PDA

View Full Version : MCR - Mincor Resources - Nickel Producer



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.phtm

Very 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)]

SEC
02-08-2007, 10:28 PM
Right I'm going to put my neck on the block and predict the utter panic selling of the nickel companies this afternoon will represent their low point for this correction. I bought accordingly.

Mincor is now staggeringly cheap, FY09 PE of 3.2!!! Note that brokers have not changed their medium/long term Ni prices since May and perhaps share my view that the European steelmakers are currently playing games to suppress prices. The steelmakers tried that same trick in late 2005 and it backfired on them spectacularly.

Mincor's price stood up well last month as the market factored in the GMM acquisition and increasing production. Given the magnitude of the recent fall the market now puts absolutely no value on the GMM assets or the forecast production increase. This price anomaly cannot last.

SEC

tricha
02-08-2007, 10:48 PM
Yes Sec an excellent time to buy, but the way I see it more value in SMY.

Cheers [B)][}:)]

SEC
02-08-2007, 11:45 PM
quote:Originally posted by tricha

Yes Sec an excellent time to buy, but the way I see it more value in SMY.

Cheers [B)][}:)]




Would have agreed with you yesterday but not now given today's relative price movements. It's not going to matter too much anyway, all nickel companies are due for a strong rebound soon.

Given the extreme volatility at the moment I might agree with you tomorrow too!

SEC

wns
03-08-2007, 02:51 AM
I've done a comparison of some of the nickel stocks and the nickel price - giving their current trading price as a % of the all time highs reached recently...


Nickel: $30755 / $54100 (approx) = 56.8%

MCR: $3.20 / $5.10 = 62.7%

IGO: $5.32 / $8.90 = 59.8%

SMY: $3.75 / $5.65 = 66.0%

JBM: $14.20 / $18.44 = 77.0%

AGM: $.625 / $1.18 = 52.9%

WSA: $4.85 / $6.20 = 78.0%


The share prices of the stocks have a pretty good correlation with the price of nickel.

Looks like the price of nickel is still in a down trend so an interesting question is will the share prices for MCR etc continue to follow the price of nickel? Or at some point will it stop correlating with the price of nickel because the stock is now trading at a very low earnings multiple?

For once I can look back with the benefit of hindsight and actually say I did pretty well selling out of MCR at $4.62.

My really rough estimate from a couple of months ago is that MCR will earn about $110m npat giving eps of about 56c, so currently trading at less than 6x earnings.

I'm interested in getting back into MCR but not yet convinced that its reached a low point.

rowanf
03-08-2007, 10:11 AM
Help dont really understand,SMY Value .
I was shock when I read SMY latest Qtr report total cost was $10.25 USD /lb and the largest cost was smeltering/shipping cost. But get this reading MCR HY report it says , MCR was implying that it total cash cost incld smeltering was $6.18 AUD or $5.31 USD /lb. I have check bad old news and a the last few MCR project does say that incld smeltering charge cash cost total to about $5. Why is SMY smeltering / shipping cost so expensive? Is it the low grade they mine or the shipping charges ?
Confuse

Dazza
03-08-2007, 11:25 AM
i sold out of agm at 0.65
to buy mcr at 3.35

a bit premature on the mcr buying but oh well

mcr is my largets NI producer

followed by smy/igo

have some agm left just a tiny bit to see how it goes :D

slam
03-08-2007, 12:56 PM
Hi All
Got in on open this morn
Ann just Out
"EXPLORATION SUCCESS AT MARINERS, REDROSS, WANNAWAY"
Dumb luck[:I]

Cheers
Slam

Viking
29-10-2007, 04:40 PM
Looks like MCR is back in the game again~

winner69
29-10-2007, 06:31 PM
MCR like OXR SMY and IGO all up a lot today .... driven by the huge premium offered for Jubilee ..... maybe all in play eh

soulman
29-10-2007, 06:36 PM
Yes, with ZFX announcing their intention to acquire assets too, OXR and PEM rally, all mid caps rally and All Ords nearly back to all-time high. Too quick, too soon I believe but no one can stop momentum like this runaway train.

sparrow
29-10-2007, 09:15 PM
Don't kid yourself

macduffy
30-10-2007, 07:22 AM
The point's been made that the Kambalda producers may not be as attractive to a predator ( except maybe BHP ) because of their life of mine offtake contacts with Nickel West.
SMY has the Sally Malay operation, separately, in the Kimberley area, of course.

Disc: MCR/SMY

SEC
01-11-2007, 01:11 AM
Well well well

MCR now at record highs (along with JBM and SMY) and IGO up 23% in 3 days.

Glad I ignored the nickel doom merchants and bought more MCR in the August panic. Will hopefully be my 3rd 10-bagger in 2007....

The LME stock levels spooked many people, but those in the know (including Mick Davis) knew it wasn't the full story....

SEC (MCR IGO)

steve fleming
01-11-2007, 08:37 AM
Will hopefully be my 3rd 10-bagger in 2007....

(MCR IGO)

SEC, given your restricted investment sphere, that is a really impressive effort.

I've also had 2 10-baggers during 2007, but at the small-cap end of the market.

To me it always comes down to doing the fundamental research then backing your judgement when all the other sheep get scared.

whiteheron
20-11-2007, 10:20 AM
With todays announced land acquision package MCR has once again demonstrated that it will be here for the long hall and that it means business

What a great company, without a doubt one of my best stocks (purchased for 66c)

stevo1
19-02-2008, 12:51 PM
MCR seems to have awoken from a slumber .something going on here other ni stocks relatively flat.up 9.7% atm on light volume of approx 500K

COLIN
19-02-2008, 02:15 PM
MCR seems to have awoken from a slumber .something going on here other ni stocks relatively flat.up 9.7% atm on light volume of approx 500K
Heres hoping. Have held MCR for a while and I need fortune to smile on me again after missing out on the BOL boom through being too tardy to heed my own advice.

stevo1
19-02-2008, 06:09 PM
Interim result out explains jump in price today.$31.5mill interim.6cps fully franked interim div .$110 mill in bank .NO debt .Nearly half shares traded at 16:18 at 336 ????

soulman
19-02-2008, 08:51 PM
Interim result out explains jump in price today.$31.5mill interim.6cps fully franked interim div .$110 mill in bank .NO debt .Nearly half shares traded at 16:18 at 336 ????

SMY and MCR are $1 apart, yet both are producing roughly the same Ni and both nearly have the same profit and cash in hand.

It must be the Deacon discovery by SMY that value SMY more highly.

stevo1
22-02-2008, 12:43 PM
SMY and MCR are $1 apart, yet both are producing roughly the same Ni and both nearly have the same profit and cash in hand.

It must be the Deacon discovery by SMY that value SMY more highly.

Quiet possibly.However market seems not have taken account of its acquisition of "Bluebush Line" off BHP Bilton (their offtake partner)and the potential of such an outstanding highly prospective near surface sulphide deposit stretching over 40 kms(MCR media release 20/11/07).I expect there will be major fun and games should BHP's bid for RIO fail.

tricha
23-02-2008, 12:15 AM
SMY and MCR are $1 apart, yet both are producing roughly the same Ni and both nearly have the same profit and cash in hand.

It must be the Deacon discovery by SMY that value SMY more highly.

Hmm, how many mines does SMY have ?

How many do MCR have.?

Sallay Malay have from memory 1% Cu with their nickel at Sally Malay.

Sallay Malay costs are ? compared to MCR.

Sallay Malay have how many shares compared to MCR.

U can not compare apples to apples in this scenaro.

In the big picture look at WSA :rolleyes:

Huang Chung
23-02-2008, 03:52 PM
In the big picture look at WSA :rolleyes:

Good to see you're still keeping an eye on the Aussie miners Tricha (and not just the black goop and Li :))

Totally agree that WSA is the place to be looking if you've got nickel on your mind.

stevo1
23-02-2008, 07:16 PM
Good to see you're still keeping an eye on the Aussie miners Tricha (and not just the black goop and Li :))

Totally agree that WSA is the place to be looking if you've got nickel on your mind.

Thanks for that Tricha and Huang I've looked at WSA and their nickel looks good for the future(low cost production and ramp up) but i am going to stick with MCR.I like management and their team."Bluebush line" is attractive prospect(relatively unexplored massive potential). Considering their history they can bring projects on line quickly and efficiently(though in the case nickel at a greater cost than WSA nickel).Certainly WSA could well be better when they are producing nickel up to target and start to pay dividends and they do have higher grades.But by the time they pay their first dividend in 1st quater 2009 (all going to plan) MCR wiil have already paid 2 divs.Both companies are also busy drilling so may well see some more exciting results from one or both them in the future but yes WSA do look good

Huang Chung
23-02-2008, 10:48 PM
Thanks for that Tricha and Huang I've looked at WSA and their nickel looks good for the future(low cost production and ramp up) but i am going to stick with MCR.I like management and their team."Bluebush line" is attractive prospect(relatively unexplored massive potential). Considering their history they can bring projects on line quickly and efficiently(though in the case nickel at a greater cost than WSA nickel).Certainly WSA could well be better when they are producing nickel up to target and start to pay dividends and they do have higher grades.But by the time they pay their first dividend in 1st quater 2009 (all going to plan) MCR wiil have already paid 2 divs.Both companies are also busy drilling so may well see some more exciting results from one or both them in the future but yes WSA do look good

G'day Stevo.....I've nothing against MCR or SMY, and have held both of these stocks in the past (as well as WSA). I'm sure you will do well with MCR, and yes, management does seem very astute. ;)

whiteheron
24-02-2008, 09:06 AM
Hi folks

Based on recent comments on this thread I have had a preliminary look at WSA and must say that it looks pretty interesting and tempting

I am overweight in MCR so would consider a reduction there to take up another Nickel stock if I can find one (but it would have to be pretty good to pursuade me to reduce MCR which , in my opinion, is an absolute choice company, one of the best)

On the other hand I maybe look at some other sell down to allow a take up of WSA, as although I am overweight MCR I am really loathe to sell a top performing stock

Apologies for the change of heart, was thinking as I wrote the above

Thanks for the pointer to WSA anyway

All the best

stevo1
29-02-2008, 12:07 PM
Nickel over 30000 US pesos must be good for all nickel produecers.MCR 's latest production profit and outlook ann is worth veiwing.

whiteheron
29-02-2008, 01:35 PM
If you want to hear a top class audio presentation I suggest you listen to:

http://www.brr.com.au/event/41510

Well woth it in my opinion

soulman
29-02-2008, 04:10 PM
SMY went up big yesterday and MCR today went up OK in big volume. T/O speculation or just nickel price. All other Ni are doing well as well like WSA and IGO.

I'll take another stab at it. Proceeds from JBM T/O are going back into other Ni miners.

stevo1
25-03-2008, 01:47 PM
MCR has announced a 42% NI rescource increase at Durkin Deeps (19/3/08).And now today using historic drilling data (from WMC Rescources LTD) from 51 holes has idenified inferred 20800 ton nickel sulphide deposit at less than 300mts below surface(shallowest unexploited deposit currently known in Kambalda District).This shows the unexploited value in the 40km long Bluebush line.I dont know what it will take for the market to get excited with MCR even with NI at currently $US 28000/t plus with the prospects at Bluebush sp seems way to cheap to me at currently eps 48.6cps and pe 5.7.

soulman
26-03-2008, 06:43 PM
Stevo, does the rise the last 2 days confirm your statement, although your last statement is completely wrong. EPS this year probably 30 cps at PE of 10 today.

I was the lucky few to buy (small amount though) at $2.57 on Thursday last week. although I did bought the initial amount at $4.30 so still suffering.

stevo1
26-03-2008, 07:25 PM
Hi Soulman SP is heading in the right direction.Depending on foward earning your calculation on EPS and PE may well be right.The EPS and PE were taken from Direct Broking Ltd security detailed which on todays close shows EPS 48.6cps NTA 106 and PE 6.21 at sp 302 I have assumed that their infomation is accurate and from past experience have found it to be so.Direct Broking detailed security show SMY at todays close as EPS 47.6 cps PE 10.57 NTA 27 cps at SP 503.The dividend yeilds are MCR 3.97%(12cps) SMY 3.78%(19cps).SMY currently has cheaper production costs.But if MCR was valued at 10.57 PE NOW shareprice would be 510cps "Bluebush Line " IMO has large potential to increase NI tonnage produced.

soulman
26-03-2008, 07:43 PM
Stevo, I think that's most likely historical figures. I wished it's present though.

SMY will probably pay another 7 cents dividend at the June half 08 for a total of 14 cents for the year. That's just my feelings.

For mine, I think SMY have more corporate appeal as a T/O target than MCR, and hence the SP surging ahead. They used to be head to head. At today's share prices, SMY is ahead by 66%.

macduffy
26-03-2008, 07:56 PM
I may be wrong on this but I've always regarded SMY as being more likely to be taken over than MCR, given that all ( I think) of the latter's output is contracted to BHP, whereas SMY has more control over its Sally Malay mine production ( but not its Kambalda production).
My reasoning has been that there is less attraction in MCR to anyone other than BHP and BHP don't need to take over MCR to get control of the metal.
However, I like, and hold, both!

;)

stevo1
27-03-2008, 10:48 AM
Interesting to note after close yesterday 400000 share crossed at 302.It seems several opposing Bots traded all day. MCRs NI ore is toll-treated to BHPs smelter resulting ore sold to BHP under long term take off agreement as will the Bluebush line sulphides. however MCR does have other projects that are future growth projects which they havent really got stuck into yet.So they have the potential to be much more than a single focused NI producer

stevo1
03-04-2008, 10:58 AM
AXA obviously thinks MCR is good buying now holds 5.19%(10.265mill shares).Interesting feature of the notice(and seems to explain opposing bots action)one entity (HBSC custody 20/march )sold 31323 = (260cps). (Merril/L Nom bought on 5/3 =43836 (324cps) 25/3 100,100=(278cps) 27/3 169,546 =(305cps).Varios during the period 1-28march bought 517,574 with NO disclosed amount /s paid to add to their 7,437,716 open position(prior to having to disclose substantial shareholding).The things that strikes me in all this is 1--- why sell at 260 when you are buying at higher prices during that period albeit using a different identity.2--The number sold at 260 is far outweighed by the numbers bought at a higher price (1 to 10).the 517574 bought at undisclosed price is a 16.5 to 1 ratio.MMMMM does it all add up to cheaper market entry for AXA.mmmm

Jay
03-04-2008, 12:40 PM
I note that Personal Investor magazine has MCR as a buy as well in the latest issue

Dot not hold any at present (past holder)

stevo1
08-04-2008, 08:36 AM
MCR unveils potential new high grade nickel sulphide discovery beneath Wannaway Nickel Mine at Kambalda.Market reaction =yawn?

tricha
08-04-2008, 06:10 PM
MCR unveils potential new high grade nickel sulphide discovery beneath Wannaway Nickel Mine at Kambalda.Market reaction =yawn?

Oh yeah Mincors a great well run company Stevo and I would not hesitate in buying back tomorrow if I had a good feeling about the nickel price.
Somehow I now relate Nickel producers to Zinc producers, when the price is right they make a fortune and when it is not :eek: PEM can attest to that.

Unfortunately pig iron has killed the demand for Nickel.

Nickel Falls in London as Stockpile Jump Indicates Weak Demand

By Chanyaporn Chanjaroen
April 7 (Bloomberg) -- Nickel fell after stockpiles tracked by the London Metal Exchange rose to the highest in more than eight years, indicating demand hasn't yet recovered.
LME-monitored stockpiles jumped 2,064 metric tons, or 4.1 percent, to 52,014 tons, the highest since July 1999. About half of the increase was in Rotterdam (http://www.bloomberg.com/apps/quote?ticker=LSNI12T%3AIND), Europe's largest port, and the rest in Singapore (http://www.bloomberg.com/apps/quote?ticker=LSNISPT%3AIND), the LME's largest warehouse location in Asia.
``Nickel demand has not recovered,'' Citigroup analysts including Craig Sainsbury (http://search.bloomberg.com/search?q=Craig+Sainsbury&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in London said today in a report. ``It seems more long-term demand destruction may have taken place.''
Nickel for delivery in three months slid $400, or 1.4 percent, to $28,800 a ton as of 11:10 a.m. in London. It fell 21 percent last year, the biggest decline among metals on the exchange, as stainless-steel makers cut output by 2.9 percent on weaker demand and record nickel prices in the first half, according to the International Stainless Steel Forum. About two- thirds of nickel supply is used in stainless-steel production.
Stainless steel containing nickel accounted for 51 percent of fourth-quarter output, down from 80 percent a few years ago, the Brussels-based International Stainless Steel Forum (http://www.worldstainless.org/) said April 4.

soulman
09-04-2008, 06:46 PM
Not sure stevo. I think the fact that the quarterlies are out soon, I will be able to see the hedging MCR has in place for their Ni and AUD. I think it was on their half yearly result but I haven't re-read it for a while.

It seems the lack of T/O potential of MCR. Just look at the price of SMY, WSA and IGO. They have held up and going from strength to strength. WSA always discover new zone and their T/O potential are high. MCR seems to have too many small mines and they are contracted to BHP, while the others have huge resources and bigger production volumes at their mines.

macduffy
28-04-2008, 07:28 AM
" Criterion" in The Australian has a piece here on MCR.

http://www.theaustralian.news.com.au/story/0,25197,23594359-23634,00.html

stevo1
25-07-2008, 12:07 PM
Sold out of mincor (reluctantly) some time ago the nickel price looks bad getting worse and dosent seem to bode well for the future with high aussie dollar and recession .Damn !!really like the company and management but no use going against the tide.

tricha
25-07-2008, 09:59 PM
Thats shows how these brokers are a lot load of rubbish!

Mincor will go the distance, as long as Nickel does not tank any Moore, their new mines, Durkin and Otter producing excellent results with the drill bit and cash costs.

I now rate Mincor at fair value on $8.00 plus a ilb OZ.

80 odd million cash in the bank will get them through bad times and not much cash needed for further developement or drilling. If nickel goes up Mincor are a buy, If ?


" Criterion" in The Australian has a piece here on MCR.

http://www.theaustralian.news.com.au/story/0,25197,23594359-23634,00.html


Mincor (MCR) $3.46
SPEAKING of stronger for longer, when a broker describes a miner's production result as a "ripper", Criterion takes notice. That's especially the case when the stock is trading on a "bargain basement" price-earnings multiple of 4.5, low even by stingy resources sector standards.
Mincor is emerging as the dominant player in WA's famed nickel field and has enhanced this status with a 9 per cent production boost in the March (third) quarter. Cash costs fell 12 per cent, to $6.12 a pound.
According to Argonaut Securities, that puts Mincor on target for full-year output of 16,000-17,000 tonnes of contained nickel. Management has also upgraded its longer-term target to 20,000 tonnes over 20 years. While Mincor's share price has stacked on 25 per cent over the last three weeks, the Argonauts argue the company hasn't been duly rewarded for "doing everything right".
This includes starting production at the 5000 tonnes a year Carnilya Hill joint venture and increasing its Durkin Deeps resource by 42 per cent, to 18,800 tonnes of contained nickel.
Mincor has also proved up a 21,000-tonne resource at its Stockwell prospect, acquired from BHP for next to nothing (speaking of missed boats, BHP was left on the pier on that one).
Argonaut values Mincor at $3.40 apiece, based on the nickel price coming off from the current $US13 a pound to $US12.50 in 2008-09 and $US10 in 2009-10. If nickel stays at current levels, the valuation rises to $5.24.
We agree that Mincor rates as a speculative buy for those convinced that nickel is the metal of the future, thanks to Chinese households hankering for stainless steel benchtops.
An extra selling point is that Mincor's nickel is shallow and derives from sulphide ore, not the metallurgically difficult laterite stuff. About 65 per cent of global supply is slated to come from laterite deposits, which have over-promised and under-delivered.

shasta
25-07-2008, 10:01 PM
Thats shows how these brokers are a lot load of rubbish! Oh and the thread re-name, Someone else put that there when sharetrader did an upgrade hence, we shall re-name.

Mincor will go the distance, as long as Nickel does not tank any Moore, their new mines, Durkin and Otter producing excellent results with the drill bit and cash costs.

I now rate Mincor at fair value on $8.00 plus a ilb OZ.

80 odd million cash in the bank will get them through bad times and not much cash needed for further developement or drilling. If nickel goes up Mincor are a buy, If ?




Mincor (MCR) $3.46
SPEAKING of stronger for longer, when a broker describes a miner's production result as a "ripper", Criterion takes notice. That's especially the case when the stock is trading on a "bargain basement" price-earnings multiple of 4.5, low even by stingy resources sector standards.
Mincor is emerging as the dominant player in WA's famed nickel field and has enhanced this status with a 9 per cent production boost in the March (third) quarter. Cash costs fell 12 per cent, to $6.12 a pound.
According to Argonaut Securities, that puts Mincor on target for full-year output of 16,000-17,000 tonnes of contained nickel. Management has also upgraded its longer-term target to 20,000 tonnes over 20 years. While Mincor's share price has stacked on 25 per cent over the last three weeks, the Argonauts argue the company hasn't been duly rewarded for "doing everything right".
This includes starting production at the 5000 tonnes a year Carnilya Hill joint venture and increasing its Durkin Deeps resource by 42 per cent, to 18,800 tonnes of contained nickel.
Mincor has also proved up a 21,000-tonne resource at its Stockwell prospect, acquired from BHP for next to nothing (speaking of missed boats, BHP was left on the pier on that one).
Argonaut values Mincor at $3.40 apiece, based on the nickel price coming off from the current $US13 a pound to $US12.50 in 2008-09 and $US10 in 2009-10. If nickel stays at current levels, the valuation rises to $5.24.
We agree that Mincor rates as a speculative buy for those convinced that nickel is the metal of the future, thanks to Chinese households hankering for stainless steel benchtops.
An extra selling point is that Mincor's nickel is shallow and derives from sulphide ore, not the metallurgically difficult laterite stuff. About 65 per cent of global supply is slated to come from laterite deposits, which have over-promised and under-delivered.

Tricha

You back as a resource bull?

Gold & Silver goes higher ;)

tricha
25-07-2008, 10:02 PM
Tricha

You back as a resource bull?

Gold & Silver goes higher ;)

No, Mincor has reached fair value and if Nickel goes up, will make good coin.

Huang Chung
25-07-2008, 10:04 PM
Oh what a joyous night, with Trisha posting about Mincor again.....it's been a long wait whilst you went off and played with oilers.

Good to see you back from the dark side T, even if its only to pay a visit.:cool:

tricha
25-07-2008, 10:15 PM
Oh what a joyous night, with Trisha posting about Mincor again.....it's been a long wait whilst you went off and played with oilers.

Good to see you back from the dark side T, even if its only to pay a visit.:cool:

Hmm, Mincor is my favourite company Huang, it has now reached fair value.

It's a great company, extremely well run by David Moore, Mr Hulme I am unsure about because he has been in bed with Mike the Snake Kierien.

They have some great assets. Durkin and Otter, these are far superior to the original Mincor stable.

Fair value to the point, if nickel goes up, thay are great value.

UnFair value to the point if nickel goes down they are screwed.

Cashed up, no debt, well managed, but heres the curve ball, can u predict the price of nickel :confused:

steve fleming
25-07-2008, 10:42 PM
Base metals dropped across the board on Thursday, even though oil prices stabilised. A wave of bearish economic news across the globe contributed to the downward move in prices, with nickel particularly hard hit, closing down by 5.9% to reach $18,619/t (844¢/lb), its lowest level since June 2006. Among the bearish indicators were falling business confidence in Europe, rising jobless claims in the US and an 88.9% YoY drop in the Japanese trade surplus in June, with weaker overseas demand reducing exports of Japanese goods.

------------------------------------------------------------------------------------------------------------------------

The volatilty in these base metals continue to amaze me!

Ni at 2 year lows......2 years ago MCR was trading at approx $1.00....so maybe further downside?....its amazing how quickly these stocks can drop with a bit of negative sentiment and a whole lot of shorteRs on board. Hope she's not another PEM

Huang Chung
25-07-2008, 10:51 PM
Ni is probably the most volatile of all the base metals, so the big swings are not entirely surprising. Someone posted on Sharescene or Hot Copper the cash costs of some of the Oz Ni miners. Looks to be a couple of bucks margin at the moment, with the exception of WSA, which has considerabley lower costs (as reported).

Laterites must be doing it tough....heard today that the cost of acid has gone up considerably. Laterites have never lived up to expectations, and I think they would be the first to fall.

STRAT
25-07-2008, 11:16 PM
You have been goin over a few long term charts tonight AA.

Some nasty storm clouds on the horison eh?

bear
25-07-2008, 11:24 PM
Hmm, Mincor is my favourite company Huang, it has now reached fair value.

It's a great company, extremely well run by David Moore, Mr Hulme I am unsure about because he has been in bed with Mike the Snake Kierien.

They have some great assets. Durkin and Otter, these are far superior to the original Mincor stable.

Fair value to the point, if nickel goes up, thay are great value.

UnFair value to the point if nickel goes down they are screwed.

Cashed up, no debt, well managed, but heres the curve ball, can u predict the price of nickel :confused:

must say MCR treated me well in the past got in around $1 and out around $3.25 (cashed in to get into other areas of interest). MCR is well managed but the biggest issue is the reduction in margins with the falling price.

There will be more selling as people look to bank profits (which many will still have)

on my watch list again (not that it really left!) but think there is more downside all round for base metals

plenty of time to jump aboard if sentiment changes

sentiment is ruling over fundamentals in all areas

good luck if buying - not for me just yet

Bear

Huang Chung
26-07-2008, 09:09 AM
So AA, from a charting perspective, if MCR doesn't quickly move back above $2, next stop is $1, then maybe 80c?

Assuming Ni goes lower, I think a safer play would be to buy WSA somewhere around $6.

stevo1
26-07-2008, 12:47 PM
MCR is a Sell and is in a accelerating Down Trend

If your still holding i suggest it is worth exiting as soon as Possible.

The Longer Term Moving Averages are above the Short Term Moving averages, very Strong Down Trend, The ADX (white) in the DMS which measures Trend Strength is above 25 and increasing indicating a very strong Down Trend getting Stronger.

On Balance Volume is also Below a 14 Day EMA and Trending Down.

2 Month Chart
http://i41.photobucket.com/albums/e264/arranging/mcr_ax22may08_to_29jul08.png

Notice The Double Top Pattern Below- Sell Signal


2 Year Chart
http://i41.photobucket.com/albums/e264/arranging/mcr_ax_price_daily25jul06_to_21aug0.png



AA

Great charts AA pity about their future indications and ugly outlook .Have you charted PAN who are following the same fate as MCR .PON Friday dropped to US$ 18250 finished at $18450 (which i make to be US$8.23/lb).MCR cash costs are $6.12 for the last quater Having seen what the falling zinc lead prices have done to PEM CBH and others who knows how far this fall in nickel price will go particularly if the aussie dollar continues strenghtening .I no longer believe in the decoupling theory of the west and BRIC economies.Perhaps there is some merit in the supposition that after the Olympics economies will go into further downturn i hope not ,not a cheerful thought.WSA certainly looks the best of the nickel producers HUANG but may well not be immune to falls.

Huang Chung
26-07-2008, 02:51 PM
WSA certainly looks the best of the nickel producers HUANG but may well not be immune to falls.

That's exactly what I'm hoping for Stevo....:)

Picking up WSA for $5-$6 would be excellent long term buying I reckon.

soulman
27-07-2008, 05:45 AM
Agree with the sentiment. Is there shorting in mining stock? Probably. Just read that many people lately made tons like Harbinger boss and alike shorting stocks savagely on coy like look vulnerable in the US like Citi, Freddie and Fannie.

BNB was a result of that activity and nickel stock? whom....who knows.

Will MCR pay another 6 cents dividend or will they be cut. Just noted PAN and IGO falling like stone as well. All those stocks paid 12 cents dividends last year but this might not be sustainable in a cyclical coy. WSA looks to be holding up much better than the rest.

I also see OZL punished to $1.60 because of their untimely indirect T/O of AGM. AGM will be on about 40 cents right now if ZFX walked away.

SEC, you still hold IGO?

shasta
21-08-2008, 12:14 PM
MCR delivers a tidy profit & looking good going forward, especially if Nickel rises...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=418150

shasta
22-08-2008, 09:55 PM
MCR delivers a tidy profit & looking good going forward, especially if Nickel rises...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=418150

MCR about to turn?

http://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=MCR&exchange=ASX&period=6M&adj=yes&vs=LINE&ct=LINE&compi=&ma1=30&ma2=90&bb=Y&ind=RSI&ra=2

tricha
24-08-2008, 09:31 AM
http://www.kitconet.com/charts/metals/base/spot-nickel-5y.gif (http://www.kitcometals.com/charts/nickel_historical_large.html#5years) http://www.kitconet.com/charts/metals/base/lme-warehouse-nickel-5y.gif (http://www.kitcometals.com/charts/nickel_historical_large.html#lmestocks_5years)

U R following the wrong charts AA, This is Mincor, 100 % nickel, Moore nickel and nothing else but Nickel ( + cobalt and Cu credits)

And for all u people that do not know it, very slim chance of being taken over as all their nickel has to go to BHP and no one else :(

So AA if u can T|A this chart and come up with the right result u will make squillions ;) Best of luck to u !

Because no one in the history of the Devils Metal has been able to predict its future, including all the top CEO's.:rolleyes:

On the bright side, Durkins and Otter are exceptional high grade ore bodies, so with their cash, no debt, they are positioned to ride this storm out.

Crypto Crude
24-08-2008, 02:30 PM
AA-Tricha you are half right but mostly wrong

that does not make sense.. mostly wrong, but half right... you would assume if you were half right then you would be equally half wrong, not more than half...:D...
Just taking the micky dude... Over the last 6 months you have changed in a big way dude...
keep up the good work, you are progressing very well...
big ups to you in TA world....
I am going to join you and Phaedrus, and I will start studying it in November...
bye for now...
:cool:
.^sc

SEC
24-08-2008, 03:51 PM
that does not make sense.. mostly wrong, but half right... you would assume if you were half right then you would be equally half wrong, not more than half...:D...
Just taking the micky dude... Over the last 6 months you have changed in a big way dude...
keep up the good work, you are progressing very well...
big ups to you in TA world....
I am going to join you and Phaedrus, and I will start studying it in November...
bye for now...
:cool:
.^sc

I would not be following the advice of someone who is supposed to have become a TA guru yet demonstrates ineptitute in basic mathematics :D

SEC

soulman
24-08-2008, 04:17 PM
SEC, you still holding IGO? Seems like good value ATM with management announcing an on-market BB to support that view.

SEC
24-08-2008, 05:40 PM
Wait a SEC,

Ineptitute is a big word for someone who hasn't learnt to spell it or read a thread correctly.

I think you mean ineptitude...


AA :D

Oh touché!

How dare I question the prowess of our newly deified TA guru. We're not worthy we're not worthy!!!!! :D

SEC
24-08-2008, 05:50 PM
SEC, you still holding IGO? Seems like good value ATM with management announcing an on-market BB to support that view.

Unfortunately still holding - but despite price fall still in profit on purchase.

Good value? Try extreme discount. IGO's cash position nearly 50% of market cap and unlike high cost miners the cash is not being sunk into existing operations. IGO is an another example of the recent disconnect between mine asset valuation and market forces. The market is now valuing the Tropicana gold deposit at zero. Macquarie recently valued this deposit at $2.50 per share and IGO has plenty of cash to fund its development. No wonder management got fed up and announced an on-market buyback.

SEC

shasta
09-09-2008, 04:34 PM
Unfortunately still holding - but despite price fall still in profit on purchase.

Good value? Try extreme discount. IGO's cash position nearly 50% of market cap and unlike high cost miners the cash is not being sunk into existing operations. IGO is an another example of the recent disconnect between mine asset valuation and market forces. The market is now valuing the Tropicana gold deposit at zero. Macquarie recently valued this deposit at $2.50 per share and IGO has plenty of cash to fund its development. No wonder management got fed up and announced an on-market buyback.

SEC

Some positive noises coming out of MCR...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=420266

shasta
15-09-2008, 04:22 PM
Some positive noises coming out of MCR...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=420266

MCR - Presentation

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=420855

Barclays selling down = BUY signal?

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=420889

stevo1
15-09-2008, 05:08 PM
Still like the look of MCR projects and management but the future PON is the problem (let alone general state of the market)I am looking for re entry .The coming weeks look to be incredibly volitile with a downward basis due to Lehmann and financials sending everthing skewiff.Possible re entry opportunity but at what price?

shasta
15-09-2008, 05:08 PM
Still like the look of MCR projects and management but the future PON is the problem (let alone general state of the market)I am looking for re entry .The coming weeks look to be incredibly volitile with a downward basis due to Lehmann and financials sending everthing skewiff.Possible re entry opportunity but at what price?

Wait til Barclays exit, they're stupid enough to push the price down :D

shasta
16-09-2008, 04:45 PM
Wait til Barclays exit, they're stupid enough to push the price down :D

MCR Ann - BRR Audio Broadcast :)

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=421021

stevo1
16-09-2008, 05:25 PM
MCR Ann - BRR Audio Broadcast :)

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=421021

Dipped my toes back in today at 121.Against charts and everthing.Got no one to blame but me if the price continues to fall.At PE 3.7 div yield 10% (admittedly historical) just unable to help myself.(probably shoud seek therepy).

shasta
16-09-2008, 05:35 PM
Dipped my toes back in today at 121.Against charts and everthing.Got no one to blame but me if the price continues to fall.At PE 3.7 div yield 10% (admittedly historical) just unable to help myself.(probably shoud seek therepy).

It is looking very cheap, because Barclays are selling out & smashing down the price as they go.

Barclays selling is a "technical buy signal" :D

shasta
06-10-2008, 01:40 PM
It is looking very cheap, because Barclays are selling out & smashing down the price as they go.

Barclays selling is a "technical buy signal" :D

Carnilya Hill drill results...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=423616

stevo1
06-10-2008, 04:46 PM
Shasta are you holding?I was out at 139 back in at 104

winner69
06-10-2008, 04:53 PM
Jeez MCR just over a $1 --- it was nearly $5 a year ago ... this resources boom must be well over .... at least for those that need high prices .... presume outfits like MR are still digging plenty of stuff out of the ground .... MCR been off my radar for a while so hadn't noticed how far it had fallen

shasta
06-10-2008, 05:02 PM
Shasta are you holding?I was out at 139 back in at 104

Nope, i'm awaiting for all the carnage to stop before i start buying ANYTHING.

Nickel isn't on my list of targets

stevo1
06-10-2008, 05:21 PM
Yeah the PON and inventories are likely to be troublesome short term.But with production cost /lb at $6.Falling aussie $. No debt cash in the bank PE 3.18 NTA 120cps.Div at 11.65%(all historical of course)and with excellent proven management team perhaps a trade opportunity.Still the boogieman of the meltdown could easily derail any gains

shasta
06-10-2008, 05:31 PM
Yeah the PON and inventories are likely to be troublesome short term.But with production cost /lb at $6.Falling aussie $. No debt cash in the bank PE 3.18 NTA 120cps.Div at 11.65%(all historical of course)and with excellent proven management team perhaps a trade opportunity.Still the boogieman of the meltdown could easily derail any gains

MCR is in much better shape than say MRE, & will do alright in these conditions, & i agree does look cheap, trouble is the whole market looks that way!

MCR would be a buy if/when the PoN starts increasing :cool:

stevo1
06-10-2008, 06:27 PM
MCR is in much better shape than say MRE, & will do alright in these conditions, & i agree does look cheap, trouble is the whole market looks that way!

MCR would be a buy if/when the PoN starts increasing :cool:

Drilling along "the Bluebush line " may well turn up major new NI deposits and is an added attraction for me certainly MCR keep turning up more NI .Yeah the whole market does look cheap and may well be cheaper in the future.

stevo1
07-10-2008, 11:34 AM
stop lossed out at 97

slam
08-10-2008, 02:06 PM
Hi All
Bean scooping these up over the past few days, to cheep to ignore.
And now a nice announcement. :o
A bit of green for a change

cheers
Slam

shasta
08-10-2008, 04:37 PM
Hi All
Bean scooping these up over the past few days, to cheep to ignore.
And now a nice announcement. :o
A bit of green for a change

cheers
Slam

This ann may help explain the renewed interest...

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=423933

JBmurc
30-10-2008, 12:19 PM
Never though I'd see MCR back down here again seems like only couple yrs ago I was very bullish at these levels
-Nickel up 9% overnight
-Growing resource base

Cash and Debt
As at 30 September 2008, Mincor had cash and receivables
of $111.48 million and creditors and accruals of $35.46
million, giving a net working capital position of $76.02\
million.

Going long 69c

stevo1
30-10-2008, 12:44 PM
Never though I'd see MCR back down here again seems like only couple yrs ago I was very bullish at these levels
-Nickel up 9% overnight
-Growing resource base

Cash and Debt
As at 30 September 2008, Mincor had cash and receivables
of $111.48 million and creditors and accruals of $35.46
million, giving a net working capital position of $76.02\
million.

Going long 69c

JB havent been able to resist buying in the last few days prior to quarterly which is showing production costs (at US/AU 62 cents) US $3.59 or AU$5.79 /lb.Quaterly well worth a read.http://www.asx.com.au/asxpdf/20081030/pdf/31d87gc3dzqxjx.pdf

tricha
30-10-2008, 12:44 PM
Never though I'd see MCR back down here again seems like only couple yrs ago I was very bullish at these levels
-Nickel up 9% overnight
-Growing resource base

Cash and Debt
As at 30 September 2008, Mincor had cash and receivables
of $111.48 million and creditors and accruals of $35.46
million, giving a net working capital position of $76.02\
million.

Going long 69c

Only thing is JB, we have gone another quarter and the numbers are going down :confused:


• Quarter-end cash and receivables total $145.4
million; net working capital after creditors and
accruals totals $86.8 million

JBmurc
30-10-2008, 01:08 PM
Only thing is JB, we have gone another quarter and the numbers are going down :confused:


• Quarter-end cash and receivables total $145.4
million; net working capital after creditors and
accruals totals $86.8 million


Yeah for sure but still with a Mrktcap of 130-140mill MCR's resources of 167,000t Ni a cash margin of $2 per lb as long as world still wants Nickel MCR will be turning a profit maybe not as large one but still a well run profitable miner
Now checkout the U-tube links on your Supercycle thread

STRAT
30-10-2008, 01:08 PM
http://www.kitconet.com/charts/metals/base/spot-nickel-1y-Large.gif

http://www.kitconet.com/charts/metals/base/lme-warehouse-nickel-6m-Large.gif

Looks a bit early to be saying the price of nickel has turned I reckon and the recent price improvement can hardly be put down to a lack of supply

stevo1
30-10-2008, 01:58 PM
http://www.kitconet.com/charts/metals/base/spot-nickel-1y-Large.gif

http://www.kitconet.com/charts/metals/base/lme-warehouse-nickel-6m-Large.gif

Looks a bit early to be saying the price of nickel has turned I reckon and the recent price improvement can hardly be put down to a lack of supply

Can only agree that it may be too early for turn in PON STRAT if you look only at LME stocks. However at the current prices some mines will (and have) closed .If MCR reduces from here I am looking to accummulate (the foolishness or otherwise of doing so will be apparent in hindsight)

STRAT
30-10-2008, 02:20 PM
Can only agree that it may be too early for turn in PON STRAT if you look only at LME stocks. However at the current prices some mines will (and have) closed .If MCR reduces from here I am looking to accummulate (the foolishness or otherwise of doing so will be apparent in hindsight)Hi Stevo,
Im steering clear of miners at the mo. I can see a few going to the wall over the next six months but have noticed many stocks on my watch list including miners are showing signs of turning and the early bird gets the biggest worm eh?;)

tricha
31-10-2008, 10:42 PM
Yeah for sure but still with a Mrktcap of 130-140mill MCR's resources of 167,000t Ni a cash margin of $2 per lb as long as world still wants Nickel MCR will be turning a profit maybe not as large one but still a well run profitable miner
Now checkout the U-tube links on your Supercycle thread

Excellent link on the Supercycle JB, can u come up with why Mincor went backwards in the last quarter regarding cash held, if u care to look at the Kitco chart, they averaged $7.50 US for the last quarter, now we are at $5.00

Trouble is, I got burnt by PEM, who had close to 200 million cash and in a blink, most of it disappeared.

JBmurc
01-11-2008, 09:25 AM
Excellent link on the Supercycle JB, can u come up with why Mincor went backwards in the last quarter regarding cash held, if u care to look at the Kitco chart, they averaged $7.50 US for the last quarter, now we are at $5.00

Trouble is, I got burnt by PEM, who had close to 200 million cash and in a blink, most of it disappeared.

I'd say exploration costs would have soaked up a lot cash haven't really studied MCR well only playing round with a CFD long on MCR buy 69c sold 71c for a small profit
Still MCR costs still lower than current Nickel price
Don't know anything about PEM but will all know MCR have a smart managerment should come through intact

tricha
02-11-2008, 09:17 PM
I'd say exploration costs would have soaked up a lot cash haven't really studied MCR well only playing round with a CFD long on MCR buy 69c sold 71c for a small profit
Still MCR costs still lower than current Nickel price
Don't know anything about PEM but will all know MCR have a smart managerment should come through intact

If your cash position is going backwards for the quarter, R your cash costs lower than the current nickel price.?

The other consideration is, July and August nickel prices were a lot higher than September and now. Although the OZ $ comphensates somewhat.

http://www.kitconet.com/charts/metals/base/spot-nickel-6m.gif (http://www.kitcometals.com/charts/nickel_historical_large.html#6months)

I guess it doesn't matter, U R out JB.:)

No one in this world can predict the Devils Metal price ;) but if u could u would make a million. :D

macduffy
03-11-2008, 07:46 AM
Hi tricha.

Are you saying that some metals prices can be predicted, but not Ni ?
If so, which ones and what are your predictions?

Cheers

;)

stevo1
03-11-2008, 02:57 PM
I'd say exploration costs would have soaked up a lot cash haven't really studied MCR well only playing round with a CFD long on MCR buy 69c sold 71c for a small profit
Still MCR costs still lower than current Nickel price
Don't know anything about PEM but will all know MCR have a smart managerment should come through intact

JB you werent tempted back to MCR for another long CFD by any chance ?

macduffy
03-11-2008, 03:51 PM
On the matter of cash balance reducing during the Sept quarter it should be noted that MCR paid out about $12m in final dividend in this period.
Of interest too is that another nickel producer, PAN, noted that its cash payments in the quarter totalled about $30m and included dividend, acquisition of mining plant, ventilation upgrade, capital investment in open pit development, currency hedging premiums, state and other royalties, other capex. Didn't mention salaries and wages but I guess they don't come free!
Not saying that all the above apply to MCR but just making the point that "cash costs" don't necessarily cover all " cash expenditure".

;)

stevo1
03-11-2008, 03:56 PM
On the matter of cash balance reducing during the Sept quarter it should be noted that MCR paid out about $12m in final dividend in this period.
Of interest too is that another nickel producer, PAN, noted that its cash payments in the quarter totalled about $30m and included dividend, acquisition of mining plant, ventilation upgrade, capital investment in open pit development, currency hedging premiums, state and other royalties, other capex. Didn't mention salaries and wages but I guess they don't come free!
Not saying that all the above apply to MCR but just making the point that "cash costs" don't necessarily cover all " cash expenditure".

;)

Hi Macduffy your analysis seems to have driven the price up from 18% to 29% gain

stevo1
06-11-2008, 07:01 PM
Locked in some profit possibably risen too quickly.Bear may just be napping.Will be watching with interest ,may top up again.Obama's in but whats changed at this point?MMM

tricha
07-11-2008, 10:36 PM
:(
Hi tricha.

Are you saying that some metals prices can be predicted, but not Ni ?
If so, which ones and what are your predictions?

Cheers

;)

Nickel is known as the Devils Metal, totally unpredictable, CEO's of major nickel companies have made many calls in the past and few have been right.
There is a town just south of Kalgoorlie, its named Kambalda and is home to a great Nickel Province.

One year it is a boom town, the next it is a ghost town, not for the faint hearted.:(

macduffy
08-11-2008, 07:16 AM
Thanks, tricha, but nothing new in that to any of us who used to punt on Western Mining in the late 60's-70's. Pleased to say that the devil turned up trumps more often than not!
I must have misinterpreted your post of 2 Nov. I thought you were saying that the price of Ni couldn't be predicted and by inference, that some other metals' prices can be!
Just wanted to share your secret!

Cheers

;)

stevo1
13-11-2008, 05:20 PM
Starting to look oversold to me at 65cps,could well be wrong,topping up from here ,note though that SP finished on the days lows

macduffy
13-11-2008, 05:43 PM
Starting to look oversold to me at 65cps,could well be wrong,topping up from here ,note though that SP finished on the days lows

I hope you've got it right there, stevo.
Personally, although I hold a few MCR and like their prospects eventually, I don't see any point in trying to catch falling knives in a down market. I reckon there'll be plenty of opportunities to buy well on the uptrend!

;)

stevo1
14-11-2008, 10:14 AM
I hope you've got it right there, stevo.
Personally, although I hold a few MCR and like their prospects eventually, I don't see any point in trying to catch falling knives in a down market. I reckon there'll be plenty of opportunities to buy well on the uptrend!

;)

Hi Macduffy taking smallish bites on the way down if it starts to look toxic I will be spitting it out.Just seems too cheap on historical PE of 2 div of yield of 18%.NTA 120.Sure those figures wont remain at those levels (drop downwards)but there seems to be a reasonable amount of wiggle room there .It is more risky as you say than buying on the uptrend. That muffled screaming you may hear could well be me bearing cuts from those falling knives.

tricha
14-11-2008, 11:47 PM
Hi Macduffy taking smallish bites on the way down if it starts to look toxic I will be spitting it out.Just seems too cheap on historical PE of 2 div of yield of 18%.NTA 120.Sure those figures wont remain at those levels (drop downwards)but there seems to be a reasonable amount of wiggle room there .It is more risky as you say than buying on the uptrend. That muffled screaming you may hear could well be me bearing cuts from those falling knives.

Have a good look at Perilya and think very carefully. :confused:

stevo1
15-11-2008, 10:26 AM
Have a good look at Perilya and think very carefully. :confused:

I hear you tricha and have looked at PEM and CBH (NOT PRETTY) so am aware of possibilities or lack thereof.
Running conservative stoplosses. Also aware of increased inventory at LME good reference site for stainless and nickel.
http://www.estainlesssteel.com/stainless-steel-news.shtml .
I am willing to cautiously accumulate MCR ATM under 65cps but will not muck around if the situation deteriorates further or if I can see a profit -appreciate the caution though.
Certainly the indicator of most interest to me is the Baltic Dry Index which will give the best indication of where the whole commodities cycle is going.There is no secondary market futures hedges etc and is REAL insomuch as it is an actual track of stuff being moved.

tricha
16-11-2008, 09:30 PM
I hear you tricha and have looked at PEM and CBH (NOT PRETTY) so am aware of possibilities or lack thereof.
Running conservative stoplosses. Also aware of increased inventory at LME good reference site for stainless and nickel.
http://www.estainlesssteel.com/stainless-steel-news.shtml .
I am willing to cautiously accumulate MCR ATM under 65cps but will not muck around if the situation deteriorates further or if I can see a profit -appreciate the caution though.
Certainly the indicator of most interest to me is the Baltic Dry Index which will give the best indication of where the whole commodities cycle is going.There is no secondary market futures hedges etc and is REAL insomuch as it is an actual track of stuff being moved.

ConsMin slashes 182 jobs as prices plunge



15th November 2008, 6:00 WST

http://www.thewest.com.au/getfile.aspx?Type=image&ID=449937&ObjectType=3&ObjectID=222653

http://ad.au.doubleclick.net/ad/thewest_biz/wabizmining_cont;tile=6;sz=300x600;ord=123456789? (http://ad.au.doubleclick.net/jump/thewest_biz/wabizmining_cont;tile=6;sz=300x600;ord=123456789?)
Ukrainian billionaire Gennadiy Bogolyubov, who paid $1.2 billion in cash for Consolidated Minerals almost exactly a year ago, has axed 182 jobs at his WA mines because of plummeting metal prices.

ConsMin’s loss-making Kambalda nickel operations have been placed on care and maintenance, with 78 employees and 55 contractors being axed, while the scale of the Coobina chromite mine in the Pilbara will be drastically reduced to cut costs, triggering up to 49 job losses.

Mr Bogolyubov’s shock decision is a bitter blow to Kambalda’s historic nickel district, which is already struggling to cope with relatively high-cost operations at a time of floundering metal prices.

It is unclear how much money Mr Bogolyubov is losing because of Cons-Min, which he acquired last year after a tense, drawn-out takeover battle with former ConsMin managing director Michael Kiernan and ex-BHP Billiton boss Brian Gilbertson. Mr Bogolyubov paid $1.2 billion in cash for ConsMin and secured control of the miner last December, around the time Australia’s five-year resources bull run peaked.

Mr Bogolyubov’s actions, designed to repair ConsMin’s ailing financial health, add to the woe felt by WA’s troubled mining sector, which is being forced to cut hundreds of jobs as part of operational cutbacks to deal with collapsed metal prices.

In the past month, Newcrest Mining has said it would axe 400 jobs at its Telfer mine in the Pilbara, financially stricken Mount Gibson Iron has slashed 190 jobs at its Mid-West and Kimberley operations and contractor WorleyParsons cut loose 70 employees because mining clients had deferred or scaled back projects.

Rio Tinto last night denied it was offering redundancies to workers, even though it has been forced to cut Pilbara iron ore output and shut the Brockman 2 mine because of waning Chinese demand.

A spokesman for Mr Bogolyubov also flagged staff cuts at ConsMin’s Perth head office and said it was likely production at the miner’s flagship operation, the Woodie Woodie manganese operation in the east Pilbara, would be pared back to reflect “a strong change in emphasis from volume to value”.

“The company very much regrets that these operational and organisational changes have become unavoidable given the impact on our business in the current adverse economic and market conditions and the uncertain outlook,” ConsMin spokesman David Brook said.

“We believe these changes and those previously implemented will now put the business on a more sustainable footing to manage the current and anticipated challenging market conditions.”

Kambalda is home to fellow nickel miners Mincor Resources, Panoramic Resources and Independence Group, which have all seen their share prices slump because of the metal’s 66 per cent fall over the past year.

Mincor managing director David Moore, who has seen the miner’s share price fall 86 per cent over the past year, said yesterday the company was coping with the depressed metal price.

“Everyone who has only been here five years will not be used to it (low metal prices),” he said. “It’s probably a bit grim but not overly so.

“We are lucky that we have three core operations that are generating good cash and that we can tailor production to suit our circumstances.”
PETER KLINGER

stevo1
18-11-2008, 09:27 AM
Getting close to my stoploss may well be kicked out today then it will back to sitting on my hands watching ,waiting.Shorting ban on non financials ends today so will try to assess that from here.Down on wall street not helpful,as is Japan and others sliding into recession also weaker metals overnight.Caution meter has just gone up a few more notches.Baltic DRy Index rocking slightly up and down.

tricha
18-11-2008, 09:14 PM
Getting close to my stoploss may well be kicked out today then it will back to sitting on my hands watching ,waiting.Shorting ban on non financials ends today so will try to assess that from here.Down on wall street not helpful,as is Japan and others sliding into recession also weaker metals overnight.Caution meter has just gone up a few more notches.Baltic DRy Index rocking slightly up and down.

Well did it kick u out :confused:

Nickel59748+1368

Scary stuff, who would have believed that Mincor got to $4.50 a share and now this.

:eek:

stevo1
18-11-2008, 09:52 PM
Well did it kick u out :confused:

Nickel59748+1368

Scary stuff, who would have believed that Mincor got to $4.50 a share and now this.

:eek:

Certainly did at 61.5.Subsequent SP weakness to end at 57 has kept me out for the moment watching with cautious interest in no hurry to re enter considering the general economic conditions now and into the future.

tricha
20-11-2008, 10:26 PM
Certainly did at 61.5.Subsequent SP weakness to end at 57 has kept me out for the moment watching with cautious interest in no hurry to re enter considering the general economic conditions now and into the future.

This is truely unbelievable, now 51 cents, my favourite stock, 10 bagger.

No hurry to re-enter either :(

Nickel still going down and inventories going up, u would not want to own property in Kalgoorlie at the present either :o

"Oh what memories", The Wild West ;)

Fund managers still hold plenty and their relentless dumping could take it lower again :confused:
Reminds me of AMP days.

tricha
10-12-2008, 10:37 PM
Quarter-end cash and receivables total $111.48
million; net working capital after creditors and
accruals totals $76.02 million




After capital and exploration expenditures, tax payments, and provisional pricing
adjustments, end-December net working capital (cash and receivables less creditors and
accruals) is forecast to be approximately $60-65 million (assuming current Ni prices)


Well, a few monthes and 10 million burnt and they say it is all rosy, suspect :eek:


Yeah and they close a couple of mines and the cost, look what happened to PEM, 200 million cash to ?


Cheap ? NO
30 S
P>SAPNow excellent buying opportunity =
I did not write this and I can not change it, something to do with the last major changeover of this site.exploration expenditures, tax payments, and provisional pricing
adjustments, end-December net working capital (cash and receivables less creditors and
accruals) is forecast to be approximately $60-65 million (assuming current Ni prices)
eptember 2008

tricha
11-12-2008, 09:56 PM
May or probably :confused: The numbers show it will and depending on the contract with Barminco, it could add on another 20 million on top of the 10 million in my last post. :eek:

Just like PEM, 200 million cash and a mine closure, down to 80 million,

Mincor Plans to Suspend Miitel Mine; May Post Loss (Update1)
Email (?Subject=Bloomberg%20news:%20%20Mincor Plans to Suspend Miitel Mine; May Post Loss (Update1) &body=%20Mincor Plans to Suspend Miitel Mine; May Post Loss (Update1) %0D%0A%0D%0A%20http%3A//www.bloomberg.com/apps/news%3Fpid%3Demail_en%26refer=commodities%26sid%3D a8Mu850Dc6WY) | Print (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) | A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#)


By Jason Scott
Dec. 10 (Bloomberg) -- Mincor Resources NL (http://www.bloomberg.com/apps/quote?ticker=MCR%3AAU), Australia’s fourth-largest nickel producer, said it will probably post a first-half loss and will suspend mining operations at its Miitel project from Christmas after metal prices plunged.
“Miitel’s closure is only temporary, and it will certainly get back into production,” Managing Director David Moore (http://search.bloomberg.com/search?q=David+Moore&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) said in a phone interview today. “The timeframe for that is not certain but it should be within three to six months, depending on the nickel price.”
Nickel prices have plunged 64 percent this year as the global recession cut demand for industrial metals and steel. OAO GMK Norilsk Nickel, the world’s largest producer of the metal, halted operations at its Cawse mine in Australia in October.
Mincor is “unlikely” to post a profit for the six months ending Dec. 31 because of the nickel price, it said today in a presentation sent to the Australian stock exchange. The Perth- based company kept its output forecast for the 12 months ending June 30 at 16,000 to 19,000 metric tons of nickel.
Mincor (http://www.bloomberg.com/apps/quote?ticker=MCR%3AAU), down 86 percent this year, rose 3.5 percent to 59 Australian cents at 2:53 p.m. in Sydney trading.
The closure of Miitel in Western Australia state will affect about 100 workers, Moore said. Mincor has already sacked 15 workers from the site. Contractor Barminco Ltd., which employs the remainder, declined to immediately comment.
“We’ve got three mines remaining in full production, Carnilya Hill, Mariners and Otter Juan,” Moore said. “Nickel is a volatile market. In the medium term, beyond six months, the outlook is very positive indeed.”
Nickel shipments from Australia, the world’s fourth-biggest exporter, slumped 37 percent in the September quarter as demand and prices plunged.
To contact the reporter on this story: Jason Scott (http://search.bloomberg.com/search?q=Jason+Scott&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in Perth at Jscott14@bloomberg.net (Jscott14@bloomberg.net)
Last Updated: December 9, 2008 23:20 EST

tricha
05-03-2009, 09:10 PM
[quote=tricha;236672]May or probably :confused: The numbers show it will and depending on the contract with Barminco, it could add on another 20 million on top of the 10 million in my last post. :eek:

Just like PEM, 200 million cash and a mine closure, down to 80 million,

Mincor Plans to Suspend Miitel Mine; May Post Loss (Update1)
Email | Print (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) | A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#) A (http://www.bloomberg.com/apps/news?pid=20601012&sid=a8Mu850Dc6WY&refer=commodities#)


By Jason Scott
Dec. 10 (Bloomberg) -- Mincor Resources NL (http://www.bloomberg.com/apps/quote?ticker=MCR%3AAU), Australia’s fourth-largest nickel producer, said it will probably post a first-half loss and will suspend mining operations at its Miitel project from Christmas after metal prices plunged.
“Miitel’s closure is only temporary, and it will certainly get back into production,” Managing Director David Moore (http://search.bloomberg.com/search?q=David+Moore&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) said in a phone interview today. “The timeframe for that is not certain but it should be within three to six months, depending on the nickel price.”
Nickel prices have plunged 64 percent this year as the global recession cut demand for industrial metals and steel. OAO GMK Norilsk Nickel, the world’s largest producer of the metal, halted operations at its Cawse mine in Australia in October.
Mincor is “unlikely” to post a profit for the six months ending Dec. 31 because of the nickel price, it said today in a presentation sent to the Australian stock exchange. The Perth- based company kept its output forecast for the 12 months ending June 30 at 16,000 to 19,000 metric tons of nickel.
Mincor (http://www.bloomberg.com/apps/quote?ticker=MCR%3AAU), down 86 percent this year, rose 3.5 percent to 59 Australian cents at 2:53 p.m. in Sydney trading.
The closure of Miitel in Western Australia state will affect about 100 workers, Moore said. Mincor has already sacked 15 workers from the site. Contractor Barminco Ltd., which employs the remainder, declined to immediately comment.
“We’ve got three mines remaining in full production, Carnilya Hill, Mariners and Otter Juan,” Moore said. “Nickel is a volatile market. In the medium term, beyond six months, the outlook is very positive indeed.”
Nickel shipments from Australia, the world’s fourth-biggest exporter, slumped 37 percent in the September quarter as demand and prices plunged.
To contact the reporter on this story: Jason Scott (http://search.bloomberg.com/search?q=Jason+Scott&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in Perth at Jscott14@bloomberg.net (Jscott14@bloomberg.net)
Last Updated: December 9, 2008 23:20 EST[/quote)

Dam , as expected and still not a buy, not at todays nickel price. Like Huang watch with interest and at a distance.:(




MINCOR CONFIDENT DESPITE FIRST HALF LOSS

Strong $28.6M Operating Earnings, Dividend Payments Continue

• Sharply lower nickel prices lead to Mincor’s first ever net loss, of $22.7 million

• This figure includes provisional pricing adjustments and one-off non-cash asset impairment
charges totaling $26.6 million

• Solid operating earnings of $28.6 million (revenue less cash costs before provisional pricing
adjustments)

• Balance sheet remains exceptionally strong – working capital of $72 million and no debt

• Dividends to continue – fully franked interim payout of 2 cps declared

• Outlook for second half much stronger following implementation of Operational Management
Plan

• Mincor is successfully weathering the financial storm and continues to offer outstanding
leverage to a recovery in global growth

Australian nickel miner Mincor Resources NL (ASX: MCR) today announced its first loss since
commencing mining operations in 2001. The net loss of $22.7 million for the six months to 31
December 2008 comes despite record production and the Company’s best cost performance in more
than two years, and is the result of a 39% fall in gross revenues due to sharp falls in the nickel price
during the period.
The result (Dec 2007: $31.3 million net profit) includes a provisional pricing adjustment charge of $9.3
million from the previous financial year and a one-off, non-cash asset impairment charge of $17.3
million. In accordance with its standard accounting practice, Mincor has also written off exploration
costs incurred during the period, amounting to $6.7 million.
However, the strength of Mincor’s business, and the effectiveness of its response to the falls in
commodity prices during October and November, is reflected in solid operating earnings (revenue less
cash costs before provisional pricing adjustments) of $28.6 million and the capacity to declare a fully
franked interim dividend of 2 cents per share.
The net result was struck on gross revenues of $100 million for the half year (Dec 2007: $164.9 million)
from the sale of a record 8,976 tonnes of nickel-in-concentrate. Mincor mined 354,052 tonnes of ore at
a grade of 2.87% nickel, for 10,155 tonnes of nickel in ore. The average realised price for the period
was A$7.99 per pound, down from A$14.05 per pound in the previous corresponding period.
Under the impetus of Mincor’s Operational Management Plan, cash costs reduced from an average of
A$6.52 per pound of payable nickel in the June 2008 Quarter to A$5.61 per pound (US$3.65/lb) in the
December 2008 Quarter. Average cash costs were A$5.76 per pound for the first half, the lowest they
have been since early 2006 (Dec 2007: A$6.26 per pound).
The Company’s balance sheet remains strong, with working capital (cash and receivables minus
creditors and accruals) of $72 million at 31 December 2008. This figure is down from $92 million on
30 June 2008, reflecting the net of tax, dividend and provisional pricing payments as well as capital and
exploration expenditures, offset by operational earnings. At 31 December 2008 the Company’s hedge
book had a marked to market value of $33 million.
Demonstrating its confidence in the future, Mincor’s Board has declared a 2 cents per share fully
franked interim dividend (Dec 2007: 6 cps). The record date for the dividend is 27 February 2009, and
the dividend will be payable on 27 March 2009.

MEDIA RELEASE

Wednesday, 18 February 2009

Page 2

Following asset impairment tests required by the accounting standards and triggered by the fall in the
nickel price, Mincor has written down a portion of the carrying value of its Miitel and McMahon nickel
mines, and has written off the residual value of its previously closed Wannaway mine.
The total impairment cost is $17.3 million. This is a one-off, non-cash charge against Mincor’s profits,
and has no effect on Mincor’s cash balance. Additionally, given Mincor’s high level of retained profits,
the write-downs do not affect Mincor’s current capacity to pay dividends.

Management Comment

While the harshness of the current business environment is clearly apparent in Mincor’s first-ever
accounting loss, the strong operating earnings generated throughout the half year underlines the
fundamental strength of Mincor’s operations, while management’s swift response to the events of
October and November, together with the Company’s strong balance sheet, has ensured Mincor’s ability
to weather the global financial storm.
“As outlined in previous releases, we have reduced costs by suspending higher cost production. Due to
the unique flexibility of our operations, we have been able to do this without damaging the suspended
operations or their ore reserves, and without reducing our production capacity,” said Mincor’s Managing
Director, David Moore.
“Since November production has been flexed downwards to a robust core of three low-cost mines,
cash costs have been reduced, and group cash flows substantially increased.”
“For the half year as a whole, and even before these operational changes came into affect, our business
generated substantial operating earnings. This is a significant point given that few nickel mining
companies will report a profit for this half year, and many global nickel mines were forced to shut down
during the period.”
“It is the strength of these operating earnings that gives us the ability to sustain the capital and
exploration investments that are vital for Mincor’s future growth, while still maintaining our unbroken
record of dividend payments.”
“Our objective is to ensure that ongoing capital, exploration and dividend expenditures are covered by
operating earnings. This was not the case in the first quarter of the current financial year due to the
retrospective impact of the nickel price collapse in October and November, which meant that capital
expenditures for the first quarter had been (in retrospect) unsustainably high.”
“However, following the operational measures taken in the second quarter, investment expenditures
have been wound back to sustainable levels compatible with long-term production at the Company’s
revised production rate.”

Outlook

“As a result of these measures, the Company has – since November 2008 – been generating
substantially more cash than it has been consuming, and this is expected to continue for the foreseeable
future, based on current nickel price assumptions”, Mr Moore said. “In addition, the full positive effects
of the operational changes will continue to be felt over the remainder of the 2009 financial year.”
As previously advised, Mincor is budgeting production of between 6,500 and 7,500 tonnes of nickel in
ore in the second half of the 2009 financial year, with sustainable exploration and capital expenditures of
$15 million, funded from cashflows.

Page 3

Exploration through the second half of the financial year will focus on a number of core areas:

• The down-plunge potential of the Mariners, Otter Juan and Carnilya Hill nickel mines, where
initial indications are extremely positive;

• The strong potential of the Burnett Shoot at North Miitel, where mineralisation has now been
extended along plunge by nearly 1 kilometre beyond ore reserves;

• The search for Ultra-sized Nickel Ore Bodies in the North Kambalda area, guided by the results
of the seismic survey carried out jointly with BHP Billiton in December 2008. The results of the
survey are expected to be available in April 2009; and

• The testing of high-quality nickel targets along the Bluebush Line.
Mincor’s suspended operations, primarily Miitel, are capable of a rapid and low-cost return to
production, giving the Company an unparalleled ability to ramp up production when economic
circumstances permit.
“Given the strength of our cash flows, the latent capacity of our suspended mines, the quality of our
exploration targets, and our healthy, debt-free balance sheet, we look forward to the future with great
confidence,” Mr Moore said.
“Mincor continues to offer its shareholders outstanding leverage to the nickel price, and an investment
in a financially strong mining company with a long-term track record of success.”

Mincor is Australia’s 3rd largest listed nickel producer. The Company operates two mining centres
in the world class Kambalda Nickel District of Western Australia, and has been in successful
production since 2001.
- ENDS -

Released by: On behalf of:

Nicholas Read / Kate Bell Mr David Moore, Managing Director
Read Corporate Mincor Resources NL
Tel: (08) 9388 1474 Tel: (08) 9476 7200

www.mincor.com.au

MINCOR RESOURCES NL

Half-Year 2008/09

(31 December 2008)

FINANCIAL RESULTS

Highlights of the Half Year to
December 2008

�� First ever net loss following sharp drop in nickel price

�� Loss comes despite record production and the Company’s best
cost performance in more than two years

�� Net loss of $22.7 million – Result impacted by provisional pricing
adjustments ($9.3m), asset impairment charges ($17.3m), and
exploration write-offs ($6.7 million)

�� Solid Operating Earnings of $28.6 million (revenue less cash costs
before provisional pricing adjustments) demonstrates the
fundamental strength of Mincor’s operations

�� Strong balance sheet: working capital at $72 million, no debt

�� Board declares 2 cps fully franked interim dividend

�� Outlook for second half much stronger following implementation of
Operational Management Plan

�� Growth options maintained - Strong exploration programme u/way

Operational Results for the Half Year to
December 2008

2.23
5.76
7.99*
12,843,094
8,976
2.87%
354,052
Dec Half
2008
7.79
6.26
14.05
11,744,863
8,196
2.70%
345,369
Dec Half
2007

Pounds Payable Nickel 9,870,435 9,678,414

Average Cash Margin (A$/lb) 8.11 2.93

Average Cash Cost (A$/lb) 6.15 4.81

Average Ni Price (A$/lb) 14.26 7.74

Nickel in Concentrate (tonnes) 6,888 6,754

Nickel Grade 2.50% 2.93%

Ore Delivered (tonnes) 319,991 262,945
Dec Half
2005
Dec Half
2006

*Excludes the impact of negative nickel sales adjustment on the establishment of final nickel prices for April, May and June 2008
($9.25 million). Based on estimates for October, November and December 2008; awaits the fixing of the nickel price for these
months – see explanation on following page.

Earnings for the Half Year to
December 2008

2.0
(11.4)
(22.71)
11.56
100.39*

Dec Half
2008

Earnings/(Loss) per Share (CPS) 15.6 19.0 5.1
Interim Dividend per Share (CPS) 6.0 6.0 2.0
Net Profit/(Loss) After Tax ($M) 31.31 37.18 10.02
EBITDA ($M) 71.14 67.84 27.13
Revenues ($M) 164.87 147.05 79.65

Dec Half
2005
Dec Half
2006
Dec Half
2007

*The nickel price received by Mincor for any month of production is the average LME spot price during the third
month following the month of delivery. Therefore the nickel price in the December 2008 half-year accounts for
the production months of October, November and December 2008 must be estimated. The Company’s policy
is to base this estimate upon the 3 month forward nickel price at the end of the month of delivery. Revenue for
October, November and December in this report has been estimated in this way, and is subject to an
adjustment (up or down) when the final nickel price is known. Similarly, revenues for the current half year
period have been adjusted to take account of the final nickel prices established for April, May and June 2008.
As a result Mincor has recognised a negative sales revenue adjustment of $9.3 million attributable to those
production months. This negative adjustment is incorporated in the above figures.

Half Year to December 2008: Lowest Cash
Costs in more than Two Years

0
1
2
3
4
5
6
7
8
Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08

A$/lb payable Ni

Analysis of Earnings – Half Year to
December 2008

Add: Other Income 0.48 - - -

(22.71)

12.48
2.58

(37.77)

(32.04)
(17.29)

11.56

(8.41)

19.97

(2.38)
(6.73)

28.60

Dec
Half ‘08

Less: Corporate Overheads ($M) (2.58) (2.53) (1.28)

Less: Exploration Costs Expensed ($M) (6.26) (5.92) (2.03)

Operating Earnings (Revenue less Cash Costs) ($M)* 91.91 76.29 30.44

Less: Provisional pricing and royalty adjustments following finalisation of the (11.93) - -

nickel prices for April, May and June 2008 ($M)

EBITDA ($M) 71.14 67.84 27.13
31.30

(13.70)
4.27

40.73

(30.41)
-

83.07

Dec
Half ‘07
Net Profit/(loss) after Tax ($M) 37.18 10.02

Income Tax Benefit/(Expense) ($M) (15.44) (2.81)

Net Interest Income ($M) 1.43 0.12

EBIT ($M) 51.19 12.71

(14.42)
-
(16.65)
-

Depreciation and Amortisation ($M)
Impairment Loss ($M)

EBITDA before recognition of provisional pricing adjustments ($M) 67.84 27.13

Dec
Half ‘05
Dec
Half ‘06

*Excludes the impact of provisional pricing adjustments.

Balance Sheet at 31 December 2008

N/A

184.44

73.10
280.34

31 Dec
2008

32%

197.75

97.39
303.09

31 Dec
2007
Return on Equity 60% 27% 35%

(annualised)
Shareholder’s Equity ($M) 123.48 74.65 56.93
Liabilities ($M) 143.23 52.26 51.15

Assets ($M) 224.36 121.73 108.08

31 Dec
2004
31 Dec
2005
31 Dec
2006

Note: Shareholder’s Equity has been adjusted (by $22.80 million) to remove the impact of cashflow hedges.
Under the current AIFRS rules hedges must be fair valued with mark to market adjustments made against equity.
As this fair value adjustment fluctuates with nickel and currency prices and has no impact on the Company’s
profit for the period, it has been removed from the above table. In addition, earnings for the half year have been
annualised when calculating Return on Equity.

Analysis of Cashflows – Half Year to
December 2008

55,848

(56,651)

(27)
-
(11,933)
(7,966)
(31,957)
(6,196)
(13,818)

15,246

(8,418)
23,664

2008
$000
Net Operating Cash Inflow 70,601 75,095 14,485

Income Tax Paid (37,109) (8,385) (3,173)
Payment for Acquisition of GMM (50,323) - -
Less: Provisional pricing and royalty adjustments following (11,928) - -

finalisation of the nickel prices for April, May and June 2008

Net Operating Cashflow before recognition of provisional pricing 82,529 75,095 14,485

adjustments

110,839

(58,728)

135
705
(11,854)
(5,428)
(25,455)

2007
$000

87,402

42,267

70
609
(5,840)
(5,592)
(13,690)

2006
$000

11,244

(6,961)

127
-
(3,893)
(2,450)
(12,057)

2005
$000

Cash at 31 December 2008

Net Cash Inflow/(Outflow)

Other
Proceeds from Issue of Shares
Dividends Paid
Exploration Expenditure
Capital Expenditure

Analysis of Cashflows – Half Year to
December 2008

0
20
40
60
80
100
120
140
160
Cash Bal ance 30/6/08
Operating Cashflow
Prov. Pricing Adjustments
Income Tax Paid
Acquisition of GMM
Capital Expenditure
Expl & Dev Expenditure
Dividends Pai d
Cash Balance 31/12/08

A$ Millions

Huang Chung
05-03-2009, 09:25 PM
Tricha, I think you'll win the prize for the longest post on ST, if nothing else.

I've bought back into WSA, probably a bit too soon, but them's the breaks. Waiting for a reversal in the LME Ni stockpile before I possibly dip my toes in the water again.

tricha
05-03-2009, 09:34 PM
Tricha, I think you'll win the prize for the longest post on ST, if nothing else.

I've bought back into WSA, probably a bit too soon, but them's the breaks. Waiting for a reversal in the LME Ni stockpile before I possibly dip my toes in the water again.

Yeah and MCR made me the most as well, 1000 %.

But that's distant and this is now, yes WSA, if there is a recovery, WSA is the one Huang. they have an outstanding prolific resource of high grade nickel.

And yes we need to see a change in the LME stock pile. They reckon from mine closures, its 3 months before the last production hits the LME.

And like u, I am watching.

macduffy
10-03-2009, 12:55 PM
Open Briefing with MCR's MD, David Moore available on the company's website.
Nothing really new, but makes the point that MCR is cash positive at current Ni prices, has $79m in the bank and nicely poised to increase output when conditions improve.

Disc: Holding a few at a bit above current price.

:cool:

macduffy
29-04-2009, 03:18 PM
Mincor quarterly report:

Operating surplus for quarter $15.5m

Cash up from $55.8m at 31 December to $60.6m

Working Capital increased from $71.7m to $78.5m, after paying a $4m dividend during the period.

Good solid result from reduced output of highest grade Ni for 5 years at lowest quarterly cash cost for 3 years.

;)

tricha
29-04-2009, 08:39 PM
Mincor quarterly report:

Operating surplus for quarter $15.5m

Cash up from $55.8m at 31 December to $60.6m

Working Capital increased from $71.7m to $78.5m, after paying a $4m dividend during the period.

Good solid result from reduced output of highest grade Ni for 5 years at lowest quarterly cash cost for 3 years.

;)


Excellent result from Mr Moore, the slide in cash is reversed and if demand picks up as suggestd later this year, game back on for Mincor.


Global nickel output to fall 9,3% this year - study group http://digg.com/img/badges/80x15-digg-badge-2.gif (http://www.chinamining.org/digg/submit.php?url=http://www.chinamining.org/News/2009-04-29/1240973655d24170.html)
(miningweekly.com)
Updated: 2009-04-29 10:47
Counter: 69

World production of refined primary nickel is expected to decline 9,3%, to 1,26-million tons in 2009, the International Nickel Study Group (INSG) predicts.

Last year, nickel production slid 2,1%, to 1,39-million tons, compared with 1,42-million tons in 2007.

The 2009 figure does not include any adjustment figure for possible production disruptions, the study group said.

Nickel consumption fell 1,5% last year, to 1,29-million tons, and is expected to decline to 1,18-million tons in 2009.

This would result in a market surplus of around 80 000 t.

In October, the study group said it expected a refined nickel surplus of some 110 000 t, but the difference between supply and demand has been narrowed after nickel miners responded to weak prices and demand by curtailing production at mines around the world.

World primary nickel usage in 2008 started strongly, but as the global economic crisis unfolded, including tightening of credit facilities resulting in lower nickel prices, demand and production of stainless steel declined from the middle of the year, the study group said.

Nickel traded above $22/lb in 2007 but has since fallen sharply, to around $5/lb, after slowing global economic activity dampened demand for the metal, which is used to make stainless steel.

"It remains unlikely that any substantial improvement will take place this year. No recovery in primary nickel demand and stainless steel production is anticipated until at least the second half of 2009," the INSG forecast.

The current global economic crisis has created "a large degree of uncertainty" and its impacts on both the supply and demand for nickel are not fully known, the group said.

"The study group cautions that future market developments could significantly alter the forward-looking market balance."

STRAT
29-04-2009, 08:56 PM
This is an old fav eh Tricha?

tricha
01-05-2009, 11:07 PM
This is an old fav eh Tricha?

It does not get any better and I am still trying to find another ;)

STRAT
02-05-2009, 11:43 AM
It does not get any better and I am still trying to find another ;) Hi Tricha,
MCR along with AGM were my first two significant successes. I try and look at them dispassionately but its hard to do lol

macduffy
04-05-2009, 03:34 PM
Hi Tricha,
MCR along with AGM were my first two significant successes. I try and look at them dispassionately but its hard to do lol

May be worth another hard look.

Up 12c (12.1%) today!
MCR is cash flow positive, profitable and paid a small div recently despite depressed nickel prices.

;)

stevo1
04-05-2009, 04:11 PM
May be worth another hard look.

Up 12c (12.1%) today!
MCR is cash flow positive, profitable and paid a small div recently despite depressed nickel prices.

;)

I may have watched for too long without acting mac, but those LME stockpiles heading towards 120,000 tons with the nickel price rising and demand steadily falling dosent make sense to me.
Factory orders falling.
However MCR sp is rising so good onya.
I am still watching,waiting,possibly may(have )missed the boat.

macduffy
19-05-2009, 06:58 PM
Some good news for MCR holders today with the company reporting a new potential high grade nickel discovery.
SP responded by increasing 24%!

Disc: Holding MCR.

;)

Huang Chung
19-05-2009, 07:38 PM
There guys openly admit they're elephant hunting.

Good luck to them I say.

macduffy
11-06-2009, 01:16 PM
Holders of MCR will have noticed that the SP has more than doubled in the last 3 months following MCR's disclosure that it's cash positive, despite low nickel prices.
Another Ni stock, PAN, has performed similarly and yesterday announced promising new drilling at their Savannah deposits. Both stocks doing better than the market today.

:cool:

ryan
11-06-2009, 07:24 PM
maybe the rise in price in the lme price rising and the stock falling as china is buying nickel and other metals rather than us dollars

Huang Chung
11-06-2009, 08:02 PM
Spot on Ryan.

Mineral, argicultural commodities, precious metals and energy are what the world is looking to more and more instead of US dollars.

COLIN
11-06-2009, 09:36 PM
Holders of MCR will have noticed that the SP has more than doubled in the last 3 months following MCR's disclosure that it's cash positive, despite low nickel prices.
Another Ni stock, PAN, has performed similarly and yesterday announced promising new drilling at their Savannah deposits. Both stocks doing better than the market today.

:cool:
I'm enjoying the ride back up the hill but still have a long way to go to reach the dizzy heights at which I first bought into the company. (Don't tell Phaedrus but I bought and held! "But Daddy, I have learnt my lesson and won't do it again!")
Tried to get some more today, on the dips, but my bid of 160 was not enough.

Phaedrus
12-06-2009, 09:29 AM
You're a good boy, Colin. Any father would be proud of you. To our detriment, we have all done the "buy and hold" thing on falling stocks. If you can recognise a mistake, admit it, learn from the experience and not repeat it, you are in fact better off for having blundered. It's called experience!

The attached chart nicely illustrates some very basic TA principles. When a stock is not trending (up OR down) many indicators give a string of useless and contradictory signals that should, of course, be ignored.

The "Trend Ribbon" in the chart applies to shareprice trends as well as OBV trends. Either way, it gives us a clear indication of when to ignore the multitudinous signals that can be generated when a stock is trendless. Look at the DMI pre April 2006, for example!

Here we have a raft of very different indicators all firing very close to each other and generating excellent Buy/Sell signals.

This post was written from the perspective of a long-term trend-follower. If you wanted to trade the $2.60 - $5 consolidation range you would use an entirely different set of indicators.

http://h1.ripway.com/78963/MCR612.gif

COLIN
12-06-2009, 01:47 PM
Phaedrus (Daddy) thank you for your infinite patience with your sometimes trying children on this forum.

STRAT
12-06-2009, 03:54 PM
Spot on Ryan.

Mineral, argicultural commodities, precious metals and energy are what the world is looking to more and more instead of US dollars.Hi Huang Chung and MacDuffy.
Do you fellas have any thoughts on how sustainable this demand will be?

wns
13-06-2009, 12:30 AM
That graph brings back good memories!

macduffy
13-06-2009, 07:53 AM
Hi Huang Chung and MacDuffy.
Do you fellas have any thoughts on how sustainable this demand will be?

Realistically we have to expect a pull-back fairly soon, IMO.

A bit of a warning in the Baltic Dry index which has retraced in the last few days after a big climb. Plenty of commentators warning too that the Chinese stockpiles are growing but production of the end products isn't.

macduffy
13-06-2009, 07:56 AM
Realistically we have to expect a pull-back fairly soon, IMO.

A bit of a warning in the Baltic Dry index which has retraced in the last few days after a big climb. Plenty of commentators warning too that the Chinese stockpiles are growing but production of the end products isn't.

But it was up a bit last night!

http://www.dryships.com/pages/report.asp

;)

macduffy
13-06-2009, 10:39 AM
Another view on the nickel market.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=CD4D3903-1871-E587-E10312A4C474EEC2

STRAT
13-06-2009, 11:53 AM
Thanks for the links and your thoughts Macduffy.
Very much appreciated

macduffy
21-07-2009, 03:31 PM
Another strong quarter from MCR, good production, costs down.

Cash at 30 June $75.8m, up from $60.6m at 31 March.

Working capital $93.9m, up from $78.4m.

SP responded by jumping 17% to $1-86.

;)

lewinsky
21-07-2009, 03:50 PM
And love the last line. "The company has no debt."

COLIN
21-07-2009, 08:07 PM
And love the last line. "The company has no debt."

Me too.
It was hard to find any negatives in the 1/4ly report - there must be some, surely.

macduffy
02-08-2009, 03:49 PM
Interesting commentary on the nickel market here.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=A0F3A2BF-1871-E587-E17FD6780D9DAEF8

Relevant also to PAN (and others) of course.

duncan macgregor
02-08-2009, 06:50 PM
Perhaps PHAEDRUS would be good enough to post the six month chart of nickel prices along side the six month SP chart of MCR. This companies share price has followed on very closely to the nickel price chart over the last few years giving buy, and sell signals at the appropriate times. I find the metal price chart a reliable indicator with most producing low debt mining compaies when making buy and sell decisions. Macdunk

Phaedrus
02-08-2009, 08:21 PM
This companies share price has followed on very closely to the nickel price chart over the last few years .... Very closely? Well, for some of the time, anyhow!

http://h1.ripway.com/78963/NickelMCR.gif

David Hardman
03-08-2009, 05:27 PM
MCR continuing to power on..

Now up 54% in a month, 100% in the last 3 and 270% over the last 6 months!

What a ride.

Question is how does one pick the end. Any suggestions Mr P?

A fall below $1.75 (previous high)....Seem like your giving a fair bit back if you wait for this?

Moore gives and update and Diggers....Possible acquisitions, possible reopening of Miitel etc

http://www.news.com.au/perthnow/story/0,21598,25874814-5017963,00.html

Phaedrus
03-08-2009, 07:29 PM
Here are 8 MCR exit strategy suggestions, David. The chart should be self explanatory.

For all its steepness, this has been quite a volatile uptrend, with MCR at times dropping nearly 20% from its peaks before powering on up again. Those who felt this was too much to give back to the market would have been flicked out long ago. My guess is that there are a lot of punters out there bemoaning their fate at having sold their MCR "too soon". To "miss out on" the last 20% when you have made 270% in 6 months should not cause too much distress. Keep in mind that it is impossible to sell right at the top anyway.

The 20% Trailing Stop featured here is currently sitting at $1.85, but it is entirely possible that other indicators could trigger Sells well before that level was reached.

More active traders may well consider that MCR has "outpaced" these fairly conservative indicators and would have prepared another very similar chart covering just the accelerated uptrend of the last 3 weeks. This would undoubtedly furnish earlier exit signals with less slippage, but the risk of being flicked out prematurely is of course increased. You can't get something for nothing!

http://h1.ripway.com/78963/MCR83.gif

macduffy
20-08-2009, 02:21 PM
MCR posted the expected modest profit in the second half ($6m), reducing the full year loss to $16m. A good result considering nickel's past twelve months.
A final div of 4cps.

;)

http://asx.com.au/asxpdf/20090820/pdf/31k64c5hfjd3m2.pdf

elZorro
26-08-2009, 09:12 AM
MCR not going so good at the moment, I must keep working on my time machine (doesn't matter how long it takes) :)
Any thoughts as to where the SP is headed?

macduffy
26-08-2009, 10:28 AM
MCR not going so good at the moment, I must keep working on my time machine (doesn't matter how long it takes) :)
Any thoughts as to where the SP is headed?

MCR's SP follows the PoN and Ni stocks of course.

While the price is holding fairly well, LME warehouse stocks have risen steadily during August from about 105,000 tons to around 110,000 tons. Doesn't sound like much but it's been a relentless small daily increase for about three weeks now. My guess is that's what's depressing MCR and other nickel stocks.

Disc: Holding MCR and PAN.

macduffy
08-12-2009, 11:28 AM
Some analysis here of world nickel stock/supply.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=66949247-CFF4-34DF-2A28163F79DCC3B0

I'm holding MCR and PAN.

sharer
09-12-2009, 01:38 PM
BHP's announcement this morning of sale of Ravensthorpe (big W.A. Ni producer) to a Canadian company must be of significance for MCR etc.
Increase their competition, decrease profits?

macduffy
11-12-2009, 07:35 AM
BHP's announcement this morning of sale of Ravensthorpe (big W.A. Ni producer) to a Canadian company must be of significance for MCR etc.
Increase their competition, decrease profits?

It certainly doesn't help MCR and others by having Ravensthorpe brought back into production but just how much this will mean in a world-wide sense is well beyond me.

http://www.theaustralian.com.au/ravensthorpe-nickel-mine-to-restart-after-sale/story-e6frg8zx-1225809225018

Meanwhile, MCR have an interesting exploration update on their website - also accessible via ASX announcements.

elZorro
20-01-2010, 10:26 AM
The price of nickel has gone up a bit in the last two days, should this 'hot pick' be moving a bit soon?

Disc: bought some late, sold at a loss..

drillfix
20-01-2010, 10:57 AM
The price of nickel has gone up a bit in the last two days, should this 'hot pick' be moving a bit soon?

Disc: bought some late, sold at a loss..

Not quite yet for this one elZor.

Stochastic' is heading south, MA's are crossing over, volume gradually lowering and MACD too looks like its gonna turn negative.

http://asx.netquote.com.au/charts.asp?code=MCR

Phaedrus
20-01-2010, 12:33 PM
It is interesting to revisit previous charts and see how everything worked out. Here is an update of the old MCR chart above.

http://i602.photobucket.com/albums/tt102/PhaedrusPB/MCRa.gif

While the exit signals these 8 indicators triggered were spread out over a couple of months, interestingly enough they were nearly all at around the $2.32 level.


The 20% Trailing Stop featured here is currently sitting at $1.85, but it is entirely possible that other indicators could trigger Sells well before that level was reached.A Trailing stop is commonly one of the last indicators to trigger. Somewhat unusually, here it was the very first!


More active traders may well consider that MCR has "outpaced" these fairly conservative indicators and would have prepared another very similar chart covering just the accelerated uptrend of the last 3 weeks.Here is such a chart, using default oscillator parameters. Most indicators gave an exit at around $2.72. That was an obvious exit point based on candlesticks as well. Note the down-day (black candle) beginning a downtrend (it had a lower low and a lower high). All 6 indicators shown here had you out just one day after a new 12 month high. Howzat!

http://i602.photobucket.com/albums/tt102/PhaedrusPB/MCRb.gif

MCR has trended down very nicely since those signals.
Don't you just love this stuff?

elZorro
21-01-2010, 08:50 AM
Phaedrus et al, thanks for the input. I'm going to have to learn these lessons, as I keep jumping on the bandwagon too late, and stay too optimistic :)

Cheers.

elZorro
17-02-2010, 03:22 PM
What about now? Still too early? Missed the runup after the 1/2 yr report..

elZorro
09-03-2010, 04:34 PM
What about now? Still too early? Missed the runup after the 1/2 yr report..

Good tip elZorro, MCR has ramped up in the last week.. (made some profit at last).

I had to get it right sometime.

elZorro
23-03-2010, 08:35 PM
MCR had an announcement today, good drill results, expecting a few more to catch on tomorrow.

Jay
24-03-2010, 07:24 AM
Hope so El
Just got in recently

macduffy
24-03-2010, 07:47 AM
Note also the small but steady decline in LME warehouse nickel stocks since early February.

http://www.infomine.com/investment/charts.aspx?mv=1&f=f&r=3m&w=wnickel_lme_warehouse#chart

Disc: Holding MCR and PAN

Jay
24-03-2010, 12:58 PM
Thanks to Shasta's spreadsheet and my own little bit of TA only went into MCR
Resisitence is around 1.98/2.00 I think, lets see if it breaks that

macduffy
24-03-2010, 07:06 PM
Commentary on the nickel market.

Nickel, The Leader Of The Pack?


By Rudi Filapek-Vandyck, Editor FNArena

It has been noted in the past that nickel often leads other base metals at important junctures. For example, in late 2007 nickel was the first to succumb to selling pressure. In 2008, again, nickel fell first out of bed, others followed later.

In November last year nickel started to waver. A few weeks later all commodities, from crude oil to sugar and soy beans, were facing sudden and sharp sell-offs.

This time around market watchers have observed how nickel has quietly outperformed the other base metals, as well as most other commodities. Last week, nickel managed to post a 4% gain when energy, other metals and especially most soft commodities recorded losses.

Could it be, some of these market watchers started to ask, that nickel is once again leading the rest of the pack? If this proves to be the case it would confirm the view from commodity bulls that prices should run higher into the second quarter on the back of more robust economic data, even though the shorter term might see continued price weakness.

History shows, however, that nickel has a far better track record to lead others into a downturn rather than pre-signalling another leg upwards. If anything, the case for nickel as a forward looking indicator appears to be "first in (the downturn), last out".

This, however, hasn't stopped market watchers suspecting that nickel might be leading the pack this time around. After all, 2010 was supposed to be the year of bulk commodities, crude oil, aluminium and copper, maybe of gold and platinum too, but nickel was seldom mentioned as a metal investors should have in their portfolio. Yet, three months into the new calendar year and nickel's performance to date is increasingly attracting investors' attention. So what's happening?

The first thing to note is that commodities as a group have de-coupled from various traditional links and relationships. Nickel certainly is no exception. Traditionally strong correlations between spot and futures prices and market indicators such as the Baltic freight indices, registered inventories in the US, Europe and more recently China, and the Chinese stockmarket (or Chinese power demand) have all declined since last year.

This indicates that investor sentiment and flow of funds have increasingly become a more important driver behind commodity prices. No surprise thus commodities -from energy to base metals, to precious metals, to agricultural products- more and more often seem to trade in tandem with global risk appetite. But even that relationship has now broken down with equities outperforming recently.

Even the formerly close correlation with Chinese demand has recently started to weaken. Observe, for instance, how Chinese demand for nickel has gradually declined over the past months (chart below), yet nickel has outperformed. As such, nickel's surprise performance deserves investors' attention as it signals a shift away from China as a leading indicator for industrial commodities (!).



The bull and bear cases for nickel's price outlook this year are -for once- not China-centric, they are based upon expectations for supply and demand elsewhere in the world. The bears will tell us overall demand outside China remains well below levels prior to the GFC, while demand in China is declining. In fact, there is anecdotal evidence of large inventories and of destocking in China, including for nickel.

The more bullish approach is that investors are anticipating the start of restocking in developed economies. Continued evidence of economic recovery, especially from the US, should therefore support commodity prices in the months ahead. Nobody is talking about another firm rally upwards, but as long as risk appetite remains high and economic data continue supporting a positive economic picture, the view is that commodities including crude oil, aluminium and nickel should break out of their trading range and see modest price rises between now and mid-year.

What is supporting the investment case for nickel is that supply is currently lagging market expectations due to union strikes at two nickel mines operated by Vale in Canada; Sudbury and Voisey's Bay. On top of this, there's also short term disruption at BHP Billiton's ((BHP)) Kwinana refinery in Western Australia. And there are persistent market rumours that Goro (another Vale project) in New Caledonia may simply never make it into successful production a la BHP's failed Ravensthorpe project in Australia.

Analysts at UBS argued earlier this month that falling inventories at the London Metals Exchange (LME) would signal that European steel manufactures were starting to restock again, and that this would be met by a positive response from investors. So far, both falling inventories and higher prices have happened.

UBS is among those who believe nickel is leading the larger base metals complex as it is a relatively small market (circa 10% the size of copper or aluminium) and thus more sensitive towards early stage changes.

Around the same time, colleagues at JP Morgan summed it up as follows: "The strength in nickel prices is a function of quite a few factors, including stronger stainless steel production output, tight nickel inventory levels of quality material and of material in the Americas generally, tight scrap markets, fairly downcast assumptions around mine supply in 2010 even though prices have rallied sharply and strong speculative demand."

An oft mentioned target for nickel prices is US$25,000/tonne. This marks the 61.8% retracement level from the big sell-off from US$35,000 to US$8850/t. Nickel this week managed to reach above US$23,000, but it subsequently retreated towards US$22,000/t.

Many an expert appears convinced nickel will reach for the US$25,000 target between now and mid-year.

Investors should note not everybody is equally convinced about nickel's price prospects over the longer term. Even bulls like UBS acknowledge there's plenty of potential excess supply around that can, and likely will be, re-activated in case of high nickel prices.

Witness, for instance, that UBS has similar average price forecasts for 2010, 2011 and 2012 and beyond: they are all around US$9.2/lb (or circa US$20,200/t).

This story was originally written and published on Monday, March 22, 2010.

macduffy
22-04-2010, 09:47 AM
Just a reminder that the PoN continues to firm.

Here's a twelve month chart.

http://www.infomine.com/investment/charts.aspx?mv=1&f=f&r=1y&c=cnickel.xaud.uoz#chart

Disc: I hold MCR and PAN

macduffy
22-04-2010, 10:02 AM
And here's FN Arena's take on the nickel market.

In the meantime, JPM forecasts a “robust” performance for metals over the next three months. Copper should average around US$8,000/t in this period (current spot US$7,770/t) and aluminium US$2,400/t (US$2,435/t). The analysts note nickel has had an impressive run but this can continue in the short term such that nickel can average US$25,000/t (US26,649/t). Zinc should average near US$2,500 (US$2,420) but lead will be an underperformer.

Nickel's recent run has had commodity investors excited because traditionally it is nickel which leads the metals complex into a bull market. The ramping up of stainless steel production is an indicator of positive demand forces.

The analysts at GSJB Were believe nickel is presently benefiting from a “perfect storm” of stainless steel restocking at a time when disruptions and delays in nickel supply have impacted on prices. Price rises have then sparked speculative excitement and prices have subsequently soared (up 50% from the “Greek” dip in February).

One disruption in question is that of Vale-Inco's substantial Canadian nickel operations at which a labour dispute has now entered its ninth month. It is an acrimonious battle, notes Weres, and not one for which an end can be easily predicted. The analysts are nevertheless presuming a resolution some time in the second half.

Vale-Inco has also struggled with the commissioning of its start-up New Caledonian project, but despite having been originally slated to begin in 2007, Weres is expecting first commercial production in the second quarter 2010.

Supply should thus improve in the second half, according to Weres, and the analysts note that despite a nickel price soaring on stainless steel restocking, actual end-demand remains weak. They thus see restocking beginning to slow in the second half.

All of which adds up to nickel holding current price levels through the second quarter but “correcting sharply lower” in the third quarter. Looking ahead, Weres notes a raft of new nickel projects scheduled to commence production in 2011 and as such, even allowing for inevitable delays, the nickel market should maintain a surplus through 2011-12.

Jay
22-04-2010, 12:35 PM
Rode MCR up and sold out when it dropped few days ago (Monday) Was only a trade play not long term.

I'm learning not to have the exit to far away in this market. Broke my trendline as well as other indiators firing.
Only wish I had added a bit more on the way up

Still keeping a watch though - down again today so far

macduffy
23-04-2010, 11:32 AM
I agree with Jay that MCR - and other Ni stocks - are really more trading than long term hold stocks, but here's the case for taking the longer view.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=240A4B24-D63A-76CD-F77B29E5ED00E390


Disc: Holding MCR and PAN.

shasta
19-05-2010, 04:09 PM
I agree with Jay that MCR - and other Ni stocks - are really more trading than long term hold stocks, but here's the case for taking the longer view.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=240A4B24-D63A-76CD-F77B29E5ED00E390


Disc: Holding MCR and PAN.

MCR - Another stock thats taken a severe haircut of late...

Mid April saw MCR hit around $2.35, now trading @ $1.48

Alot of value stocks around for when things turn around

https://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=MCR&exchange=ASX&period=6M&adj=yes&vs=LINE&ct=CANDLE&compi=&ma1=30&ma2=90&bb=&ind=RSI&ra=2

shasta
05-06-2010, 09:48 PM
MCR - Another stock thats taken a severe haircut of late...

Mid April saw MCR hit around $2.35, now trading @ $1.48

Alot of value stocks around for when things turn around

https://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=MCR&exchange=ASX&period=6M&adj=yes&vs=LINE&ct=CANDLE&compi=&ma1=30&ma2=90&bb=&ind=RSI&ra=2

MCR - Presentation

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=493485

Market Cap ~ $300m (Cash & Receivables = ~$110m)

Yeah the Nickel price has softened, but they are still making good coin

They have a decent exploration budget, with some interesting non Nickel projects

Current share price $1.68

Disc: Nil

shasta
16-06-2010, 05:23 PM
MCR - Presentation

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=493485

Market Cap ~ $300m (Cash & Receivables = ~$110m)

Yeah the Nickel price has softened, but they are still making good coin

They have a decent exploration budget, with some interesting non Nickel projects

Current share price $1.68

Disc: Nil

MCR - New Nickel Discovery @ Miitel

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=494433

MCR up 19c (+10.7%) to $1.965

Market likes the find & the grades are good

COLIN
16-06-2010, 09:16 PM
MCR - New Nickel Discovery @ Miitel

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=494433

MCR up 19c (+10.7%) to $1.965

Market likes the find & the grades are good

Yes, go MCR!

COLIN
17-06-2010, 09:44 AM
Nickel price up 7% overnight. Should help MCR to push up further.

COLIN
17-06-2010, 09:50 PM
That "7%" now seems to have been a wrong figure. I got it off the DB site at the time but, on further research, it doesn't seem to tally with the Kitco chart. Latest London price is down a tad, but stocks on the LME continue to fall.

shasta
22-07-2010, 08:40 PM
That "7%" now seems to have been a wrong figure. I got it off the DB site at the time but, on further research, it doesn't seem to tally with the Kitco chart. Latest London price is down a tad, but stocks on the LME continue to fall.

MCR - June Quarterly Report

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=498372

Annual production of 11,793T Ni

Cash on hand $126.8m

Cash costs fairly consistent @ $US5.20/lb

Disc: Nil

macduffy
29-07-2010, 02:13 PM
MCR has announced that it has increased its ore reserves by 37%.

I do like a miner that regularly increases reserves above the rate at which it mines!

COLIN
29-07-2010, 04:22 PM
MCR has announced that it has increased its ore reserves by 37%.

I do like a miner that regularly increases reserves above the rate at which it mines!
I, and the wider market, like it too.

shasta
05-08-2010, 07:58 PM
I, and the wider market, like it too.

MCR - Diggers & Dealers Presentation

http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=500686

$126m cash on hand, no debt

$15m FY11 exploration budget

MCR & PAN still stack up as the "undervalued" Nickel producers

macduffy
19-08-2010, 12:32 PM
MCR back into profit with NPAT of $28.1m. EPS 14cps.

Cash balances of $126.8m. No debt.

I hold.

shasta
12-05-2011, 09:45 PM
MCR back into profit with NPAT of $28.1m. EPS 14cps.

Cash balances of $126.8m. No debt.

I hold.

MCR - Presentation

http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=541451

MCap ~$230m (@ $1.15), Cash ~$100m, Dividend Yield ~7%

Not just a Nickel producer they have someone interesting Copper/Gold & Zinc projects, & looking at possible Iron Ore or Coal projects so MCR is diversifying

Drilling campaigns funded out of existing cashflows ;)

FarmerGeorge
12-05-2011, 10:14 PM
Have held these in varying numbers over several years and bought more yesterday and today. Reasons seem reasonably self evident, I think Otter Juan issue has been overblown in the share price (not that it's not important - just doesn't justify such a shellacking) but also note management here has been very good over a number of years now.
Definitely worth taking a read of this and other recent reports from the company to get an idea of what it's about.

macduffy
13-05-2011, 07:54 AM
I hold a few MCR too - rather less than I once did - but won't be buying more just yet.

From my very basic TA perspective, MCR appears to be in a fairly longterm downtrend and would need to reverse this to get me interested. I agree that it's a well run company and has coped well with the vagaries of the nickel market in recent years but it's not a compelling Buy for me. Incidentally, they have been drilling at Tottenham etc for several years now. I don't see them as far advanced along the "emerging multi-commodity growth company" curve as their most recent presentation claims. More a case of enhancing investor perceptions of the company, IMO.

sharer
13-05-2011, 02:34 PM
I hold a few MCR too - rather less than I once did - but won't be buying more just yet.
From my very basic TA perspective, MCR appears to be in a fairly longterm downtrend and would need to reverse this to get me interested. I agree that it's a well run company and has coped well with the vagaries of the nickel market in recent years but it's not a compelling Buy for me. Incidentally, they have been drilling at Tottenham etc for several years now. I don't see them as far advanced along the "emerging multi-commodity growth company" curve as their most recent presentation claims. More a case of enhancing investor perceptions of the company, IMO.

I've also hovered near the 'Buy" button but have also held off for the same reasons as Macduffy. Got to the stage of checking every day for possible hints of a bottom & turnaround.
Like Shasta, i think the recent signs of diversification worthy of attention ... but the charts indicate no need to rush into this just yet.

FarmerGeorge
14-05-2011, 03:10 PM
Yeah - fair enough guys, I don't look at technicals at all so perhaps am missing out on something here. Recent large moves in various base metals have sent a few investors to the exits also. Any other negative thoughts on the fundmentals I'm keen to see posted, you never know what you might have missed until someone else points it out!

tricha
14-05-2011, 11:35 PM
Yeah - fair enough guys, I don't look at technicals at all so perhaps am missing out on something here. Recent large moves in various base metals have sent a few investors to the exits also. Any other negative thoughts on the fundmentals I'm keen to see posted, you never know what you might have missed until someone else points it out!

Mincor are at a cross road, I wish I could change the title to such, IGO, PAN and WSA are much better value.

macduffy
15-05-2011, 08:44 AM
Hi George.

Nothing wrong with MCR's fundamentals that I can see. Solid balance sheet, profitable operations, good ore reserves, $100m cash, no debt.

They have ambitions to grow into a "multi-commodity growth company" and to me, that's where the risk might lie. No doubt they have a good chance of success before the current commodity price boom peters out but ramping up exploration/development expenditure, which such a strategy involves, is an expensive business that will soon chew through that $100m if operating cash flows don't keep up. There's a lot riding on future Ni prices to keep funding this expansion.

macduffy
24-05-2011, 01:15 PM
MCR announces that it will spend $30m in JV exploration projects with Niuminco, an unlisted Australian company, on gold/copper prospects in PNG.

http://www.mincor.com.au/images/mincor---eiciechowi.pdf

shasta
24-05-2011, 01:26 PM
MCR announces that it will spend $30m in JV exploration projects with Niuminco, an unlisted Australian company, on gold/copper prospects in PNG.

http://www.mincor.com.au/images/mincor---eiciechowi.pdf

Yeah, i clicked onto DSF to find they are suspended & due to be relisted with a new name, but some high grade copper figures in there shows some interest.

Market a little ho hum, but MCR around $1 looks pretty good value & up to $30m seems a reasonable size bet for there expansion plans outside Nickel

FarmerGeorge
24-05-2011, 07:29 PM
Thanks tricha, MacDuffy, Shasta, for your comments. Risk certainly there, but have taken a position and will allow this 'multi commodity' claim to play out a little.

macduffy
25-05-2011, 07:42 PM
Doing well here, George.

The market seems to like the move into PNG with MCR up 8.5% today on an otherwise sluggish day.

lawrence
25-05-2011, 09:02 PM
To think this was $5 in Sept 07 still hold it has keep its promise of a dividend

shasta
15-06-2011, 04:39 PM
MCR - UBS 9th Annual Australian Resources Conference - Sydney

http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=545410

Great overview of MCR's non Nickel projects

MCap ~$170m, with $96m cash (The PNG Gold project will cost up to $30m in staged payments)

Dividend yield is 9.3% if MCR continue to pay 8c per year (2c interim, 6c final)

macduffy
16-06-2011, 10:02 AM
Dividend yield is 9.3% if MCR continue to pay 8c per year (2c interim, 6c final)

I'd like to think so, shasta.

But dividends from mining companies are notoriously volatile so I won't be banking on it just yet!

tricha
22-06-2011, 07:28 PM
Mincor - A nickel producer in a transition stage

WELL I can not change the thread title, but lets refresh.

Its been a dog of a nickel company in the last 6 months, mine closures, doggy contractors, losses.:(

But there is light at the end of the tunnel and if u do not understand this, it might pay to buy a Warren Buffet book.;)

http://www.stocknessmonster.com/news...E=ASX&N=536513 (http://www.stocknessmonster.com/news-item?S=MCR&E=ASX&N=536513)

denpal
22-06-2011, 09:24 PM
FYI, one of the founding directors John Gardner is a director of VKA. I think VKA is outstanding value with 500,000 oz gold JORC'd @ 1.2g/t in Ghana with a 1M oz target this year. EV $5.4M and has $5M cash too. I hold.

macduffy
28-07-2011, 03:16 PM
MCR's quarterly report.

http://asx.com.au/asxpdf/20110728/pdf/4200qtn86kmh0z.pdf

Expecting a net loss after tax, including writedowns, of approx $23.4m

macduffy
17-11-2012, 08:14 AM
Mincor have responded with a "know nothing" to the ASX asking if there is a reason for the SP to fall from $1.21 on 13 Nov to 94c yesterday.
My guess is that the AGM on 14 Nov was insufficiently upbeat to sustain earlier SP rises and prompted profit-taking - incidentally, "profit-taking" is a phrase that gets thrown around a lot these days, but may be appropriate here.

Other theories, if anyone is interested, would be welcome.

Jay
17-11-2012, 08:59 AM
Agree with the profit taking - could be minimising loss taking too !

No I don't hold -

tricha
17-11-2012, 10:04 PM
Agree with the profit taking - could be minimising loss taking too !

No I don't hold -

Could just be,

http://www.kitconet.com/charts/metals/base/spot-nickel-60d.gif (http://www.kitcometals.com/charts/nickel_historical_large.html#60days)

macduffy
14-01-2015, 02:41 PM
MCR in a trading halt pending "an announcement by the company"

gazprom1
14-01-2015, 04:35 PM
Looks like news was leaked this morning. Trading halt pending the announcement of drilling results. Given SP was up strong on volume....could be positive drill results. Unusual to go into a TH re drill results re MCR.

I have built up a large holding in MCR.....largest position in my portfolio. Ni stockpiles are historically high on LME but china stockpiles of ore are down. Price of phillipines ore is up...dividend yield is good....profitable at these levels....cash in bank....

gaz

macduffy
14-01-2015, 04:40 PM
Looks like news was leaked this morning. Trading halt pending the announcement of drilling results. Given SP was up strong on volume....could be positive drill results. Unusual to go into a TH re drill results re MCR.

I have built up a large holding in MCR.....largest position in my portfolio. Ni stockpiles are historically high on LME but china stockpiles of ore are down. Price of phillipines ore is up...dividend yield is good....profitable at these levels....cash in bank....

gaz

Yes, an interesting proposition, gaz. I have a small holding but consider MCR to be the most likely of the Aussie Ni miners. And a well-run company.

:cool:

Schrodinger
16-01-2015, 11:27 AM
Yes, an interesting proposition, gaz. I have a small holding but consider MCR to be the most likely of the Aussie Ni miners. And a well-run company.

:cool:

Nice high grade announcement. Just need a rebound in prices to see this heading towards $1

gazprom1
16-01-2015, 01:59 PM
Yes, an interesting proposition, gaz. I have a small holding but consider MCR to be the most likely of the Aussie Ni miners. And a well-run company.

:cool:

Great drill results. Better than that really. IMHO one of the biggest impediments to MCR increasing its SP has been the limited reserves. This announcement together, i hope, with further news shortly should take this away and the shares should be re+rated accordingly. MCR is profitable at the current price of Ni.

However, the shares were trading at 57 cents this week and are currently 68.5 cents so i am not complaining.

Looking forward to further results and reserves upgrades.

gaz

Daytr
16-01-2015, 09:18 PM
They have oodles of reserves, they just don't produce enough.
They have more reserves than PAN but produce only about 60% as much from memory.
Considering how nickel has been trading that lift in the SP is a great result!

gazprom1
16-01-2015, 11:09 PM
They have oodles of reserves, they just don't produce enough.
They have more reserves than PAN but produce only about 60% as much from memory.
Considering how nickel has been trading that lift in the SP is a great result!

Hi daytr

I am afraid you are incorrect on all points except re the Ni price

1. MCR DO NOT have oodles of reserves as you pointed out. As at financial year end, they only had 23,000 contained Ni. They produced 10,219t in the financial year. Therefore, they only had enough reserves through to 2017 (see company annual report). Every piece of analysis out on MCR points to a lack of reserves as being the major stumbling block for the company. IMHO it is likely that this year will see these reserves grow significantly...which shuld lead to a rerating of the stock.

2. PAN has 230% MORE reserves than MCR NOT less as you pointed out. PAN has 53,000 contained Ni, MCR 23,000t.

3. MCR produces around 45% of PANs production NOT 60%.

It is important that posters try and be accurate as possible in their posts so as not to misinform others.

Please DYOR

gaz

JBmurc
17-01-2015, 06:35 PM
Hi daytr

I am afraid you are incorrect on all points except re the Ni price

1. MCR DO NOT have oodles of reserves as you pointed out. As at financial year end, they only had 23,000 contained Ni. They produced 10,219t in the financial year. Therefore, they only had enough reserves through to 2017 (see company annual report). Every piece of analysis out on MCR points to a lack of reserves as being the major stumbling block for the company. IMHO it is likely that this year will see these reserves grow significantly...which shuld lead to a rerating of the stock.

2. PAN has 230% MORE reserves than MCR NOT less as you pointed out. PAN has 53,000 contained Ni, MCR 23,000t.

3. MCR produces around 45% of PANs production NOT 60%.

It is important that posters try and be accurate as possible in their posts so as not to misinform others.

Please DYOR

gaz


Yes very right Gaz I agree MCR are working on increasing mine life...they have done well over the last decade to replace reserves used up from mine production yearly ...

As for PAN vs MCR I personal have switched to waiting to BUY the former on the extra value in Gold & PGM projects not included in their Market value IMHO ..

PAN will be my next purchase once fund become ava....

Daytr
17-01-2015, 07:03 PM
Apologies, I was shooting from the hip. I researched these guys a little while back & obviously the memory was a little fuzzy.
I just tried their site to refresh, but couldn't open any link to get to reports. Perhaps its me using a tablet I'm not sure.

gazprom1
28-01-2015, 11:20 AM
Another excellent announcement out. MCR is in the process of adding significant new reserves this year. Management has done an excellent job of balancing cash flow with exploration which has left MCR in a strong position for the years ahead. 6 rigs currently drilling so the announcements should continue to flow.

Continue to hold.

Cheers
Gaz

stevo1
28-01-2015, 11:49 AM
Another excellent announcement out. MCR is in the process of adding significant new reserves this year. Management has done an excellent job of balancing cash flow with exploration which has left MCR in a strong position for the years ahead. 6 rigs currently drilling so the announcements should continue to flow.

Continue to hold.

Cheers
Gaz

Gaz very little not to like about MCR. Good straight forward management ( rarity on the ASX).They seem to keep on moving ahead with an eye to the future.No debt, upgraded a lot of the machinery .The NI price is the only bugbear but they are still profitable ATM

stevo1
11-02-2015, 11:34 AM
Looking very good into the future http://www.asx.com.au/asxpdf/20150211/pdf/42wjhtm29v8t92.pdf 2cps 1/2 yr div fully imputed but that is of little use to NZ holders. The price of NI today in down 15 cents /1lb today though

stevo1
01-04-2015, 07:40 PM
1/4 of the year gone .the x spurt's NI price predictions are looking shot ATM.NI sub $6

stevo1
31-07-2015, 10:43 AM
NI under $5 shareprice is getting punished on the future outlook of MCR looking to operate at a huge loss into the coming year.Unless the NI price recovers they could be funked . LME stock levels rising again .So much for the predicted price rises by the "experts"

JBmurc
31-07-2015, 06:37 PM
Yes I read many a Bullish report on Ni some time ago ...expert analyst's and all that ...but watched the Ni price drift south at the time and LME stock levels tapping high .....decided to move to the sidelines ...looks like it was the right move

stevo1
07-08-2015, 08:13 AM
Yep definitely the right move.There will be a number of producers that do not survive the future .MCR?

macduffy
07-08-2015, 11:48 AM
Yep definitely the right move.There will be a number of producers that do not survive the future .MCR?

I wouldn't be rushing into them but MCR will probably survive to see better times. A well managed company; good track record; mining in one of the best nickel provinces, the Kambalda area.

macduffy
30-10-2015, 01:45 PM
Another tough quarter for Ni miners but MCR at least appear to have survived with only a minor net cash outflow.

http://www.asx.com.au/asxpdf/20151030/pdf/432l4fhtrzmyn9.pdf

macduffy
27-01-2016, 08:06 AM
Life may become a little better for the Ni survivors such as MCR and PAN as competitor, Queensland Nickel, succumbs to the pricing pressure and opts for voluntary administration.

http://www.brisbanetimes.com.au/queensland/clive-palmers-queensland-nickel-company-wants-to-meet-with-workers-20160125-gmdage.html

macduffy
27-01-2016, 07:03 PM
Life may become a little better for the Ni survivors such as MCR and PAN as competitor, Queensland Nickel, succumbs to the pricing pressure and opts for voluntary administration.

http://www.brisbanetimes.com.au/queensland/clive-palmers-queensland-nickel-company-wants-to-meet-with-workers-20160125-gmdage.html

But the not so encouraging news in the December quarterly report this afternoon is that MCR will suspend mining in March, pending an improvement in the PoN.

:(

JBmurc
14-06-2017, 12:04 PM
Hard to believe I can BUY MCR at 14c but I'll take it Gold production soon enough ...well cash backed ...when nickel price comes back will add a huge kick to MCR SP...

http://www.resourcesrisingstars.com.au/news-article/mincor-gets-set-golden-future

JBmurc
15-06-2017, 05:11 PM
Nice up 17% on exploration results......talk about timing lol

JBmurc
28-06-2017, 07:46 PM
STRONG GOLD INTERSECTIONS HIGHLIGHT
FLINDERS WEST RESOURCE POTENTIAL
Widgiemooltha Project grows as drilling continues to find more gold
• Thick, shallow high-grade intersections from drilling west of Flinders:
o 4 metres @ 7.76 g/t Au from 13 metres (MRC507)
o 8 metres @ 6.60 g/t Au from 11 metres (MRC512)
o 3 metres @ 6.83 g/t Au from 5 metres; and
o 26 metres @ 1.39 g/t Au from 17 metres (MRC510)
o 12 metres @ 3.09 g/t Au from 27 metres (MRC517)
o 15 metres @ 2.63 g/t Au from 3 metres (MRC518)
o 13 metres @ 2.71 g/t Au from 13 metres (MRC521)
o 10 metres @ 2.20 g/t Au from 2 metres (MRC509)
o 12 metres @ 1.18 g/t Au from 1 metres (MRC508)
o 9 metres @ 2.38 g/t Au from 32 metres (MRC526).
• The new discovery, named Flinders West, highlights the growth potential of Mincor’s Widgiemooltha
Gold Project.
• Follow-up drilling to start within a fortnight with a high expectation existing Mineral Resources and
Ore Reserves will be expanded.
• Mincor continues to progress towards first gold production at Widgiemooltha by March Qtr 2018.

JBmurc
30-06-2017, 05:51 PM
18c close and depth looking very Bullish Good drill results should continue>>>>

personal see MCR trading in the mid 20's within the short term

Great mgmt with proven smart operations over many years will see MCR once again gain market attention with Golden cashflows

JBmurc
03-07-2017, 12:07 PM
SP 20c with GAP to my sell order 21.5c come to daddy ......(selling half my recent buy)

JBmurc
03-07-2017, 12:49 PM
Sold half of my MCR holding 21.5c ....av buy in 15c two weeks ago ...$4,800 net profit...Very nice indeed ....but it keeps running ....selling pushed it to the low teens only weeks ago !!! not even sure when I want to sell my other half .....30c ???

macduffy
06-09-2017, 12:22 PM
It's getting close, JB, 28c now. Perhaps the improving Ni price will get them mining again soon although they seem to have their sights set on the gold!

PS. Chairman David Humann bought another 100k shares on market a few days ago.

Joshuatree
06-09-2017, 02:31 PM
Looks to be a big sea change coming with most metallers guys. With years of underinvestment it looks like a squeeze coming on across the sector.Quite a quandary with many commentators also say the big correction is here anytime soon.:D

JBmurc
06-09-2017, 02:36 PM
It's getting close, JB, 28c now. Perhaps the improving Ni price will get them mining again soon although they seem to have their sights set on the gold!

PS. Chairman David Humann bought another 100k shares on market a few days ago.

Gutted I didn't BUY 100k shares when I last looked around 20c arrghh

JBmurc
08-09-2017, 08:01 AM
Back in yesterday @26c ....with Nickel strength and Mincor remaining on track for first gold production at Widgiemooltha by March 2018.,,,,,
I want to take a longer term position ..

stevo1
14-10-2017, 09:20 AM
Back in yesterday @26c ....with Nickel strength and Mincor remaining on track for first gold production at Widgiemooltha by March 2018.,,,,,
I want to take a longer term position ..

MCR nickel assets very attractive if the NI price increases.Gold is perhaps a bit of a sideshow ATM???

macduffy
14-10-2017, 09:31 AM
MCR nickel assets very attractive if the NI price increases.Gold is perhaps a bit of a sideshow ATM???

Yes, I think so. Marking time until the PoN makes it profitable to re-open those mines.

JBmurc
15-10-2017, 06:44 PM
Yes, I think so. Marking time until the PoN makes it profitable to re-open those mines.

Yes still will see what the continued Gold/cu exploration to discover ....MCR could well prove to produce Gold longer term alongside Ni production ...

stevo1
09-11-2017, 05:21 PM
MCR up 20% to 42cps Ni price increasing?

JBmurc
09-11-2017, 07:05 PM
MCR up 20% to 42cps Ni price increasing?

Nice and to think not long ago they were happy to give them away under 20c

shasta
10-11-2017, 08:26 AM
MCR up 20% to 42cps Ni price increasing?

definitely a move in the market, my WSA have gone from 2.93 to 3.40 over the last week or so.

macduffy
13-11-2017, 02:10 PM
MCR up 20% to 42cps Ni price increasing?

..... and up another 11% today.

macduffy
16-09-2018, 03:18 PM
MCR in the news.

https://smallcaps.com.au/rnc-minerals-spectacular-gold-haul-global-spotlight-kambalda/