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thekiwi
21-07-2004, 12:15 PM
MiningNews.net

Murrin Murrin under-performs

Michael Quinn


Friday, July 16, 2004
MINARA Resources has again disappointed the market, delivering a poor June quarter performance and flagging another difficult year at the Murrin Murrin nickel operation in 2004-05 – despite spending $100 million rectifying the plant.

Murrin Murrin, which is 60% owned by Minara and 40% by Glencore, produced less than 6000t of nickel in the June period, and is forecast to yield 33-35,000t next year – well short of its 40,000t capacity.

Production in 2003-04 came in at 28,578t of nickel and 2054t of cobalt.

Minara said two scheduled shutdowns in 2004-05 – resulting in the plant being idle for a total of 31 days – would be the major contributors to the reduced output.

One of those shutdowns will involve completion of maintenance on the hydrogen sulphide plant, where unexpected problems flared up last quarter.

Aside from the two shutdowns, Minara expects to be operating at capacity during 2004-05, and says costs at full production will be in the range of $2-2.50/lb.

Shares in Minara were off 18c to $2.40 in early afternoon trade.

thekiwi
21-07-2004, 12:17 PM
1
Title: Open Briefing. Minara. MD on June Quarter & Outlook
Record of interview:
corporatefile.com.au
Minara Resources Ltd (MRE) was in a perilous financial and operational state not
long ago. What have you achieved over the last year or so and what remains
before the turnaround is complete?
Managing Director Peter Johnston
We’ve just completed a very successful year of consolidation. We changed the
name of the company and undertook a share consolidation in November. We
facilitated the exit of a major shareholder from our register, MatlinPatterson, in
February which improved our liquidity and broadened our shareholder base with a
major influx of institutional shareholders.
We received a successful settlement to the Fluor Corporation litigation after
around five years of legal proceedings. Our joint venture (MRE 60%) was
awarded $155 million in damages for the Phase II claim and that completes all
outstanding legal issues.
We finished the financial year in a strong financial position with zero debt, strong
cashflow and we are completely unhedged for both nickel and currency at a time
of very strong nickel prices. Naturally, we are reasonably happy with the progress
over the year, especially the financial position. The one challenge that remains is
lifting production at Murrin Murrin to its nameplate capacity and maintaining
production at that level.
2
corporatefile.com.au
For the quarter to 30 June 2004, Minara reported nickel production of 6,870 tonnes
and cobalt production of 390 tonnes from its Murrin Murrin nickel cobalt plant
(MRE 60%). Nickel production for the year of 28,682 tonnes was disappointing.
To what extent is that due to poor plant performance? Are any other factors
affecting production levels?
Managing Director Peter Johnston
We’re disappointed with production for the full year. Production was in line with
our budgets in the first half but there were a number of one-off events that
impacted production in the second half.
The first was a major flood throughout the district in February that affected
production for a number of weeks. The second was a plant shutdown in April to
complete our major capital programme and the third was the discovery of sections
of our hydrogen sulphide plant that required remedial maintenance work.
The plant was poorly designed and constructed and we’ve spent a lot of time
correcting the known deficiencies. Our immediate challenge is to reach the
nameplate capacity rate of 40,000 tonnes per annum (tpa) and to consolidate
production at that level. Real progress has been made in overcoming the plant
issues and there are no technical issues that remain unresolved. The focus going
forward is on maintenance and plant reliability.
corporatefile.com.au
What production do you forecast for FY05 and how variable do you expect
production and cash costs to be when you reach plant capacity?
Managing Director Peter Johnston
Our production forecast for FY05 is for nickel metal production of between 33,000
tpa and 35,000 tpa. The two major impacts on production this year will be
planned shutdowns. The main shutdown is a compulsory 21 day shutdown in
March/April to complete statutory inspections of the pressure vessels and to
refurbish the catalyst in the acid plant. Statutory inspections are required every 18
months and we will extend this time period once we have a stable operating
environment. We have also scheduled a second shutdown for 10 days in the first
half of the year which will complete a maintenance programme on the hydrogen
sulphide plant. The shutdowns will reduce production for the year by
approximately 5,000 tonnes from the target of 38,000 to 40,000 tonnes.
Outside the shutdown periods we expect production and cash costs to be
reasonably steady. We expect unit costs to fall significantly when we reach
nameplate capacity because around 70% of our operating costs are fixed. When
we reach and sustain 38,000 to 40,000 tpa, we expect our unit costs to be in the
approximate range of $2/lb to $2.50/lb.
corporatefile.com.au

thekiwi
21-07-2004, 12:26 PM
http://home.infobahn.co.nz/images/asx/mre/20040720_daily.png

http://home.infobahn.co.nz/images/asx/mre/20040720_weekly.png

mercury
17-12-2004, 02:56 AM
I am afraid that my chart for this stock still has the prices pre consolidation. I wonder if someone could post or send me a chart that is like the one above but goes back further?
Thanks
Mercury.

mercury
17-12-2004, 02:59 AM
actually let me rephrase that . a chart that goes back to beginning 2002 ...in detail
Thanks
Merc

thekiwi
17-12-2004, 07:43 AM
http://home.infobahn.co.nz/images/asx/mre/20041217_daily.png
http://home.infobahn.co.nz/images/asx/mre/20041217_weekly.png

tracker
17-12-2004, 08:38 AM
hey TK good o see you around posting again
i trust all is well???
tracker

thekiwi
17-12-2004, 08:40 AM
quote:Originally posted by tracker

hey TK good o see you around posting again
i trust all is well???
tracker

Well ... as well as can be.
Not trading for the past few weeks since the crash and still not at home.
Had access to Metastock so chucked a chart up ...

tracker
17-12-2004, 08:47 AM
well good to see you "functioning" the best ya can
thinking of you
tracker

tracker
17-12-2004, 08:53 AM
strange thing about mre is that it is NOT shortable and for life and limb cant be borrowed which is a pity
tracker

mercury
17-12-2004, 04:22 PM
Well you can get leverage on it with 'leveraged equities'
Merc

robbo
16-12-2005, 06:14 PM
Minara Resources (MRE)

Last Pre Christmas Pick from the team here at THe PUB !!!

As we all know, this is the Phoenix that rose from the Twiggy Forrest Anaconda ashes !!

Below is a brief wizzo, that Uncle Maxie, here at The PUB, picked up from Minara's (MRE) Website (and other bobs and bibs) the other day.


Minara Resources Limited (MRE, formerly Anaconda Nickel Limited) is involved in mining and exploration for lateritic nickel resources in WA. The company is focused on its 60% interest in the Murrin Murrin lateritic nickel mining and processing operation.

Murrin Murrin (60%):
Murrin Murrin is located near Leonora in Western Australia and consists of numerous nickel/cobalt laterite deposits and a laterite processing plant. The Stage 1 plant was designed with a processing capacity of 45,000t nickel and 3,000t cobalt pa. Nickel production commenced in May 1999 and cobalt production in July 1999. The plant has suffered from a series of technical and operational problems since its commissioning which has meant that production has fallen well short of design capacity. In May 2004 a $100m capital improvement program was completed allowing plant production to increase to 40,000tpa Ni and 2,500tpa Co. As at October 2005 reserves were 140Mt @ 1.1% Ni and 0.087% Co, supporting a 40yrs mine life.

Mount Windarra JA:
The JV is located west of the nearby historic Mount Windarra nickel mine and is prospective for nickel. Minara can earn a 70% interest in this project after expenditure of $1,000,000 over three years. During 3Q05, a diamond drilling program was completed. No economic nickel assays were obtained.

Bardoc Nickel JV:
The project is situated 250km south of Murrin Murrin. JV partner Halcyon Group is conducting the exploration programs targeting nickel sulphides. Minara can earn a 70% interest after expenditure of $3m over three years. After expenditure of $1.8m Minara will secure a 51% interest. Minimum first year expenditure is $1.2m.

Other Exploration:
MRE also conducts exploration programs in Mt Margaret, Irwin Hills and Weld Range.

Here at The PUB, Barry the current Billiards champ, reminded me over a Crownie, that The Sahre Register was starting to look
like a bit of a Fundy Mgers Who's Who...

AMP, Uni Super, IOOF, JB Were, Meat Union Super Funds, Challenger Fund Mger, Ausbill Dexia, Colonial Fist State, United Super, Westpac, ANZ, NAB Nominees, etc etc etc....

So anyway; coz we were bored, we did a bit more of the 'old digging', between crisp cold Christmas Crownies,

...... and we at THE PUB, reckon they might be getting ripe about now.... ;)[8D]

Regards,

And Happy Chistmas ....

Robbo :)



Disclaimer:

Views expressed above are unwarranted. These views ought not to be read as warranted, either expressed or implied, for their accuracy or veracity. Views expressed above, cannot be read as warranted, either expressed or implied, for their accuracy or veracity. Comments expressed here; are on a “Without Prejudice” basis only. Views are only the author’s personal, subjective whimsical thoughts, sometimes experiences, and intuitions. Obviously, as with all opinions, they are open to discussion and refutation, as well as other interpretations and review. In that light, for any investment decision, always do your own research, seek independent financial advice and independent counsel you can trust at all times. Therefore, please take these opinions and sentiments only in this context.

Kindest Regards,

Robbo :)

robbo
30-10-2006, 03:11 PM
Minara (MRE)

Since last Christmas-- and since the last post on this MRE-- (MRE) -thread...due to Copper Demand globally-- imo (MRE) - has done okay too really....

(MRE) up-- 206%........which means our Dividends cheques-- ( ....unfortunately they are not fully franked-- as they obviously had a paucity of franking credits--[}:)])-- ....is going to be around the 15-17 % mark(dividends)-- on our Original capital Investment-- back from just before Chistmas 2005... (see my previous post, which was the most recent previous on this MRE thread)--

What did the relative succes of Minara MRE as a Stock investment, again--imo-- remind me......... to continue to be disciplined about, .....as an investor... -..[?]?

Buy and HOLD.... quality companies we hold stock ......

That simple.....imo.... really....:)

Kindest Regards,

Robbo :)

tricha
30-10-2006, 10:30 PM
I thought Minara is a nickel producer Robbo, not Copper [?]

robbo
30-10-2006, 11:18 PM
Minara mre

Hi Tricha,

Had been reading some recent back issues of Mining News ... and was reading about coper, Nickel, Zinc etc etc...

Demonstrates what a copperhead I am.... ooops [B)]

Robbo:)

robbo
01-11-2006, 02:27 PM
Minara MRE

Some say..... market is perhaps-- [?][?] cooling on some... commodities-- [?] (Treasurer Costello in today's media for example...)....

... Maybe maybe not......

But defintiely not ... imo-- in the case of Uranium and also, ...zinc... and in this case-- Nickel!! ....


errr... (and also in this case, not copper... hey Tricha ...!! )[:I][B)][:I]

Kindest Regards,

Robbo:)

shasta
04-09-2008, 05:08 PM
Minara MRE

Some say..... market is perhaps-- [?][?] cooling on some... commodities-- [?] (Treasurer Costello in today's media for example...)....

... Maybe maybe not......

But defintiely not ... imo-- in the case of Uranium and also, ...zinc... and in this case-- Nickel!! ....


errr... (and also in this case, not copper... hey Tricha ...!! )[:I][B)][:I]

Kindest Regards,

Robbo:)

MRE's largest shareholder creeping up over 55%, after todays big drop, how long until they pounce?

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=419830

MRE is the 2nd largest ASX listed Nickel Producer

...and after a 28c drop today to $1.27, we have a "please explain".

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=419915

SEC
05-09-2008, 06:23 PM
MRE's largest shareholder creeping up over 55%, after todays big drop, how long until they pounce?

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=419830

MRE is the 2nd largest ASX listed Nickel Producer

...and after a 28c drop today to $1.27, we have a "please explain".

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=419915

Shasta, this is another example of Barclays wealth destruction. Barclays was happily buying MRE through 2007 to mid 2008 at around $6, but have been heavy sellers over the past 6 weeks at sub $2. Another high cost miner that Barclays foolishly overbought.

SEC

shasta
05-09-2008, 06:30 PM
Shasta, this is another example of Barclays wealth destruction. Barclays was happily buying MRE through 2007 to mid 2008 at around $6, but have been heavy sellers over the past 6 weeks at sub $2. Another high cost miner that Barclays foolishly overbought.

SEC

I chuckled when i saw the SSH come thru (Barclays is now officially a swear word).

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=420027

Promise not to touch anything to do with Barclays :D

shasta
17-09-2008, 06:16 PM
I chuckled when i saw the SSH come thru (Barclays is now officially a swear word).

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=420027

Promise not to touch anything to do with Barclays :D

MRE - Barclays selling down, nearly under 5%...

Might have to collate a watchlist on stocks Barclays are selling...:D

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=421258

shasta
25-09-2008, 05:44 PM
MRE - Barclays selling down, nearly under 5%...

Might have to collate a watchlist on stocks Barclays are selling...:D

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=421258

Gotta laugh SEC...:D

MRE gets beaten down, Barclays dumps the stock...

Ann out showing Barclays selling MRE just under $1.05

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=422169

MRE closes up 44.5c to end up at $1.81 :eek:

MRE also received the yellow card, "please explain"

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=422138

They should have said many posters off Share Trader have devised a new investment strategy of buying what Barclays is selling out of...:D

shasta
07-07-2010, 08:45 PM
Gotta laugh SEC...:D

MRE gets beaten down, Barclays dumps the stock...

Ann out showing Barclays selling MRE just under $1.05

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=422169

MRE closes up 44.5c to end up at $1.81 :eek:

MRE also received the yellow card, "please explain"

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=422138

They should have said many posters off Share Trader have devised a new investment strategy of buying what Barclays is selling out of...:D

MRE - Proposed capital return.

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=496841

Currently have cash of $363m & are looking to return 9.5cps (total payout $111m)

MRE traded up 5c to 71c today

shasta
13-07-2010, 01:21 PM
MRE - Proposed capital return.

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=496841

Currently have cash of $363m & are looking to return 9.5cps (total payout $111m)

MRE traded up 5c to 71c today

MRE - June Quarterly Activities Report

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=497332

Highlights:

MRE 60% share of Nickel production for Qtr = 4,008T
MRE 60% share of Cobalt production for Qtr = 275T

Confirmation of Nickel production at lower end of range 30,000 - 34,000T (MRE 60%, = approx 18,000 - 20,000T)

Cash on hand @ 30/6/10 = $363m

Proposed Capital Return of 9.5cps ($111m) will not be deemed a dividend for tax purposes

MRE remains unhedged

shasta
21-07-2010, 05:05 PM
MRE - June Quarterly Activities Report

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=497332

Highlights:

MRE 60% share of Nickel production for Qtr = 4,008T
MRE 60% share of Cobalt production for Qtr = 275T

Confirmation of Nickel production at lower end of range 30,000 - 34,000T (MRE 60%, = approx 18,000 - 20,000T)

Cash on hand @ 30/6/10 = $363m

Proposed Capital Return of 9.5cps ($111m) will not be deemed a dividend for tax purposes

MRE remains unhedged

MRE - Investor Presentation

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=498187

Confirmation of capital return during September ($110m or ~9.5cps, out of total cash held ~ $363m)

Page 8 shows just how cheap MRE is compared to other Nickel producers

Fully funded for further exploration

Disc: Nil

shasta
13-10-2010, 03:38 PM
MRE - Investor Presentation

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=498187

Confirmation of capital return during September ($110m or ~9.5cps, out of total cash held ~ $363m)

Page 8 shows just how cheap MRE is compared to other Nickel producers

Fully funded for further exploration

Disc: Nil

MRE - Sept Quarterly Report

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=509211

Nickel Production for the Qtr was 7,358T, & Cobalt 520T (net 60% MRE)

Cash on hand $220m (after paying out $111m capital return)

Revised Nickel Production FY10 28,000 - 30,000T (net 60% MRE)

MRE - Company Insight & Production & Growth Outlook

http://www.stocknessmonster.com/news-item?S=MRE&E=ASX&N=509239