MCR - Mincor Resources

[oldblue]

I still think that's MCR a good, well run, comparatively low cost operator. And the recent profit up-date does nothing to change that.

But the outlook for the PoN doesn't inspire confidence. LME stocks are still increasing, now at over 160,000 mt, highest level for at least 15 years.

Difficult to call a low in the SP in these circumstances, IMO.

 

[eddyeagle]

Article on Mincor and Nickel here - worth a read:

http://www.sharecafe.com.au/fnarena_news.asp?a=AV&ai=16510

 

[oldblue]

Article on Mincor and Nickel here - worth a read:

http://www.sharecafe.com.au/fnarena_news.asp?a=AV&ai=16510

Yes, that sums up MCR pretty well.

I've held MCR for several years now and the only point I'd disagree with strongly is in viewing them, or any other pure Ni stock, as a long term hold. As stated, Ni is probably the most volatile of the metals pricewise and shareprices react accordingly. I treat them as trading stocks these days and wish I'd come to that conclusion long ago, rather than ride the rollercoaster of the highs and lows, only to end up - like all good rollercoasters - where I started!

 

[56gsa]

I like the micro in the macro when you look at 5 yr and 1 yr nickel prices.. like a mandelbrot set?

Not sure if theres anything you can read into this - but the uptrend in nickel may see the roller coaster of mcr head back to 2.05 ... Up 4% to 1.77 today (not on chart)

 

[springhill]

HIGH-GRADE NICKEL INTERSECTIONS AT MARINERS AND MIITEL
Underground Extensional Drilling Resumes with Strong Results
• Renewed near-mine extensional drilling generates strong results at Mariners and Miitel Mines.
• At Mariners a second intersection has been returned below the high-grade Terrace zone (the driver of the
significant grade uplift in FY 2012):
o 17.98m @ 3.77% nickel (true width estimated at 6.9m)
• At Miitel a 50-metre step-out from previous high-grade intersection below the N29C:
o 22.2m @ 7.14% nickel (true width estimated at 3.5m)
• Four underground drilling rigs now operational across Mincor’s Kambalda mines.

JUNE QUARTERLY HIGHLIGHTS
• Solid final Quarter sees Mincor achieve its production target and substantially outperform its cost target for the 2011/12 Financial Year.
• FY 2011/12 production of 10,275 tonnes nickel-in-ore at cash costs before royalties of $5.48/lb.
• Successful cost reduction strategies allow generation of full-year operational surplus of $42.3 million, up 14% over the previous year despite sharply lower nickel prices.
• Quarterly production of 2,142 tonnes of nickel-in-ore at cash costs before royalties of A$5.45/lb.
• Exciting reconnaissance drill results near the Cassini Nickel Sulphide Prospect – 1 metre at 7.14% Nickel – camp scale potential now recognised in this area.
• Drill targets defined at high-grade Edie Creek gold prospect in Papua New Guinea – drilling to commence in August.
• Outstanding copper-gold porphyry target identified at Bolobip in Papua New Guinea – clearly delineated by 1km-diameter copper and gold anomaly.
• Mincor’s share buy-back program successfully completed – 12.4 million shares bought back and cancelled for an outlay of $9.1 million. This represents 6.2% of Mincor’s share capital and reduces shares on issue from 200.6 million to 188.2 million.
• After capital and exploration expenditures of $5.43 million, negative provisional pricing adjustments of $2.45 million and share buy-back expenditures of $4.12 million, Mincor had Quarter-end working capital (cash and receivables minus creditors and accruals) of $78.02 million (end-Mar: $81.7 million), cash at bank of $75.9 million (end-Sept: $75.2 million). The Company has no debt.

 

[Gringotts Bank]

Must be some sort of record. 15 green days in sequence.

 

[skc]

Must be some sort of record. 15 green days in sequence.

Somehow it doesn't feel right. Nickel's gone up a bit and MCR arguably was oversold....but this re-rating is pretty serious.

MBN was priced for bankruptcy which didn't come so it's 100% gain from the base was more understandable. Would be interesting to see what news eventually come off this.

 

[notting]

It seems to me to be like a re invented company.
The old image of itself ran it's course finished earlier than everyone thought it would and so got trashed to oblivion.
Then suddenly, it seemed after their glowing presentation, of what they actually are despite no longer being what they used to be they actually looked quite good.
People looking at them, a new?
The management has always been pretty good and they have managed to pay dividends for years so with a good record, why not?

 

[oldblue]

Yes, it seems that we should have been at their Perth presentation.

Any eye/ear witnesses? Apart from the presentation slides, that is.

 

[Gringotts Bank]

Just looking at the chart, there was the mother of all double bottoms, which somehow I didn't see. Gave a target of 95... and it just kept on.

 

[notting]

Just looking at the chart, there was the mother of all double bottoms, which somehow I didn't see. Gave a target of 95... and it just kept on.

Well go have a look at WHC, then, if your more interested in the power of "now".

 

[Gringotts Bank]

Well go have a look at WHC, then, if your more interested in the power of "now".

What are saying? All I see is lower highs and lower lows.

Please explain.

 

[notting]

What are saying? All I see is lower highs and lower lows.

Please explain.

That's true.
But I liked the look of what WHC did on 24 Aug and it did a similar thing today with higher volume again at around that level. It did go a little lower than would be seen as ideal today but finished on it's high with good volume.
It's also notable that almost all the stronger volume bars between the days are on higher finishing positive days.
So it could be another double bottom.

 

[oowl]

What's the latest with this one?

 

[notting]

What's the latest with this one?

It broke through a 1.01 with volume and the markets probabley looking at 1.30 as next stop?

 

[notting]

Falling wedge has been looking enticing.
However, today it became slighly less so.
Appearing more like it wants to become a wedgy.

 

[piggybank]

The chart (not shown) says that todays price action saw it hit the 61.8% Fib of the down leg from Nov 2012 - Jun 2013.

The chart shown is a daily P&F.

​

 

[So_Cynical]

Mincor to cease operations at both mines trading at a multi year low of 14c ~ MC of 26M pretty much just what they have left in cash...it really is sad to see a good solid operator like MCR in so much trouble, paid 9 dividends in the last 5 years.

http://www.mincor.com.au/images/mincor---zootohfooy.pdf

WA is a large contributor to global Ni supply, i suppose things won't always be so bleak, perhaps a bit of an opportunity as they have cash for care and maintenance for quite a while, deep value or deep doo doo. :dunno:
~

 

[So_Cynical]

A little over a year later, they still have 22 million but the MC is up to 42m, building towards a double bottom.

 

[pixel]

A little over a year later, they still have 22 million but the MC is up to 42m, building towards a double bottom.

I'd like the formation of a double bottom
If I'm getting the H&S roughly right, chances are it could actually happen. Let's set the alert.