Miitel to reopen in Dec Q? Watch Mariners developments.
Catalysts for MCR remain exploration, Mariners resource upgrades and the probable re-opening of Miitel which we believe could take place in the Dec Q, if nickel prices consolidate at current levels. MCR displayed nimble management closing down its highest cost operation Miitel and the flexibility of its operations by turning around a tough 1H to report a FY09 loss of $16.7M after write-downs ($20.40M), provisional pricing adjustments ($9.3M), and exploration costs written off ($7.59M). While we are monitoring exploration results closely for any step change they may provide MCR is fairly valued on our nickel price forecast and we retain a HOLD recommendation with a $2.63/sh price target...............( continued ) 3 Page PDF at
