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Mincor records strong nickel operations

nickel

High grade nickel producer Mincor Resources has provided an update on key business activities such as nickel operations and financial activity.

Operational highlights include the company’s nickel-in-concentrate production adding to 1839 tonnes to date and 5161 tonnes for year to date, pending May assay results.

Additionally, a total of 97,867 tonnes of ore was mined for the June quarter to date and 306,917 tonnes for the 2023 financial year to date.

In May 2023, underground operations mined 49,955 tonnes of ore to date, thereby on track to achieve nameplate capacity of 600,000 tonnes per annum earlier than anticipated.

Mincor has delivered 103,005 tonnes of ore to date to the BHP Kambalda nickel concentrator at an average grade of 2.09 per cent nickel, an increase from the March quarter’s recorded 87,248 tonnes at an average grade of 1.88 per cent nickel.

As of April 30, Mincor’s group 12-month total reportable injury frequency rate was 22.5.

Financial results from the report include Mincor having a consolidated cash balance of $42.1 million as of May 26, a notable decrease from the $59.2 million recorded as of March 31.

Between the beginning of April to May 26, Mincor received proceeds of $26.1 million from BHP for nickel concentrate for ore deliveries up to the end of April 2023.

Major cash outflows between April 2023 and May 26 included $5.8 million on settlement of the mandatory hedge program for 417 tonnes at an average price (after bank margin) of $21,000 per tonne executed in April 2021, as well as $37 million of payments to creditors and employees.

Mincor’s strong June quarter results come as Wyloo Metals has increased its shareholding in Mincor Resources to 72.77 per cent and has announced a notice of final extension.

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