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MCR - Mincor Resources

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Yes have noted more weakness this morning, but with nickel increasing on Friday I have just bought some more at 1.765 CFDs again, thats 4 lots Ive bought now. porkpie
 
Someone is buying up MCR this morning, there was over 100k at 1.80 but were quickly taken, now 70k at 1.82 next res. I think MCR was a little oversold. porkpie
 
Looks a little overstretched so closed this mornings CFD trade, as Arfur Daly would say a nice little earner tis morning. porkpie
 
Strong quarterly production of 3,612 tonnes nickel in
concentrate
• Record quarterly operating surplus of $38 million
• Current cash and receivables net of creditors and
accruals stand at $69 million; Mincor has no debt
• Development decision taken on South Miitel – a major
new expansion of the Miitel Nickel Mine
• Successful transition to owner-mining at Redross
• Ore Reserve statement underlines outstanding record of
reserve replacement, while mineral resources stand at
an all-time high
• Record profits, cashflows and dividends announced for
financial year 2005/6
• Continued exploration success at Carnilya Hill and
elsewhere – Mincor raises exploration budget from $8
million to $12 million for the current financial year.
 
Yes a good quartily report, have just read it, looks as if some more support coming through too this afternoon, bought back again at 1.81. porkpie
 
porkpie324 said:
Yes a good quartily report, have just read it, looks as if some more support coming through too this afternoon, bought back again at 1.81. porkpie
Click to expand...
like a fool i sold my MCR at 2.03 on Friday last only to see it jump another 30 cents in 2 days
 
What a day for MCR opened up in the high 2.30's got sold off then back up to the high 2.20's, and I went fishing, just got back, missed all the action. Your not alone Ekman I did the same closed all my CFD positions Friday.porkpie
 
michael_selway said:
yeah its strange, as nickel prices have fallen

thx

MS
Click to expand...

Maybe not. I think they are looking at producing other metals.

Still, slightly overpriced at the moment?
 
Are there any thoughts of where this stock is headed after the last couple of days. I have been watching MCR and CBH dive a fair way. I wouldn't mind a Nickel share as I already have TZN. Any thoughts or is the consensus to go with zinc?
 
As the old saying goes, what wise men do in the beginning, fools do at the end.

Volitility happens-move on.
 
MCR sure has been sold off, glad that I closed last week. I opened one CFD pos yesterday looking to add today.porkpie
 
36590 said:
Are there any thoughts of where this stock is headed after the last couple of days. I have been watching MCR and CBH dive a fair way. I wouldn't mind a Nickel share as I already have TZN. Any thoughts or is the consensus to go with zinc?
Click to expand...
ZFX is getting cheap and AUZ as a cheap nickel stock is going back up
 
Just read this article on Kitco, seems reasonable after all did the same myselfe.porkpie

"Shares in Kambalda nickel miner Mincor Resources were pummelled yesterday, falling more than 9 per cent on the back of what is believed to be profit taking by institutional investors.

Mincor, which last week touched a record $2.35 as nickel prices soared, yesterday came crashing back to earth to close 18.5 ¢ down at $1.81 after more than 4.6 million shares changed hands.

The fall was significantly greater than the declines suffered by its local nickel rivals as nickel prices eased, with Independence Group sliding 2 ¢ to $4.59, Jubilee Mines shedding 40 ¢ to $12.35, Minara Resources slipping 20 ¢ to $5.14 and Consolidated Minerals closing 4 ¢ down at $2.

It is believed that Mincor’s decline was largely due to institutional selling, most likely by big investor MIR Investment seeking to lock in profits from recent gains.

MIR has been a regular trader of Mincor shares in recent months.

In September, it boosted its stake to 8.19 per cent after picking up nearly three million shares at an average price of $1.22. A month earlier it offloaded over 2.6 million shares at an average price of $1.14 after buying 2.25 million shares at an average of 98 ¢ in July.

Mincor company secretary Brian Lynn said the company was not aware of any reason for yesterday’s big plunge, with operations at Kambalda performing to expectations.

Mincor generated a record quarterly operating surplus of $38 million in the September quarter and is debt free."
 
There was a release from a director a week or so ago saying that they were well valued, or words to that effect, when the SP was about 2.25. But to me, this looks like good value as well.
 
I'm liking the volume and spread on MCR Today, constantly soaking up the sellers, and there's been some decent ones , silly buggers!.

IMHO, MCR's not far of blowing its lid .
 
Freeballinginawetsuit said:
I'm liking the volume and spread on MCR Today, constantly soaking up the sellers, and there's been some decent ones , silly buggers!.

IMHO, MCR's not far of blowing its lid .
Click to expand...
Yes, great news today!

Stoopid instos.
 
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