Mincor eyes big exploration budget

AUSTRALIAN nickel miner Mincor Resources has flagged a strong focus on organic growth in the year ahead, with an ambitious exploration budget for Papua New Guinea and a strong near-mine and regional nickel exploration programme at Kambalda, Western Australia, after delivering a solid turn-around in earnings for the 12 months to June 30 this year.
Mincor last Friday announced a net profit after tax for the year of A$0.24 million as against a loss  of A$23.4 million in the same period last year), in line with guidance.
It also announced an Ebitda of A$32.4 million (as against  A$16.3 million during the same period last yeer).
The result was achieved despite a 20% reduction in sales revenue to A$121.6 million from A$152.1 million last year, same period, which was a result of the fall in Australian-dollar nickel prices during the year.
Mincor expects to produce approximately 283,000 tonnes of ore at an average grade of 3.2% nickel from its Kambalda operations for 9,000 tonnes of nickel-in-ore for FY 2012/13.
Cash costs are targeted at A$5.50/lb of payable nickel.