Mincor Resources (MCR)

Shares / Stock Code

MCR

Stock Exchange / Sharemarket

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Mincor Resources (MCR) is a nickel producer, and a gold and nickel explorer. Key nickel mines are located at Kambalda, with exploration projects in the Yilgarn Craton in Western Australia. Key exploration projects are also located in Guinea, Tanzania, Fiji and Vanuatu. MCR has other exploration interests, including the Tottenham Copper Project, the Gascoyne Tungsten-Uranium Project, the Georgina Zinc Project, the Bonaparte Zinc-Lead Project and the Lake Cowan Gold Project.

Africwest was formed in Perth in February 1996, specifically to identify, acquire and develop gold projects in West Africa. The company listed on the Australian stockmarket (ASX) in 1997 as Africwest Gold NL. Africwest underwent a name change in October 1999 to Mincor following the Iscor Agreement to better describe the activities of the company. In 2001 MCR acquired its second mine from WMC, and since 2003 has been focussing on its Nickel Expansion Strategy to find and develop nickel reserves at Kambalda.

A major change in shareholdings occurred when Mincor Resources entered into a Sale and Relationship Agreement with the Iscor Group in March 1999. The Iscor deal will provide long term support from a mining oriented company who have guaranteed financing and provide exploration opportunities in two major gold districts. MCR is focusing on exploring near to its established mine at Kambalda to expand its production capabilities, MCR also holds a portfolio of licenses to explore in Australia and overseas.

Since nickel is a globally traded commodity, MCR faces international and domestic competition. Concentrates are usually sold to smelters in the main markets of Asia, Europe and North America. Australian operations tend to have a competitive advantage due to relatively lower costs, but are also subject to exchange rate movements.