QUARTERLY REPORT – 30 JUNE 2007 Highlights of the report are...

QUARTERLY REPORT – 30 JUNE 2007


Highlights of the report are noted below:

Mincor achieves full-year production targets with 12,927 tonnes nickel-in-concentrate produced and sold – announces 28% increase in forecast production for new financial year
· Mincor enters S&P/ASX 200 Index – ends financial year as top performing company in the Index

· Mincor concludes landmark deal to acquire Otter Juan nickel mine

· $68.5 million GMM acquisition (including Otter Juan, McMahon and Durkin) completed 2 July

· Carnilya Hill nickel project given go-ahead with production to commence January 2008

· Continued exploration success with Mariners 09 and North Miitel extensions emerging as significant new discoveries

· $13 million additional revenue recognised for March quarter based on final nickel settlement prices

· Outstanding June quarterly operating surplus of $44.9 million. Estimated operating surplus for 2006/07 financial year of $192.5 million (FY2005/06: $69.3 million)

· Current cash and receivables net of creditors and accruals stands at $77.38 million after settlement of the GMM acquisition