
quote:Originally posted by MrDevine

Don't believe those price targets, they're rubbish. Price increased due to instuition buying up a company thats making a lot of money because its being run well.

Does anyone know what MCR's P/E is now after their Q earnings?

MrD


I don't know exactly what their npat was for the qtr just gone, but I'd say the forward PE is currently in the vicinity of 4, possibly 5.

sparrow
02-11-2006, 02:42 PM
quote:Don't believe those price targets, they're rubbish. Price increased due to instuition buying up a company thats making a lot of money because its being run well.

might be a waste of time askimg , but what the he** are you talking about ????

steve fleming
02-11-2006, 02:42 PM
quote:Originally posted by MrDevine

Don't believe those price targets, they're rubbish. Price increased due to instuition buying up a company thats making a lot of money because its being run well.

Does anyone know what MCR's P/E is now after their Q earnings?

MrD


Mr Devine, you may think the price targets are rubbish …. but obviously analysts at the institutions buying into MCR see the same value/upside in MCR as do the analysts at RBC … .wasn’t implying that RBC targets resulted in MCR’s price increasing, just thought it was interesting to see the correlation

Not aware of MCR’s quarterly earnings, but current consensus forecast eps (per Bloomberg) for 2007 for MCR is 39cps….puts it on a PE of exactly 5.


Cheers

MrDevine
03-11-2006, 08:37 AM
I could be a waste of time.

But I hold MCR, and have done since 77c. Brought more at $1.15 and $1.40.

MrD.

tricha
04-11-2006, 09:21 PM
If you think Mincor is expensive now forget it!

The fact Mincor should have been $1.20 a year ago. But because of AMP dumping their 17 million shares onto the market in one hit, not once, but twice they killed Mincor.

Part of an excellent article from Denpal "Base Metals - A Gold Alternative?" (on supercycle)

Turning to nickel, there is a similar situation of a decline in LME stocks leading to a sharp increase in the nickel price - as depicted in the 5 year charts of LME nickel prices and stocks:

There is a current shortage of refined nickel of about 100,000t tons per annum. Despite new production expected over the next few years from Ravensthorpe, Voisey's Bay, Goro and a variety of brownfield expansions, Steve Barrett, the President of the Nickel Institute, in a recent presentation at the Nickel Conference in Perth, indicated that the production shortfall would not only continue, but actually increase, through 2010. The main drivers on the demand side being increased stainless steel capacity installed in China and Korea.

What is the nickel price outlook in these circumstances? Barring a world depression, it seems that nickel will continue to rise in price, possibly for a decade. I have a target price of US$25 per lb during the next year or two, compared with the current price of around $15 per lb.

This forecast price (or even the current price) will do wonders for the earnings of a number of small Australian nickel producers. One of these is Mincor (MCR on the ASX), which is the stock that I have chosen to highlight. Here are a few salient facts about Mincor:

Mincor details.
Issued capital - 195m shares.
Share price (30 Oct 2006) was A$1.80, hence a market capitalisation of A$350m
No debt. Cash on hand at 30 Sept 2006 was A$69m.
Enterprise value thus A$350m-A$69m cash = A$271m.
Mine life is expected to be 7 years but new discoveries seem certain to extend this.
Strong geological exploration team. Many new exploration prospects.
Some hedging (approx 30%) in place to December 2007, but minimal thereafter.
Target production is 15,000 tons nickel in concentrate per annum, (30m lbs).
Payable nickel is 65% of nickel in concentrate, i.e. about 9,750 tons (19.5m lbs).
By-product revenue (copper and cobalt) is running at about A$18m per annum.

The following analysis shows the gearing related to higher nickel prices. Profit estimates are done at nickel prices of US$15 lb (current price); US$10 lb (a 33% reduction) and US$25 lb, which is my expectation for the nickel price in the next year or so:

NB: These figures include corporate overheads but exclude exploration expenses and amortization/depreciation charges.

The point of this exercise is to show that these shares are discounting a return to a nickel price of US$10 per lb. There is no public enthusiasm in the MCR share price, all the blue sky is still available. MCR is not trading at a "bubble" valuation and there is spectacular upside in the stock if my US$25 lb forecast for the nickel price eventuates. In fact, MCR could earn the entire current Enterprise Value of the company in one year with nickel at US$25 per lb.

wns
05-11-2006, 07:41 PM
quote:Originally posted by tricha

[green][size=5][font=Arial Black][i]Part of an excellent article from Denpal "Base Metals - A Gold Alternative?" (on supercycle)



Tricha, could you please post the URL of where this article was from?

djones
05-11-2006, 07:49 PM
quote:Originally posted by wns


quote:Originally posted by tricha

[green][size=5][font=Arial Black][i]Part of an excellent article from Denpal "Base Metals - A Gold Alternative?" (on supercycle)



Tricha, could you please post the URL of where this article was from?


Use google!!

http://www.321gold.com/editorials/field/field110206.html

David Hardman
06-11-2006, 05:39 PM
What a fantastic day! Looking at the way MCR traded on the knocker I think we can expect another good day tomorrow (subject to Ni trading well tonight)

I got to thank you Tricha for bring this stock to my attention and keeping the thread active. Got in at 85.5. Loving the ride.

The 321gold article provides me with more confidence as well.

wns
06-11-2006, 09:53 PM
Yes another great day!

I originally bought (back in about Feb/Mar 2006) because they had a strong balance sheet, had flagged a 30% increase in production for FY06 over FY05, and were trading at a low PE, so I calculated I might get about a 40% return for the year ahead.

Since then the nickel price has sky-rocketed which is all pretty much additional profit for MCR, plus a great string of announcements on additional projects.

The exciting thing is I think its still under-valued and the share price is still playing catch up with the increased profits they will make for FY07. And as the market cap gets bigger & the story gets better and the company gets on more peoples' radars etc, the PE will probably get re-rated upwards too.

Its been a great ride and I think its got a fair way to go yet.

SEC
06-11-2006, 11:38 PM
Well we finally hit RBC's target $2.20 price!

The pleasing bit about today's performance is how the market is warming to MCR's efforts to significantly increase mineral resources and diversify into other metals. The suppression of the share price by AMP just six months ago (for reasons known only to itself - I'm sure the fund manager responsible got a fat bonus for his effort) is now just a memory.

Tricha must be working late down the mine tonight because usually a MCR performance like today's usually brings out some comment in big NEON letters:D

SEC

tricha
08-11-2006, 01:21 AM
No not down the mine last nite Sec, but out celebrating!

I'm glad you like the thread Mr Hardman, yes its been truely a fantastic ride.

Sold down 30% today, took profits and more than pays for the 100,000 shares I bought. Outstanding result for everyone.[:p] Where to from now, we will have to wait and see what Mr Moore brings .........

Cheers [B)][}:)]

winner69
15-11-2006, 12:01 PM
quote:Originally posted by tricha



Sold down 30% today, took profits and more than pays for the 100,000 shares I bought. Outstanding result for everyone.[:p] Where to from now, we will have to wait and see what Mr Moore brings .........

Cheers [B)][}:)]


Good call there mate ..... nickel prices and MCR price been in free fall since you sold

pimpit
15-11-2006, 12:27 PM
off loaded 50% at 220c.

djones
15-11-2006, 12:28 PM
At what price is MCR oversold would you think, seems to be going VERY low. I sold 100% at 2.17

David Hardman
15-11-2006, 12:38 PM
I've still got the stock I picked up for 85c

Bought 22k today at 1.87. short term punt

whiteheron
15-11-2006, 12:54 PM
Medium term there is still lots of strength for nickel
It is not about to plunge to great depths, it may settle back a bit but is that not to be expected considering its rise in the last year ???!!!

JBmurc
15-11-2006, 02:26 PM
sold 100% at 2.04 [xx(] was kicking myself the next day when it was 2.30 ;)(brought ARQ for a short term kick on Sugarloaf)
-will be buying back in as soon as my MON shares sell 1.81 sounds good

bull....
15-11-2006, 02:38 PM
I brought around 85c as well in hind sight kicking myself for not buying more think it was prudent to sell some at over 2.1 as well overbrought on the charts the current pull back nothing more than correcting the overbrought situation.
I think this share should be core in a portfolio.

tricha
17-11-2006, 12:40 PM
Well half way through this quarter and Mincor on track for another record quarterly profit.

What a deal, bought my 30,000 Mincor shares back, fundamentals for Mincor and Nickel have not changed.

Expecting news about Carnilya Hill any day now.

So still on track for 100 Million in the bank and recievables in 6 weeks!

Cheers [B)][}:)]

JBmurc
20-11-2006, 06:36 PM
Back in at 176.5c;) will be buying more on any further weakness.

SEC
21-11-2006, 08:55 PM
Nice short term trade Tricha.

While still too cheap at the moment, the current 180 support looks a little sketchy and may retrace further to 160 before long. That'll be my time to top up!

SEC

tricha
21-11-2006, 11:33 PM
Best of luck Sec, I thought when I sold IGO just over a year ago for $1.50 they would drop and I could buy back in, that was a painful piece of history.

To the facts, nickel averaging over $40,000 a ton OZ this quarter, nickel stocks still critially low, Mincor on target for another record breaking quarter. Should beat last quarters profit easily!

Nickel November 21,05:58
Bid/Ask 14.0372 - 14.1052
Change +0.1588 +1.14%
Low/High 13.8557 - 14.1506

Nickel tons = 6864

If the trend is your friend, check the tons over the last few years at this point of time, then describe it as ................

Cheers not quite so [B)][}:)]

SEC
21-11-2006, 11:49 PM
Yes Tricha we both know how sound the Ni fundamentals are but that counts for nowt when the herd smells FEAR. This correction in resource stocks has occurred and Wall Street hasn't had a really bad day for months. Just needs one bad day to accelerate the correction and provide the sort of bargains we last saw in May-June, and I'll be waiting.

SEC

tricha
22-11-2006, 08:49 PM
Sorry Sec the boat leaving.

Fear is out and Greed is back and for excellent fundamental reasons.

bull....
27-11-2006, 02:51 PM
Up nicely today on the back of nickel

JBmurc
27-11-2006, 03:44 PM
looks like I got back in just in time
Carnilya hill is looking massive
will have close to 100mill in the bank soon

whiteheron
27-11-2006, 04:51 PM
MCR is certainly a "keeper"

I had to tie my hands behind my back on several occasions, when I was very tempted to sell
Thank goodness I did, ie desist from selling !

MCR is a winner in all respects --- and another great announcement today

SEC
27-11-2006, 09:03 PM
quote:Originally posted by JBmurc

will have close to 100mill in the bank soon


Wow - you are unquestionably Sharetrader's richest member!

We're not worthy, we're not worthy....:D

tricha
27-11-2006, 11:18 PM
Did you get back on the boat Sec[?] I see Jbmurc did in the Nickel of time.

Yes it just shows what a quality company can do, as Whiteheron states - MCR is a winner in all respects

And part of the good news today, Mincor moved back up before the Carnilya Hill announcement.( View had it and didn't have a clue what to do with it)
Supported by great turnover as well, which should shake out the traders in for a quick buck.( like myself I might add with my 30% sell down and buy back)

We might have to wait till the half yearly report comes out before Mincor hits her straps.

Cheers [B)][}:)]

SEC
27-11-2006, 11:32 PM
quote:Originally posted by tricha

Did you get back on the boat Sec[?]


I never got off the boat! I just wanted a top-up at $1.60.

tricha
28-11-2006, 12:29 AM
Pinched this of HotCopper - worth the read on why - Mincor is truely an Outstanding Company

Ferrets Stock to Watch: MINCOR RESOURCES NL
09:17, Monday, 27 November 2006

NICKEL STILL A BOOMING OPERATION IN THE KAMBALDA REGION

Sydney - Monday - November 27: (RWE Aust Business News)
************************************************** *****

Many years ago the Ferret went down the first Kambalda mine when
it was the jewel in the crown of Western Mining Corporation.

It was a truly astonishing project which at the time was found
more by luck than scientific geology.

A couple of local prospectors were intrigued by all the grey
slate around and decided to have it checked out - discovering it was
nickel.

WMC grabbed the spot with both hands and the rest was history,
except for nearby Lake Lefroy which moved every time the wind changed.

And the other incidental problem was that the original company
had to move the town because it initially finished over the mine.

Today there are two Kambalda towns in opposite directions.

The area is now known as the Kambalda nickel district in WA.

This is the region where Mincor Resources NL (ASX:MCR)
established its profitable nickel operation.

Mincor was listed on the Australian Stock Exchange in July 1997.

The company's core assets are its mines and tenement holdings in
the Kambalda nickel district, where it has been in production since 2001.

Mincor owns and operates the Miitel, Mariners, Redross and
Wannaway nickel mines - all of which are underground nickel sulphide
operations - and is also active in nickel, gold and base metals
exploration throughout Australia.

Miitel is still by far the most significant producer with around
240,000 tonnes ore per annum at an average grade of 2.7pc nickel.

Redross production began in August 2004 and is currently
proceeding at a production rate of approximately 10,000 tonnes per month
at 3.2pc nickel.

Production from Wannaway is starting to wane but is presently
around 3,000 tonnes of ore per month at an average grade of 2.2pc nickel.

Both Mariners and Redross are increasing.

Mariners began production in early 2005, and is currently
producing at a rate of around 10-15,000 tonnes @ 2.2pc nickel.

Ore from Mincor's nickel mines is toll-treated at BHP Billiton's
(Nickel West) Kambalda nickel operations plant.

The resulting concentrate is sold to BHP Billiton via a long-term
off-take agreement.

Mincor's growth strategy is aimed at the creation of a
diversified mining house through a strong focus on growing the company's
successful nickel business while simultaneously expanding its interests
across a wider range of mineral commodities.

As part of this focus, Mincor announced a new growth and
diversification strategy earlier this year designed to broaden its
exploration portfolio and asset base into other commodities and
geographic regions outside of Kambalda, leveraging off the strong cash
flow of its core nickel operations.

Several projects, including gold, copper-gold, tungsten and
uranium prospects, have been acquired and exploration is gathering
momentum, adding further appeal to the company's growth portfolio.

In a visit to the mine last week, chief operating officer Steven
Cowle disclosed the company had $70 million cash in the bank and would
spend more than $12 million in exploration in the current year.

Reinvestment has enabled the company to grow its business which
is a key strategy.

The company has excellent exploration results at Carnilya Hill.

SHARE PRICE MOVEMENTS
*********************

Shares of Mincor rose 9c to $1.95 on Friday. Rolling high for the
year has been $2.40 and low 61.5c, Dividend is 5c and yield 2.56 per
cent. Earnings per share is 15.1c and p/e ratio 12.91. The company has
195 million shares on issue with a market cap of $380.7 million.

At the annual meeting earlier this month, chairman Da

JBmurc
28-11-2006, 07:51 AM
quote:Originally posted by SEC


quote:Originally posted by JBmurc

will have close to 100mill in the bank soon


Wow - you are unquestionably Sharetrader's richest member!

We're not worthy, we're not worthy....:D


:Dwas meaning MCR :DI'm still going for the first one ;)

tricha
30-11-2006, 02:14 AM
Reflections this ones for Sec ;)

Several projects, including gold, copper-gold, tungsten and
uranium prospects, have been acquired and exploration is gathering
momentum, adding further appeal to the company's growth portfolio.

Dam where did I see Zinc, too many ports!

Must have been Nickel, "the devils metal".

What does the future hold for Mincor, the future is Mr David Moore, One clever cookie, without doubt [8]

My guess Carnilya is worth $1.00 a share by itself, if Nickel stays up, $4.00 a share this time next year is on the cards.

Cheers [B)][}:)]

gamerice
30-11-2006, 08:36 AM
quote:Originally posted by tricha

Reflections this ones for Sec ;)

Several projects, including gold, copper-gold, tungsten and
uranium prospects, have been acquired and exploration is gathering
momentum, adding further appeal to the company's growth portfolio.

Dam where did I see Zinc, too many ports!

Must have been Nickel, "the devils metal".

What does the future hold for Mincor, the future is Mr David Moore, One clever cookie, without doubt [8]

My guess Carnilya is worth $1.00 a share by itself, if Nickel stays up, $4.00 a share this time next year is on the cards.

Cheers [B)][}:)]



don't forget 'View Resource' has 30% stake of the carnilya project

wns
30-11-2006, 05:18 PM
Another earn-in JV announced the other day... a la Carnilya Hill.

This time with IMA (Image Resources), with MCR earning up to 70% by spending $1.5m within the next 5 years. Potential for more nickel mines.

Got their fingers in some more pies.

Nickel price has averaged about $US 32,000 over the last two months & averaged about $US 28,000 for the September qtr.

The first HY profit is going to be good! I'm guestimating something in the ballpark of $40-45m npat.

tricha
30-11-2006, 10:55 PM
WNS "The first HY profit is going to be good! I'm guestimating something in the ballpark of $40-45m npat"

Not bad WNS, that's more than the total for last year, I'm not going to predict it, except $100 million in the bank and recievables!
The news keeps getting better and better, price is great and the volumes in the last week should clean out any short term traders.

GameRice "don't forget 'View Resource' has 30% stake of the carnilya project"

My View on this is Mincor will take out Views share.

Theres no way Mr Moore is going to let a btain dead company like View share the spoils.

Cheers [B)][}:)]

SEC
01-12-2006, 09:05 PM
quote:Originally posted by SEC

While still too cheap at the moment, the current 180 support looks a little sketchy and may retrace further to 160 before long. That'll be my time to top up!


Yeah well $1.60 was a bit optimistic and even $1.80 looks very distant. This is why I don't bother trading stocks like these anymore.

SEC

Kell
05-12-2006, 02:55 PM
PROMISING extension on Mariners Mine. :)

tricha
05-12-2006, 07:00 PM
Nickel 6.65 @ 7.8 metre, including 2.87 @ 11.9 %, this is IGO and JBM type proportions, no wonder Mr Moore in his conservative way is excited.

I'm excited - nickel hedging reducing.
- production keeps going up
- now two outstanding strikes, Carnilya Hill and Mariners
- averaging $40,000 a ton for the quarter.

What will they find next [?][?][?][?]

- drilling well advanced at Lake Cowan for Gold
- drilling commencing at Gascoyne Tungsten Project.

If anyone can Mr Moore and Mincor can [:p]

Fodder
05-12-2006, 09:22 PM
Doesn't like being up in the 2.30s much does it?

It had a similar quick re-trace last time it got up there, a couple of weeks back.

I think when it eventually cracks 2.40 she will be in Blue Sky [8D]

This company really has got so much goin for it right now.[^]

whiteheron
08-12-2006, 03:14 PM
MCR has just gone into a trading holt

Good or bad news ???

Based on history it must be good, maybe bloody good !!!

Heres hoping