MCR issued their Quarterly Report late last week....

MCR issued their Quarterly Report late last week. Nickel-in-concentrate sold was down around 20% on the previous Qtr to 2,170t, but sales revenue was down only 7.73% to A$17.861M owing to the fact that world 3-month Nickel prices have increased from around US$6,700/t in the Sep02 Qtr to around US$8,000 for the Dec02 Qtr.

Reductions in production were attributed to delays to accessing ore because of newly found extensions to the ore body at Miitel, and to an unscheduled plant downtime for machinery maintenance. Most importantly, the Qtr's production was NOT the result of defficiancies with the ore body.

Mincor also announced they have now fully repaid all Project Finance debt (some A$29m) 12 months ahead of schedule. That should please their bankers, but even more importantly it now gives Mincor the opportunity to pay a maiden dividend to shareholders in the year ahead.

With gross Sales Revenue for the past calendar year of A$77.83m (or 46 cps/yr), an operating surplus of A$34.79m (or 20.5 cps/yr), and a current share price of only 30.5 cents, you can easily deduce that this is a most under-valued stock.

The recent ore resource discovery at North Miitel, some other resource & reserve extensions at project sites elsewhere in the Kambalda district, and a recent strengthening to their Board composition, combined of course to a rising Nickel price - all augers very well for this beaut cash producer.

I'm holding!