MCR - Mincor Resources
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Anyone got any thoughts on Mincor?
Share price has been smashed down below $1.50.
This stock was trading above $5 late last year!
They recently announced a profit of 64 Mil and the dividend for 07/08 was 12 cents, which if maintained gives a yield of 8.3% on current prices!
Nickel price has fallen to around 18500 but apart from that - this company has everything going for it IMO!
Interested to hear people's thoughts!
Share price has been smashed down below $1.50.
This stock was trading above $5 late last year!
They recently announced a profit of 64 Mil and the dividend for 07/08 was 12 cents, which if maintained gives a yield of 8.3% on current prices!
Nickel price has fallen to around 18500 but apart from that - this company has everything going for it IMO!
Interested to hear people's thoughts!
Out Too Soon
My real name is King Julian ;)
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Same disease as OZL & others at the moment, doesn't matter how good it is, it's got the grizzly bears.
Same disease as OZL & others at the moment, doesn't matter how good it is, it's got the grizzly bears.
Agree with that!
So what are medium - long term investors doing? Are people topping up at these levels? Averaging in?
Buying a few more and averaging down. Waiting for a dividend. Keeping an eye on the fundamentals. You only lose money when you sell, the SP value changes daily in dollars and cents but the true value of the company changes very little. I'm happy to hold but in saying that I am trading back and forth between OZL and MCR as their relative SP value changes.
I reckon MCR is a particularly well run company, mining high grade deposits. The problem is that it is a nickel outfit and the PoN has been in a downtrend for the last 12 months. While this has shown a few tentative signs of turning up in the last month or so, nickel stocks are fairly high and have increased recently.
So I'll wait to see more evidence, both SP-wise and in the PoN before buying more.
Disc: Small holding.
So I'll wait to see more evidence, both SP-wise and in the PoN before buying more.
Disc: Small holding.
Think I will continue to top up. In a couple of years I will either be laughing all the way to the bank or bankrupt!
From todays AIR midday review:
Mincor (MCR) said it has increased resources by 14% to a record of 167,300 tons as of FY end. Production target is 19,500-20,000 tons for FY09 and MCR said it’s focused on margin improvement and reduction in cash costs amidst falling nickel prices. MCR down 1%.
From todays AIR midday review:
Mincor (MCR) said it has increased resources by 14% to a record of 167,300 tons as of FY end. Production target is 19,500-20,000 tons for FY09 and MCR said it’s focused on margin improvement and reduction in cash costs amidst falling nickel prices. MCR down 1%.
Thanks for the heads up, I had some small money on it when it went down so its been perplexing how both MCR and OZL have lost a lot lately. I'll keep my eye on it for now, might be a jump soon, I'll have to see how the dust settles after this week.
doogie_goes_off
disbelieve if you can
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Everyone's waiting for the trend to change, but it's falling knives for me at $1.29 and $1.19. Crossed fingers we are near bottom.
doogie_goes_off
disbelieve if you can
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Nickel price rallies >5% overnight and MCR shares fall ??? WTF ??? This is one investor who is sick of the market driving in the US wheel ruts.
This is one investor who is sick of the market driving in the US wheel ruts.The current dividend is payable next Friday 26th, 6cps which gives on todays share price a p.a. yield of a little over 9%. I think 6cps was paid as an interim divi about 6 months ago and we get another 6cps in 6 months time, assuming I understand everything correctly..
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Mincor: massive sulphide intersection at Carnilya Hill
11:31, Monday, 6 October 2008
Sydney - Monday - October 6: (RWE Australian Business News) -
Mincor Resources NL (ASX:MCR) has confirmed the potential for
significant additions to current reserves at its recently commissioned
Carnilya Hill Nickel Mine after announcing a high-grade intersection of
4.63m at 12.75pc nickel (true width 2.66m) - the highest grade drill
intersection yet achieved at the mine.
Mincor said today that the intersection lay just outside the
current mineral resource boundary, pointing to additional potential in
the keel zone of the ore system at Carnilya Hill.
The drillhole, CUD0038, was the first in a new round of
underground infill diamond drilling required for mine planning purposes
as the new operation - which is part of Mincor's Northern Division of
Kambalda mines - continues its production ramp-up.
The ramp-up "commenced in earnest" during the September quarter,
with thick, high-grade nickel mineralisation now being driven along the
14 Level of the main 'B' ore zone. Production for the September quarter
is provisionally estimated at 9860 tonnes at 3.6pc nickel.
*****
Drillhole CUD0038 intersected the basal contact just outside the
lower boundary of the mineral resource. The resulting intersection
consists entirely of high-grade massive sulphides.
Managing director Mr David Moore said the result demonstrated
the previously untested potential of the lower boundary of the ore
system, which in places coincided with the keel of the Carnilya Hill
Syncline.
This structural setting is capable of producing high-grade and
structurally thickened nickel mineralisation, with the latest result
opening up a new area for detailed drill testing.
Nearby holes, drilled as part of the same operational program,
but not yet assayed, have also intersected massive sulphides, though
none as thick as CUD0038.
"This is an outstanding result," Mr Moore said.
"We always felt that there could be significant structural
enrichment in the keel zone but it was difficult to drill from surface.
"This is the first real indication of the tremendous grade and
metal upside that we believe exists at Carnilya Hill."
ENDS
Some welcome news from this nickel miner. Share price closed at $1.03 today, down 8 cents. Annual dividend is 12 cents, yielding 11.65% at today's closing price. Interesting to note that this company has no debt, as opposed to fellow nickel miner Minara (MRE). I'm confident the current dividend payout ratio can be maintained into the future. In my opinion, clearly a better investment than Minara (MRE). Comments anyone?
11:31, Monday, 6 October 2008
Sydney - Monday - October 6: (RWE Australian Business News) -
Mincor Resources NL (ASX:MCR) has confirmed the potential for
significant additions to current reserves at its recently commissioned
Carnilya Hill Nickel Mine after announcing a high-grade intersection of
4.63m at 12.75pc nickel (true width 2.66m) - the highest grade drill
intersection yet achieved at the mine.
Mincor said today that the intersection lay just outside the
current mineral resource boundary, pointing to additional potential in
the keel zone of the ore system at Carnilya Hill.
The drillhole, CUD0038, was the first in a new round of
underground infill diamond drilling required for mine planning purposes
as the new operation - which is part of Mincor's Northern Division of
Kambalda mines - continues its production ramp-up.
The ramp-up "commenced in earnest" during the September quarter,
with thick, high-grade nickel mineralisation now being driven along the
14 Level of the main 'B' ore zone. Production for the September quarter
is provisionally estimated at 9860 tonnes at 3.6pc nickel.
*****
Drillhole CUD0038 intersected the basal contact just outside the
lower boundary of the mineral resource. The resulting intersection
consists entirely of high-grade massive sulphides.
Managing director Mr David Moore said the result demonstrated
the previously untested potential of the lower boundary of the ore
system, which in places coincided with the keel of the Carnilya Hill
Syncline.
This structural setting is capable of producing high-grade and
structurally thickened nickel mineralisation, with the latest result
opening up a new area for detailed drill testing.
Nearby holes, drilled as part of the same operational program,
but not yet assayed, have also intersected massive sulphides, though
none as thick as CUD0038.
"This is an outstanding result," Mr Moore said.
"We always felt that there could be significant structural
enrichment in the keel zone but it was difficult to drill from surface.
"This is the first real indication of the tremendous grade and
metal upside that we believe exists at Carnilya Hill."
ENDS
Some welcome news from this nickel miner. Share price closed at $1.03 today, down 8 cents. Annual dividend is 12 cents, yielding 11.65% at today's closing price. Interesting to note that this company has no debt, as opposed to fellow nickel miner Minara (MRE). I'm confident the current dividend payout ratio can be maintained into the future. In my opinion, clearly a better investment than Minara (MRE). Comments anyone?
its definently a terrible market atm. With a good annoucement today what does the stock do. Go down 8%..
I think this stock is of such great value atm.. In my opinion this should only go up in the future. Question is will the bears take hold in the short term.
I think this stock is of such great value atm.. In my opinion this should only go up in the future. Question is will the bears take hold in the short term.
I hold MCR and agree it's a better investment than MRE. The problem is that no-one wants to know about Ni at present so announcements like today's don't cut much ice.
I'm not sure holding the current dividend ratio ( as opposed to "rate" ) will count for much if Ni prices don't improve. Otherwise, profit levels look threatened, the payout raio may be maintained but the dividend rate will drop.
PS Welcome to the forum!
I'm not sure holding the current dividend ratio ( as opposed to "rate" ) will count for much if Ni prices don't improve. Otherwise, profit levels look threatened, the payout raio may be maintained but the dividend rate will drop.
PS Welcome to the forum!
I am a noob investor, unluckily starting my trading during this harsh market..
MCR is one of my speculative stocks which I believe has great potential and its hurting to see that good news is coming out from MCR yet the price keeps going down.
I will continue to hold and support this "what i believe" to be a great company
MCR is one of my speculative stocks which I believe has great potential and its hurting to see that good news is coming out from MCR yet the price keeps going down.
I will continue to hold and support this "what i believe" to be a great company
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Forecast profit for 09 is similar to last year's A$63m. Some reports even suggest this could be a touch higher, but with the freefall of the Ni price of late, I doubt this would be the case.
The strong balance sheet should be able to support a 12 cent dividend per share this year (even if there were to be a downturn in profit).
(P.S. Cheers for the welcome!)
The strong balance sheet should be able to support a 12 cent dividend per share this year (even if there were to be a downturn in profit).
(P.S. Cheers for the welcome!)
