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MCR - Mincor Resources

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MINCOR DELIVERS FIRST NICKEL ORE TO BHP NICKEL WEST

Mincor Resources NL (ASX: MCR, “Mincor” or the “Company”) is pleased to advise that it has achieved another key milestone towards the resumption of nickel production from its Kambalda Nickel Operations in Western Australia, with the Company’s maiden parcel of high-grade nickel ore departing its Northern Operations for BHP Nickel West’s Kambalda Nickel Concentrator (“KNC”).
This is the first time ore has been trucked from a Mincor mine to the KNC in over six years, and signals the start of the stockpile build ahead of the commissioning of the Concentrator in the June 2022 quarter.
Mincor is also pleased to advise that the contract for ore haulage from Mincor’s operations to the KNC has now commenced with MLG OZ Limited (“MLG”; ASX: MLG). MLG will be responsible for carting nickel ore from both of Mincor’s operations to the KNC.
The commencement of ore haulage operations comes as work towards the restart of the Kambalda Nickel Operations enters an exciting new phase, with multiple ore drives now online at the Northern Operations and development nearing the top of the orebody at Cassini, with first ore expected in the current quarter.
First delivery of high-grade nickel ore from Mincor’s Northern Operations, destined for BHP Nickel West’s Kambalda Nickel Concentrator Mincor’s Managing Director, David Southam, said: “This is another fantastic achievement for our team as we close-in on first nickel concentrate production, which remains on track to be achieved next quarter.
It’s a significant moment for everyone involved with Mincor to see high-grade nickel ore being hauled from one of our mines to the Kambalda Nickel Concentrator. With the current nickel price substantially above the assumed price used in our DFS, we are incredibly excited to be on the cusp of production once again in Kambalda.” - ENDS –

DYOR

i hold MCR ( 'free-carried ' )
 
Tyre Kicker said:
Anyone have an opinion on a reasonable price target with this one? Is it getting full at $2??
Click to expand...
As a short term trader, I would be out today off the back off the nickel price gap up surge.
And then back in again tomorrow or day after or when this splurge of excitement settles.
(take some profit or compound it in again.)
No guarantee the excitement settles though, we're in some strange days here...

 
Tyre Kicker said:
Anyone have an opinion on a reasonable price target with this one? Is it getting full at $2??
Click to expand...
How long is a piece of string? How high will the price of nickel go? Will the demand for nickel increase, or decrease? What will Mincor's recovery costs be /lb? What is the cost to have BHP process the ore?

You answer those questions and I will tell you which way I think the price will go.
 
Despite the massive run up, in nickel price MCR tanked today, all I can see in the announcement is a presentation. There was one component that was badly presented IMO, I've posted it here and marked it with a red cross. I wonder if that spooked the herd?
It will be interesting to see what happens tomorrow, maybe I'm missing something?





Because if you look a few slides further on, in small print this is said.


 
given several other mining stocks i hold ALSO took a hit today , i am suggesting a rising Australian Dollar ( taking some gloss off all those juicy price rises )
 

I think Mr Market has decided the nickel price has run a bit hard and they are taking some profits. Same across a number of commods and stocks. Interesting phenomenon that stock prices can regularly lead the commodity they extract...
 
i would have blamed higher fuel prices but most miners hedge , those costs are likely to be a problem a little bit further down the track
 
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