MCR - Mincor Resources

[jonojpsg]

Based on thier half yearly results and report, I would have to agree. They have backed off on the high cost operations and managed costs extremely well IMO. To be able to continue to pay a dividend and maintain cash reserves sufficient to keep them going - AND more importantly to be producing at a cash flow positive rate hence not actually drawing on their reserves over the next year at least after which one would have thought that PON should be on the improve.

I am definitely looking at buying.

 

[eddyeagle]

MCR back over $1 which is great news...

Cop that to the Deutsche Analysts who put a sell on it at 60c with a target of 50cents!

 

[babka]

Mincor's management is TOPS. They are doing very,very good job, they are excellent and very determined. Lots of "analysts" have been, are, and will be wrong over and over again. They do what suits their pockets.

 

[Garpal Gumnut]

I'd like to post a chart of MCR , I know very little about the company or its future prospects but I am excited about the chart.

Many years ago a stock runner called Richard D. Wyckoff had a system subsequently called The Wyckoff Method which attributed success in the future of stocks to certain criteria. He talked of rivers and creeks in his analysis but I must confess this little baby looks like a Wyckoff example of a stock being sold down, with weak and strong sellers and buyers and I'll be looking at it next week.

The volumes are particularly impressive recently.

gg

 

[happytown]

nice drill results out this morning have given the sp a decent nudge today, up over 30% at one stage

...

outstanding highgrade nickel sulphide intersection below its Mariners Nickel Mine near Kambalda, upgrading the potential for a major new ore position at depth.

A spectacular down-hole intersection of 35 metres at 7.0% nickel with an estimated true width of 6.4 metres

...

cheers

 

[eddyeagle]

20% rise today on the back of a great update from MCR.

I always enjoy reading their announcements - MCR management are top shelf.

Can hopefully keep going and break the $2 mark!

 

[jonojpsg]

20% rise today on the back of a great update from MCR.

I always enjoy reading their announcements - MCR management are top shelf.

Can hopefully keep going and break the $2 mark!

OUtstanding quarterly!! Look at those numbers :

Production 17630tonnes of Ni in ore for the year
Cash costs US$3.34/lb for the June qtr (as compared to average PON of about US$6.34)
Net free cash $18m for the qtr
Exploration 35m @7%Ni

If this doesn't continue moving up now I don't know why??

 

[oldblue]

I agree - a great quarter!

The only reason why the SP might not continue up from here is that it has climbed from about 50c in March - an increase of 280%!

Disc: Holding MCR

 

[eddyeagle]

Yeah it's had a great run up from 50c, but I think it was harshly oversold in 2008, down from 5 bucks to 50c! Harsh treatment for such a well-run, profitable company. Management's reaction to the drop in commodity prices was excellent and we are enjoying the rewards of holding on now! Wish I had bought some more stock at 50c!

 

[eddyeagle]

Another good day for nickel on the LME so would expect MCR to get a get another boost Friday. What a run it's had since 46cents in December! At xmas time, I had no idea it would recover so fast - wasnt expecting anything from 2009.

 

[eddyeagle]

Looks like MCR is having a bit of a correction given its strong run in the last 6months. Needed a breather and i thought it might struggle around the $3 mark, so took some profits at $2.90.

Will be looking to top up when it resumes its upward trend.

 

[eddyeagle]

Another good quarterly report from Mincor today - Almost 100 mil working capital now and no debt.



HIGHLIGHTS
• Mincor produced its 100,000th tonne of nickel-in-concentrate during the month of September –
an outstanding achievement delivered from a starting Ore Reserve of only 25,400 nickel tonnes
in 2001
• Mincor celebrates its 10th birthday during the month of October – having delivered total
shareholder returns of more than 6,000% over the decade since October 1999
• Steady quarterly production despite temporary operational constraints at Mariners – strong
quarterly operating surplus of $19.5 million
• Continued strong cash generation – quarter-end cash balance of $91.3 million (up from $75.8
million at 30 June), after the payment of an $8 million dividend to shareholders
• FY 2009 financial results demonstrate $28 million profit turn-around in second half – rebound
from global financial crisis leaves Mincor in strong position for its next stage of growth
• Major exploration programs underway throughout the Kambalda District, with exciting early
results from South Miitel, Bluebush and Carnilya Hill
• Maiden resource for the Mariners N10 ore body, only 4 months after the discovery hole –
Mincor’s updated resources and reserves released
• Working capital (cash and receivables minus creditors and accruals) increased to $97.6 million
(up from $93.9 million at end June 2009) after payment of a 4 cent per share fully franked final
dividend for FY 2009

 

[oldblue]

Yes, another solid quarter.

The only blemish was a fairly significant rise (23%) in cash costs but this was from a very low point in the previous quarter. Costs still well contained in historical terms.

 

[jman2007]

MCR has had a fantastic year so far, would have been a steal at its historic low point during the GFC. Probably have missed the boat well and truly now, but nickel is one commodity that is poorly represented in my porfolio, and MCR and IGO (among others) probably would have offered the best exposure to it 6 months ago. Hindsight is a wonderfull thing, yeah right. :iamwithst

 

[fodder-oz]

tell me about it, i bought some back in november last year around 60c, sold in early jan after nickel rallied a bit for for 88c. Made a bit of profut which was nice. Price went back down to 60c again but never bothered tracking the uptrend again..

Wish I did I would have had a 4 bagger with div as well :-(
Oh well a bit late now to get in but if market crashes again will look into getting more.

 

[eddyeagle]

Mincor seems to have taken a bit of a battering over the last few months. After hitting $2.92 it is hovering around the $1.80 mark now. I would expect there to be some support in this area, but it is in a fairly steady downtrend and I see Barclays sold out today. Where to from here?

 

[oldblue]

Mincor seems to have taken a bit of a battering over the last few months. After hitting $2.92 it is hovering around the $1.80 mark now. I would expect there to be some support in this area, but it is in a fairly steady downtrend and I see Barclays sold out today. Where to from here?

I'm not sure that Barclays "sold out". There was a "ceasing to be a substantial shareholder" notice yesterday but it related to Barclays selling the management company that held the shares. Similar notices were posted for other companies, OZL among them if I remember correctly.

MCR is suffering from high LME nickel stocks which is affecting all Ni miners. The SP reacts, as ever, to movements in the PoN and stock levels but MCR is a well run company, as demonstrated over the last year or so.

I'm holding.

 

[oldblue]

This article today discusses the nickel supply/stock situation.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=66949247-CFF4-34DF-2A28163F79DCC3B0

It's not all bad news!

 

[ectoplasm]

This article today discusses the nickel supply/stock situation.

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=66949247-CFF4-34DF-2A28163F79DCC3B0

It's not all bad news!

Hi oldblue;

MCR seems to have hit a base early december & decided to rally with other resource stocks ~ seems to be heading towards resistance @ $2.50


Weekly chart:

 

[eddyeagle]

Still heading down. Hit a low of $1.30 today but closed on $1.40. Do you think we could find some support around this area?

MCR announced last week:


Accordingly, Mincor advises that its Net Profit After Tax for the half year to December 31, 2009 will increase to
approximately $14 million, based on a Profit Before Tax of approximately $19.9 million, and gross revenues of
approximately $94 million.