capital ex., page-2

Mincor valuation is partly influenced by short apparent mine resources and reserves. In order to continue paying dividends through the recent low nickel price period, they reduced exploration expenses - and effectively borrowed from the future.

Now, while nickel prices are higher in $AUD terms, they are doing the sensible thing (my opinion only), by building their resources again, and renewing equipment. These actions will ensure that they continue paying dividends for coming years even if nickel prices come down again.

I hold Mincor management team in high esteem. If only their exploration could find a USNOB (can't even remember what that stands for now)!!!