MCR - Mincor Resources

[sptrawler]

First ore out of Cassini, things should ramp up from here, hopefully the nickel price stays buoyant

IDH

 

[divs4ever]

hopefully the nickel price stays buoyant

it should , if the push for EVs remains intact

 

[sptrawler]

Is this the start another run up? Or another disappointment.

 

[sptrawler]

Latest reports are out.
Cashflow

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02512514-6A1087671?access_token=83ff96335c2d45a094df02a206a39ff4

Activities

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02512513-6A1087670?access_token=83ff96335c2d45a094df02a206a39ff4

 

[sptrawler]

Sounds like first ore to be processed in June, so I would guess continuous recovery must have commenced and it's full steam ahead. ?
The timing couldn't have been better, in regard to nickel price, nailed it.

IDH

 

[divs4ever]

FIRST PAYMENT FOR NICKEL CONCENTRATE RECEIVED AS MINCOR DELIVERS
PRODUCTION RESTART ON TIME AND BELOW PEAK FUNDING GUIDANCE
Receipt of first cash-flow results in another milestone delivered by Mincor
• Mincor receives net proceeds of A$25.3 million from BHP Nickel West, representing 90% of the payment
for nickel concentrate calculated for ore deliveries up to 31 May 2022. Final 10% payment due in August.
• The net proceeds figure is derived from 1,003 tonnes of nickel in concentrate and includes deductions for
processing charges and freight rates consistent with the OTCPA with BHP Nickel West.
• Mincor has successfully delivered the project for an actual peak funding outlay of A$98 million, ~8% below
the previous estimate of A$107 million (see ASX announcement 7 September 2021). Peak funding
represents capital expenditure and working capital costs prior to first sales.
• This outcome represents an outstanding result for Mincor, with the successful delivery of two mining
operations developed entirely during the COVID-19 pandemic period.
• Major capital works now predominantly complete, with the new Cassini Village the final outstanding
project scheduled for completion early in the December 2022 quarter, and slightly lower than budget.
Mincor Resources NL (ASX: MCR, “Mincor” or the “Company”) is pleased to advise that it has received payment
for the Company’s first parcel of nickel ore to be processed through BHP’s Kambalda Nickel Concentrator.
The payment of A$25.3 million represents sales receipts for 90% of the imputed nickel concentrate production
up to 31 May 2022 (less processing and freight charges) with the balance to be paid in August, under the terms
of the enhanced Ore Tolling and Concentrate Purchase Agreement (OTCPA – see ASX announcement, 29 April
2022) with BHP Nickel West.
Sales for the month of May have been derived from the steady build-up of development ore stockpiles over a
number of months. Mincor continues to be laser focused on its ramp-up activities at both mining centres, with
a key operational milestone achieved last week with the first stope opened up at the Northern Operations.
Importantly, with the receipt of this first tranche of sales revenue, Mincor has delivered the restart of its
Kambalda Nickel Operations for an actual peak funding outlay of A$98 million, being ~8% below the previously
disclosed figure of A$107 million.
This is an outstanding achievement given that project development has been executed while Mincor has been
dealing with the challenges of the global COVID-19 pandemic and its flow-on impacts which have been widely
reported.
Major capital works are now predominantly complete, with the Cassini accommodation village expected to be
completed early in the December 2022 quarter. At this stage, the total cost of the Village is estimated to be
marginally lower than the A$15 million guidance (see ASX announcement 7 September 2021) with all long-lead
and major items under firm order with deposits paid.
At the same time, the Company is looking forward to delivering an Initial Mineral Resource for the newly
identified LN04a surface at the Golden Mile (Northern Operations) in July, underpinned by the first stage of
results delivered so far ahead of what is expected to be a significant ongoing drilling program for FY23.
2
Management Comment
Mincor’s Managing Director, David Southam, said: “Receipt of first nickel sales is yet another outstanding
achievement for the Company as we complete our return to the global ranks of nickel producers.
“We are also particularly pleased that we have achieved this milestone, including the development of two
underground mines, below our peak funding estimate. This is a tremendous result in one of the most challenging
operational environments in recent memory, and is testament to the dedication and efforts of our people and
our contracting and operating partners, such as BHP – all of whom have been aligned to the successful
resumption of high-quality nickel production in Western Australia.
“We are continuing to invest strongly in exploration, with the first tangible payback from our drilling success at
the Golden Mile due to be delivered in July with an initial Mineral Resource for the LN04a. The program for further
drilling and extensional work will continue in FY23 with a focus on the Golden Mile and drilling from favourable
underground positions at Cassini to target extensions of the Cassini Main orebody and the adjacent Cassini North
channel.”
Approved by:
Board of Mincor Resources NL


===========================================================================

( DYOR )

i hold MCR ( 'free-carried ' )

 

[frugal.rock]

Mop and bucket, aisle 5.
Again.
@Sean K
?

 

[sptrawler]

At last some money coming in.

IDH

 

[divs4ever]

that search engine sure doesn't like me

 

[frugal.rock]

that search engine sure doesn't like me

The search engine doesn't discriminate.

If the original poster or thread starter of a particular thread has "one" on ignore, "one" generally won't see that whole thread when logged in. ?

 

[Austwide]

@Joe Blow
We seem to have 2 MCR threads

 

[Joe Blow]

@Joe Blow
We seem to have 2 MCR threads

Not any more.

 

[Joe Blow]

that search engine sure doesn't like me

Try checking the "Search titles only" box and search for the ASX code. That should help.

 

[sptrawler]

My apologies @divs4ever I didn't see your earlier post. Maybe mine can be removed.
It looks as though Mincor are clearing $25,000/tonne from BHP, that is pretty good.
Their share price has certainly been hammered in this downturn, if I didn't have so many I would probably top up.

 

[divs4ever]

Try checking the "Search titles only" box and search for the ASX code. That should help.

i do that and it doesn't seem to help , it either works like it should or in MCR's case gave me 5 suggestions all ending in Resources .

cheers

 

[sptrawler]

Mincor have received their first payment for ore delivery, IMO the mill and concentrator at Kambalda will ramp up throughput and deliveries from MCR will accelerate.
Whether that happens this month is the question, but as the start trigger for the supply contract has been activated I would think they won't be hanging around.
Also with demand taking off for E.V's, the battery suppliers, will be screaming for supply of battery grade product.
Just my musings.

 

[sptrawler]

More high nickel content strikes along the Durkin/ Long decline zone, increases reserves. Just getting better for MCR IMO.

IDH

 

[sptrawler]

Mincor to give production guidance in the September quarter, which should give some indication of cash flows.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02548566-6A1102733?access_token=83ff96335c2d45a094df02a206a39ff4

 

[sptrawler]

Still waiting on the production report and with that hoping it is good news.

 

[frugal.rock]

Long term support tested at $1.50 and bounced again.
Nickel price nearing end of approx 4 month consolidation after it's crazy manipulated ride.
Nickel weekly

Mincor