Minara Resources (MRE)

Shares / Stock Code

MRE

Stock Exchange / Sharemarket

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Minara Resources (MRE) is an exploration company principally focused on the Nickel and cobalt mining and metal production. Minara Resources is among the top 100 public companies listed on the Australian Stock Exchange. It listed on the Australian Stock Exchange on 17 March, 1994. MRE owns and operates the Murrin Murrin Nickel/Cobalt joint venture project, with Minara Resources Limited having a 60% interest in it while Glencore International AG having 40% interest in it. The Murrin Murrin Project is based near Leonora in northern goldfields of Western Australia region. The principal activities of the Company incorporate the operation of Murrin Murrin, the processing and mining of laterite ore in order to produce nickel and cobalt, direct nickel exploration and joint ventures with third parties, and defining and production of nickel/cobalt heap leaching with other hydrometallurgical procedures for extracting nickel. As at December 31, 2007, Murrin Murrin nickel production amounted to 27,585 tons, wit cobalt production of about 1,884 tons. The Murrin Murrin project has above 1,000 staff and contractors employed and it is one of the largest single-site employers in Western Australia. According to the recent estimates about the reserves and resources of ore contained in the Murrin Murrin project, the project is expected to be remain productive for the next 40 years.

Minara Resources History

Minara Resources, previously known as Anaconda Nickel was established in 1994. It became floated on the ASX in March 1994. The Murrin Murrin operation was set up by WA mining entrepreneur Andrew Forrest's Anaconda Nickel. The Project was not completed due to high expenditure costs therefore MRE decided to sue plant builder Fluor Daniel, thus receiving $93M from the decision. The plant has been progressively built under the new management, with Peter Johnston being the CEO of the Company, which has resulted in enhanced production rates.