Mincor Resources NL (MCR)

Shares / Stock Code

MCR

Stock Exchange / Sharemarket

ax

Mincor Resources NL (MCR) is an emerging nickel mining and exploration company. The Company is actively engaged in the exploration of nickel and base metals across Australia. Mincor is the operator of six nickel mines in the Kambalda District of Western Australia. The construction of two more mines is well underway. Mincor Resources NL listed on the ASX on 16 June, 1997. The Company has significant exploration projects in Guinea, Tanzania, Fiji and Vanuatu. The Company’s portfolio of exploration projects includes the Tottenham Copper Project, the Gascoyne Tungsten-Uranium Project, the Georgina Zinc Project, the Bonaparte Zinc-Lead Project and the Lake Cowan Gold Project. During fiscal 2008, the production from the Company's South Kambalda Operations comprising Miitel, Mariners, Redross and Wannaway Nickel Operations was up to 585,684 dry metric tons at an average grade of 2.36%, with a potential to produce 11,782 tons of nickel-in-concentrate. The production from the Company’s North Kambalda Operations comprising Otter Juan, Coronet and McMahon Nickel Operations and the Carnilya Hill Nickel Operation(70% interest) was 136,931 dry metric tons at an average grade of 3.77%, with a potential to produce 4,880 tons of nickel-in-concentrate. In March 1999 the Company signed a Sale and Relationship Agreement with the Iscor Group which resulted in a major change in shareholdings. Mincor is highly profitable and growing Company with strong cash yields and regular dividend payments.

Mincor Resources NL History

The Company was formed in Perth in February 1996, with a focus on exploring, acquiring and developing gold projects in West Africa. MCR made its debut on the ASX in 1997 under the name Africwest Gold NL. The Company changed its name from Africwest to Mincor in October 1999 following the Iscor Agreement in order to better reflect its activities. In 2001 the Company completed the takeover of its second mine from WMC. In 2002, MCR made a discovery of the North Miitel ore body, which entered production in 2005. The Company announced the details of its Nickel Expansion Strategy in 2003, for the development of three new operations having potential of additional 41,000 tonnes of nickel metal. The Company began development operations in October 2003, with production commenced at all three new operations (North Miitel, Mariners and Redross) by the end of 2005. Mincor spun out its subsidiary, Tethyan Copper Company Limited in October 2003. By 2006, the Company's had four operating nickel mines. Since 2003, the Company has been principally focused on its Nickel Expansion plan to identify and develop nickel reserves at Kambalda.