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Thanks Miningnews.net

Mincor growth continues

Michael Quinn


Wednesday, August 25, 2004
KAMBALDA nickel miner Mincor Resources has increased its annual profit by 24% to $11.3 million, with further strong profit increases possible given the current nickel price prognosis and a large increase in expected production.

Mincor's profit was based on sales revenue of $85.7 million, with the company saying it forgo around $15 million in revenue on account of hedging – since terminated.

The revenue came on production of 8679t of contained nickel in concentrate – at cash costs of $3.99/pound – with production forecast to rise 30% to 11,000t next year and a further 36% to 15,000t in 2005/06.

The increase in production comes from the addition of the Redross and Mariners mines to the current Miitel and Wannaway operations.

Mincor had cash reserves at the end of June of $9.2 million and no debt. A fully franked 1.5c dividend is to be paid.

Shares in the company were unchanged in early afternoon at 68c.