Mincor Res. -> Vorteile einer vertikalen Integration - 500 Beiträge pro Seite

[KaOzz]

Okay, man kennt Mincor als lukrativen Nickelproduzenten, der vor einigen Jahren sehr lukrativ abbaute, aber kaum über größere Ressourcen verfügte.

Mittlerweile konnte sich der Laden aber einige liegenschaften unter den Nagel reißen und hat auch fleißig angefangen zu explorieren.

Da Nickel das letzte Jahr echt heftigst gestiegen ist und bei weiter wachsender Weltwirtschaft sicherlich noch höhere Niveaus sehen wird, dürften die entsprechend ausgerichteten Unternehmen lukrative Geschäftsausichten haben

Ich werd weiterhin ein paar auf Nickel spezialisierte Werte hier posten, da mich die Entwicklung auf dem Sektor interessiert. Die relativ hohen Preise je Tonne bei diesem Basismetall dürften dafür ein verständlicher Anlass sein


Nickelpreis:

[KaOzz]

Antwort auf Beitrag Nr.: 39.369.712 von KaOzz am 20.04.10 18:47:56

Warum zeigt jetzt den Chart nich mehr an

Wollte eigentlich den Preis in USD/t posten.

... na gut, dann eben Preis in USD/Pd:

[KaOzz]

Nickel Advances to Highest in 23 Months; Zinc, Copper Fall

By resourceINTEL
April 16, 2010

April 16 (Bloomberg) — Nickel, used to make stainless steel corrosion-resistant, advanced to the highest level in 23 months on speculation the market will swing into deficit for the first time in four years as a recovering economy boosts demand.

The metal for three-month delivery gained as much as 0.6 percent to $27,400 per metric ton, the highest price since May 2008, and traded at $27,312 a ton at 1:52 p.m. in Singapore. Tin rose to the highest price since Sept. 18, 2008, while aluminum and zinc fell after China announced measures to cool the real- estate market.

Nickel has jumped 60 percent in 10 weeks and more than doubled in the past 12 months as the fastest growth in almost three years in China, the biggest user, boosts consumption of stainless steel in homes, buildings and the food and chemical industries. Shares of OAO GMK Norilsk Nickel, the world’s largest producer of refined nickel, have soared 149 percent in the past year.

“The stainless steel market has picked up but the mines are still shut,” said Peter Strachan, a Perth-based analyst for independent advisory company StockAnalysis. “It takes months and a lot of capital to start these mines back up.”

World demand will probably exceed supply by 36,000 metric tons in 2010, the first deficit since 2006, said Akira Nozaki, general manager in the nickel sales and raw material division of Sumitomo Metal Mining Co., Japan’s biggest producer. The market had a surplus of 27,000 tons last year, he said in an interview April 14. Two-thirds of world supply is used in stainless steel.

China Growth

China’s economy grew 11.9 percent in the first quarter from a year earlier, the biggest gain since the second quarter of 2007, and more than the median estimate of 11.7 percent from a Bloomberg survey of economists. Industrial production climbed 18.1 percent in March, and retail sales increased 18 percent, data this week showed.

The global shortfall may be 18,600 tons, according to Morgan Stanley March 31. Barclays Capital predicted a deficit of 6,000 tons on March 19 and Vanessa Davidson, managing consultant in the nickel and chrome group at London-based researcher CRU, said March 18 the deficit would be 56,000 tons.

“We don’t agree nickel will move into a deficit this year as we’re expecting a surplus to widen,” Judy Zhu, an analyst at Standard Chartered Bank, said from Shanghai this week. “We think the price gains are excessive given the metal has comparatively the highest level of stockpiles.”

Inventories in warehouses monitored by the LME climbed to 166,476 tons on Feb. 8, the highest level in at least more than three decades. Inventories now total 151,878 tons.

Outlook Bullish

“Although we may see a correction, the outlook for nickel will remain bullish in the second quarter when stainless steel output grows,” said Hwang Il Doo, a senior trader with KEB Futures Co. in Seoul, today. “Stockpiles have been declining amid production disruptions at Vale’s Sudbury and BHP’s Nickel West Leinster operations.”

The nickel price is still 47 percent below the record $51,800 a ton on May 9, 2007.

Plunging prices forced BHP Billiton to close in January 2009 its $2.2 billion Ravensthorpe mine in Australia, eight months after it opened. The mine was sold for $340 million to Vancouver-based First Quantum Minerals Ltd., which said December it may restart the 38,000-ton a year operation in 18 months.

BHP Billiton Ltd., the world’s biggest mining company, said this week full production from the Nickel West Leinster operations in Western Australia won’t resume for “several weeks” after a fatality on April 11.

Zinc fell the first time in three days amid concerns that China’s measures to cool the real-estate market may curb demand in the world’s largest consumer.

‘Forceful’ Steps

China raised minimum mortgage rates and down payment ratios for second homes, saying “more forceful” steps are needed to cool speculation after property prices rose at a record pace in March. Zinc is used to galvanize steel.

The property market measures would “have a significant impact on demand for zinc as well as aluminum” as they are both used extensively in buildings, said Sun Zhiyin, an analyst at Shanghai Dalu Futures Co. An expected slowdown in car sales is also bearish, he said.

Dongfeng Motor Group Co. expects China vehicle sales growth to slow in 2010 while the nation will continue to top world sales, the company said earlier this week.

Still, zinc has gained 3.1 percent this week as China reported faster economic growth and the dollar weakened.

Dollar Falls

The dollar has declined 0.6 percent against a basket of six major counterparts this week. A weaker U.S. currency can increase demand for dollar-denominated commodities.

A Bloomberg News survey shows economists are split on the likely timing of the nation’s first rate increase since 2007, with Royal Bank of Canada predicting one in the next fortnight, while Bank of America-Merrill Lynch sees no move until the fourth quarter.

“A downward correction in metals is likely to happen immediately after a rate hike,” Zhang Sida, another Dalu analyst said today. “It’s not sure how the impact will unfold in the long run though.”

Aluminum slumped 0.6 percent to $2,458 a ton in London, copper fell 0.3 percent to $7,920 a ton, and lead dropped 0.8 percent to $2,32‘ a ton…read more at the Bloomberg

---

Wer hätte vor einem Jahr erwartet, dass sich der Preis tatsächlich so schnell wieder verdoppeln könnte?

Beachtendswerter ist der Knick in den LME-Warehouse Beständen:

[KaOzz]

Mincor Res Intraday Chart:

[KaOzz]

Nur falls es ein Missverständnis mit dem Begriff "vertikale Integration" geben sollte: Damit meine ich, dass der Wert die Bandbreite von Exploration bis Abbau abdeckt!

Australien All Ordinaries:

[KaOzz]

Antwort auf Beitrag Nr.: 39.375.170 von KaOzz am 21.04.10 14:10:53

Aktuelle Präsentation:

http://newsstore.fairfax.com.au/apps/previewDocument.ac?sy=s…

(vom 12.04.2010)

[KaOzz]

Chart Mincor Res:

[KaOzz]

26.04.2010 = Feiertag in Australien

[KaOzz]

Mein Verkaufssignal im All Ordinaries und bei den Nickelwerten hat absolut vorbildloch gefunzt! Geht erstmal alles schön in den Keller.

Nur bei DAX, DJIA und kanadischen Werten nicht wirds nicht ernsthaft billiger

[KaOzz]

Naja, die 40% Minensteuer steht erstmal im Raum...


Vested interest, yes, but this view makes sense

Barry Fitzgerald, 10/05/2010
Publication: The Age
Page: 9

Mincor's David Moore believes the resource rent tax undermines the viability of the Australian mining industry.

MINCOR (ASX: MCR) boss David Moore loves waistcoats. It doesn't matter whether he is leaning up against a bar in Kalgoorlie or it's 40 degrees in the shade, Moore will be trussed up in one.

His liking for them says something about the man. Reserved and clinical, Moore is not one to overstate the impact of things, as so many of his flashier colleagues in the West Australian mining scene are prone to do.

So when Moore says the Rudd government's proposed 40 per cent resources rent tax grab will undermine the viability of the Australian mining industry and damage the country's reputation as a safe place to invest, Garimpeiro believes him.

Now Mincor is in a unique position in all this. It has just announced the first mine "go-ahead" in the wake of the government's tax bombshell. This is at a time when Rio Tinto and others have been threatening all sorts of mine deferrals and cancellations if the government does not backtrack.

Make no mistake, Mincor's go-ahead for the reopening of its Miitel nickel mine in WA is in no way an endorsement of the government's proposal. But rather than ranting and raving about the tax like others, Moore has given the market a typically clinical assessment of just what damage the 40 per cent rent tax could cause.

With the help of external tax advisers, Mincor modelled several scenarios on the basis that Miitel was the sole asset of a corporation that has no other costs or assets. The modelling is not perfect because it does not cover the impact of finance costs not being deductible from the proposed tax. That's because Mincor has the resources to self-finance Miitel. In the cases where external finance is required, just think of a worse outcome than what follows under the proposed tax.

Mincor's modelling showed that if Miitel were developed as a completely new project under the new tax, and without the benefit of past expenditures, the total tax rate would be what Moore called a "deeply unattractive" 57 per cent.

If the benefit of past expenditures were included, the total tax rate would reduce to a "still unattractive" 55 per cent. For the modelling, a long-term nickel price of $US9 a pound and a 90? US exchange rate were assumed.

The punitive tax rate outcomes compare with the 41 per cent tax rate (income tax plus state royalties) Miitel would attract under existing legislation, including the benefit of past expenditures. Now if anyone thinks 55 per cent and 57 per cent tax rates aren't a disincentive to invest risk capital, ask them what planet they are from.

And does it matter if future Miitel-type projects get shelved under the new tax? Miitel's restart is expected to create 100 jobs and inject more than $130 million into the local and state economy over the next four years. There are virtually hundreds of Miitel-type projects out there. So you would think it does matter.

Now that Garimpeiro has dealt with Moore's campaigning against the proposed tax, it should not be forgotten that Miitel has been given the go-ahead and that it should be back to full production in July (it was closed when nickel prices collapsed during the global financial crisis).

So Miitel has the benefit of a two-year window before the tax is due to come in. As a result, the project's tax rate is modelled at 38 per cent after including some benefits from the transitional arrangements associated with the introduction of the new tax. That's not in super-tax territory, but a big slug nevertheless and one that does away with the government's propaganda that the miners have not been pulling their weight.

Any way it's cut, Miitel coming back into production is good for Mincor, which closed on Friday down 4? a share at $1.60. Anticipating Miitel's return, Argonaut Securities has valued Mincor at $2.22 a share (down from $2.62 because of the new tax).

CANBERRA wants to give explorers $1.1 billion in direct rebates in the first two years of the proposed resource rent tax. Trouble is, Garimpeiro can't find any explorers who want the rebate. They'd rather trade off the rebate for a tax rake that is less than the 40 per cent of earnings proposed in the resource tax. The notion is that they explore to become (profitable) miners. They don't explore for tax breaks.

All that was confirmed this week to Garimpeiro by Chris Bain, chairman of Victorian explorer Dart Mining NL (ASX: DTM). It closed on Friday at 8.2? a share for a market cap of about $6.5 million. It is holding cash of $750,000 and is going as fast as it can in proving Victoria's alpine region could be home to an exciting molybdenum/copper play.

So it will need to raise funds at some point. But the prospect of government rebates for exploration in the resource tax mix does not thrill. "It's good for explorers, if you forget the fact that they are exploring to become miners," Bain said.

For the right sort of exploration project, led by the right sort of board and management, equity funding can be found. It's a sort of natural selection process that Canberra best leave in place.

As for Dart, it could be worth watching in the weeks ahead. It has a deep hole going into the Unicorn moly/copper/silver porphyry prospect near Corryong and initial results from the top section of the hole are about due. Fingers crossed for Dart's hope that it is on a potentially very large mineralised system at Unicorn.


http://newsstore.fairfax.com.au/apps/previewDocument.ac?sy=s…

[KaOzz]

Mincor Resources to reactivate Miitel nickel mine in July
Thursday, 13 May 2010

Reuters reported that Australian nickel miner Mincor Resources will reactivate its Miitel nickel mine in west Australia due to a recovery in metals prices.

It may be noted that the mine was closed in December 2008 due to low prices and a dismal outlook for demand.

Mincor Resources said that the mine will return to its previous full production rate of between 4,500 and 5,500 tonnes of nickel in concentrate annually in July 2010.

http://steelguru.com/news/index/MTQ1Mjk5/Mincor_Resources_to…

[KaOzz]

Mincor moves to restart nickel flagship, but warns on ‘super tax’

7th May 2010


PERTH (miningweekly.com) – Australian nickel-miner Mincor on Friday said that it would restart production at its flagship Miitel nickel mine, in Western Australia.

Site works at the project had restarted, with initial production set to resume as early as next month, with the ramp-up to full production expected in July this year, the company said in a statement.

MD David Moore said that steady-state production levels of between 15 000 t/m and 18 000 t/m of ore were expected, which could yield between 4 500 t/y and 5 500 t/y of nickel metal.

The Miital project was recently bolstered by the inclusion of a nearby discovery, which comprised a “maiden” ore reserve of around 148 000 t, at 2,7% nickel, for 4 000 t of nickel metal.

“Not only does this increase the existing Miital ore reserves by more than 32%, but it also provides an additional production front within the mine, increasing the overall production capacity,” Moore said.

The company would spend around A$17-million to extract the ore reserve, with most of the capital spent during the 2011 financial year.

However, Moore also warned that Australia’s recently proposed resources “super tax” could threaten the future viability of the Miital operation, which was placed on care-and-maintenance in December 2008, in response to the global financial crisis.

The company has completed an analysis to assess the impact of the proposed new tax, which Moore said indicated that, if the mine was restarted in a post-2012 tax environment, the total tax rate for the project would increase to a level of 55%, compared with the current tax rate of 41%.

The current reopening study was based on a total reserve of 616 000 t at 2,7% nickel, containing 16 4000 t of nickel metal, which would allow for an initial project life of four years. The company, however, was increasingly confident that this would grow, as a result of recent exploration success to both the north and south of the existing mine.

“However, any mine life extensions delineated through this exploration programme would fall under the new resources super tax, and hence their ability to deliver an attractive return on capital is unclear at this stage,” Moore added.

Scenario modeling conducted on the impact of the new tax regime on the Miital mine has shown that it would be advantageous to put Miitel back into production immediately, as the project will benefit from the two-year window before the new tax is fully implemented and will derive some further benefit from transitional arrangements associated with the introduction of the new tax.

Under this scenario the total tax rate is modelled at 38%.

“It is the opinion of Mincor’s management that the new tax will undermine the viability of the Australian mining industry and damage Australia’s reputation as a safe place in which to invest,” Moore said.


http://www.miningweekly.com/article/mincor-moves-to-restart-…

[KaOzz]

Tuesday, April 27, 2010

Mincor Resources – Nickel's Quiet Achiever

by Greg Peel (FNArena)


The most expensive of the five major base metals, nickel likes to act as the standard bearer for an advancing army. It usually leads the way with gusto into the fray but then, unarmed, turns and flees at the first sign of trouble. To that end, it is also usually the most volatile of the metals.

Investors looking to play nickel have to be prepared to strap themselves in.

Nickel's great expense (US$12/lb compared to US$3.50/lb for copper, US$1/lb for aluminium and zinc) obviously reflects a lack of general supply versus global demand for stainless steel but it also reflects the high cost of nickel production, from ore to concentrate to end-use metal.

This is a factor in nickel's price volatility as mines and smelters are shut down when prices spiral downwards and then take a long time to ramp up again. Right at the moment both supply of ore, old and new, and active smelter capacity is struggling to keep up with the renewed demand for stainless steel, particularly for the Chinese manufacturing industry and domestic economic expansion.

That's why a rise in the nickel price tends to signal to the market that an overall rise in metal prices is afoot, and thus why nickel is now up 50% since the “Greek Dip” in February and up 200% from the GFC bottom.

Unfortunately it works the other way as well. Clearly metal prices can't just going up forever because high prices must eventually cause demand destruction. This is problematic for copper and aluminium, as the market has little alternative than copper for wiring and aluminium for light-weight construction (although plastic composites are moving in on aluminium now).

But nickel is substitutable (as is zinc). Quality stainless steel is made using a high proportion of nickel. Lower quality stainless steel is made using a lower proportion of nickel or by using chromium, for example, instead of nickel. And this is what happens when the nickel price is just too high – rather than shut up shop producers offer lower quality stainless steel onto the market instead. And then suddenly the nickel price collapses.

This occurred in early 2007, as the above graph notes. The great nickel price blow-off occurred despite the GFC-related metal collapse not occurring until 2008, and despite the prices of iron ore and coal used for steel-making jumping significantly in the 2007 contract price negotiations. Zinc responded similarly (zinc is used to make galvanised steel), but copper only stumbled for a while and aluminium barely blinked.

Further twenty-first century volatility was added from the great influx of speculative commodity funds into the financial market arena.

Nickel then dropped again in the GFC. So over the five year period displayed in the chart, nickel went from (all USD/lb) $8 to $24 to $12 to $4 and back to $12 again. Over that period, marginal nickel producers simply came and went. Hero one day and gone the next. It is not hard to see why investing in pure-play nickel miners is not a game for the risk averse.

One way for a nickel producer to ward off destructive nickel price volatility is to hedge, whether by forward-selling nickel for future delivery at price received today (often used as a source of funding as well as hedging) or by simply trading in offsetting futures contracts. But to hedge means to miss out on upside profitability potential in the good times and as such investors tend to punish miners who hedge even if it provides insurance.

If you are a privately-owned miner, unconcerned about the opinions of flighty investors, another way to hedge against the inevitable rollercoaster of nickel price cycles is to take things steadily, conserve cash and manage resources pragmatically to provide a natural smoothing mechanism. Funnily enough, this is exactly what Mincor (ASX:MCR) has been doing since 2001 when it became nickel miner.

The problem is, that's not what listed miners are supposed to do. Stock analysts will never look favourably upon listed companies who hoard cash and reserves for a rainy day. Money lying idle is simply money not working, undermining the potential for earnings growth and ultimate shareholder returns. It must be used for acquisitions, or to pay down debt, or to return capital to shareholders and thus affect earnings per share accretion.

The paying down of debt is not all that favourably looked upon as well if times are good. Listed companies should borrow to their absolute capacity to fund new projects and to avoid shareholder dilution arising from raising fresh equity for such a purpose.

All this changes, of course, when the cycle turns and high gearing and low cash reserves are seen by analysts as an obvious folly. Witness the fortunes over the last three years of a cashed up BHP versus a debt-laden Rio Tinto.

“Before 2007,” noted Mincor CEO David Moore last week, “the analysts all told us we were carrying too much cash. Then in 2007-08 they told us well done for having cash, but by 2009 we were carrying too much again”. I met with David at a presentation lunch hosted by Cameron Stockbroking.

There is a lot of pressure on listed companies to make hay while the sun shines. Mincor's stated “purpose” is to maximise total shareholder returns (TSR). Going bust at the bottom of an inevitable cycle is not one obvious way to achieve that. Staying alive throughout cycles is, even if it means sacrificing some TSR upside in the up-cycle for the sake of the longer term investor and not the short-term trader.

On the release of its FY10 interim result in February, Mincor was capitalised at $430m, had made a profit of $14.2m for the half on earnings of $40m and was carrying $107m in cash with no debt. To a stock analyst, that is not a balance sheet that maximises potential. But such a balance sheet has seen Mincor through the bubble-and-bust of the nickel market over 2007 and the GFC of 2008 while still paying out consistent discreet dividends to its shareholders.

Yes – Mincor is a pure-play miner-explorer that likes to pay its shareholders dividends, and pretty resasonable dividends at that. Many pure-plays don't play dividends and any miner that does usually keeps payouts to a minimum and withdraws payouts immediately when prices fall. But Mincor paid a 6cps dividend in FY09 and has paid 3cps for the first half FY10 with the intention of doing the same for the second.

In the middle of FY09, at the bottom of the nickel market, Mincor shares fell below $1.00. At that point they were yielding 6%. A miner yielding 6%! Mincor's share price is now back over $2.00 so that yield is under 3% which is more consistent with your larger-cap miners. But the point is that throughout the cycle, the dividends kept coming.

Obviously the share price went for a rollercoaster ride but you can't do too much about that when your fortunes are strongly leveraged to the nickel price. Particularly when stock analysts don't like you.

Mincor is an ASX 200 company, but it only attracts coverage from three out of ten FNArena database brokers and researchers, and one of those is Aspect Huntley (Hold). The other two are Macquarie (Outperform) and Deutsche Bank (Sell).

Macquarie appears on Mincor's register with a 5.2% holding, but that is not a reflection of the analysts' rating. It is probably a reflection of why Macquarie covers Mincor, nevertheless. Deutsche, on the other hand, is simply down on all nickel producers at present, factoring in a long term nickel price of US$6.50/lb currently compared to an average US$9.70/lb derived from nickel miner stock prices, and compared to a spot price of US$12.31/lb.

Mincor's other “hedging” policy – or if you like, longer term smooth sailing policy – is to keep a running balance of proved-up reserves against actual production, thus ensuring longevity but also providing a “hedge” to the upside. If the global nickel market does go into hefty supply deficit for a period, Mincor has reserves to draw upon. The company is always exploring for and proving up reserves several years ahead of production expansion plans.

Mincor's operations are centred in Kambalda which is 60km south of Kalgoorlie in WA. Kambalda has been a nickel producing area for decades and Independence Group (ASX:IGO) and Panoramic Resources (ASX:PAN) are neighbours. Mincor turns all its nickel sulphides into concentrates at the nearby smelter owned by BHP Billiton ((BHP)) and on a longstanding agreement all concentrates are purchased by BHP.

Were this relationship to be terminated either way, there are plenty of other options. Mincor's tenement lies in the Kambalda dome, which hosts four of the six biggest nickel sulphide ore bodies in Australia. Two-thirds of Mincor's Kambalda Dome holdings have not been effectively drilled to date. Mincor's North Kambalda site has shown in testing what appears to be an “ultra-size nickel ore body” formation, known delightfully in mining parlance as a “US nob”.

Mincor is pioneering the use of “advanced in mine geophysics” which has also shown potential for the existence of further US nobs at its Otter Juan site. Mincor's exploration, suggests David Moore, is throwing up “game-changing potential”. Emerging discoveries are also being made at the once discarded (before Mincor's time) Miitel sites. Miitel is the “sleeping giant” of ore bodies with existing reserves or 468kt of nickel including 100kt of developed ore, and a re-opening study is now underway.

That Mincor should be a nickel sulphide miner is important. I noted earlier that nickel is the most expensive of the base metals reflecting lack of supply. Specifically, new nickel sulphide discoveries are now almost non-existent across the globe. New discoveries and projects are mostly those of nickel laterite reserves, and nickel laterite is a lot more expensive to process.

In short, Mincor is a nickel miner with a consistent track record of total share holder returns. Since foundation in 1999 (previously listed in 1997 as a different company), Mincor has provided a TSR of 5900%.

But the company is also now looking to diversify. Mincor has a pipeline of regional exploration sites across Australia focusing on copper and other base metals.

Mincor sells itself as providing cashflows, profits, dividends, nickel price leverage, financial strength and “unlimited exploration upside”. Analysts don't like Mincor because it plays the game too conservatively, protecting its production capacity by constant rolling forward reserves and exploring for new ones, and protecting the company and its shareholders by not borrowing money but self-financing out of a constantly healthy cash balance.

Mincor is a company suited to longer term investors who want nickel exposure. An investment in Mincor is obviously not without risk but the company's policy is one of longevity rather than simple death or glory.


http://www.proactiveinvestors.com.au/companies/news/6720/min…

[KaOzz]

Mincor Resources Exploration Update

Fri, 7 May 2010


MEDIA RELEASE Friday, 7 May 2010 MINCOR TO RE-OPEN MIITEL NICKEL MINE But Warns That New Resource Super Tax Will Threaten Future Mine Life Extensions • Recommendation for immediate re-start of production at Miitel Nickel Mine accepted by Mincor’s Board, with estimated mine re-start costs of less than $1 million. • Start-up work already underway with underground shifts to start as early as next month and the ramp-up to full production to commence from July 2010. • Miitel re-start expected to create 100 new jobs and inject more than $130 million into the local and State economy over the next four years.

• Production forecast at 4,500-5,500 tonnes of nickel-in-ore per year during initial 4-year production schedule at life-of-mine cash costs of approximately A$5.50-6.00/lb of payable nickel. • Mine economics bolstered by inclusion of recent N29 discovery – maiden Ore Reserve of 148,000 tonnes @ 2.7% nickel for 4,000 tonnes of contained nickel metal, which remains open to the south. • Total Miitel Re-Start Ore Reserve including N29 of 616,000 tonnes @ 2.7% nickel for 16,400 tonnes of contained nickel.

• Project modelling to assess impact of new Resource Super Tax indicates that in a post-2012 tax regime the average tax rate for the life of the project would rise to a deeply unattractive 55%. • Any mine-life additions, which Mincor is confident could be achieved, would be fully exposed to the new Resource Super Tax and would be uncertain to meet Mincor’s investment hurdles. Australian nickel producer Mincor Resources NL (ASX: MCR) today announced that it would move rapidly to recommence production from its flagship Miitel Nickel Mine in Kambalda, Western Australia, creating 100 new jobs and injecting over $130 million into the local and State economy over the next four years.

However, Mincor also today warned that the recently announced “Resource Super Tax” could threaten the future viability of the operation, which it placed on care and maintenance in December 2008 in response to the Global Financial Crisis. Mincor said it had completed an analysis to assess the impact of the proposed new tax, which indicated that, if the mine was re-started in a post-2012 tax environment, the total tax rate for the Project would increase to a deeply unattractive level of 55%, compared with a rate of 41% (tax + royalty) under current legislation. More details on the impact of the new tax are provided below.



http://wotnews.com.au/announcement/Mincor_Resources_Explorat…

[KaOzz]

EUR vs AUD

wird's hier jemals zu einem Rücksetzer kommen?

[KaOzz]

Was soll ma dazu sagen...

Der Wert tritt aus bekloppter Esel



Sowas von dynamisch in beide Richtungen, das hab ich auch noch nich erlebt... das gibts einfach nich. Ich weiß echt nich, was ich dazu sagen soll, außer dass es mich nbissel nervt.

Aber das hatten wir ja eh schon gerade bei DAX und DOW... da liegen sowieso die Nerven der meisten Anleger blank.

[KaOzz]

Antwort auf Beitrag Nr.: 39.597.100 von KaOzz am 28.05.10 02:13:46

Der Wert tritt aus wie ein bekloppter Esel

[KaOzz]

Ich will mir derzeit eigentlich das Geschreibe über die Explorations- und Produktionsarbeiten sparen.

Erstens gibts auf der HP massenhaft Broker Reports und zweitens stört gerade mich die Idee von der Super Tax.

[KaOzz]

Antwort auf Beitrag Nr.: 39.597.103 von KaOzz am 28.05.10 02:17:05

zweitens stört mich gerade die Idee von der Super Tax.

Bevor ich jetzt noch mehr Schreibfehler mache, schalt ich den Rechner lieber aus.

[KaOzz]

Antwort auf Beitrag Nr.: 39.597.105 von KaOzz am 28.05.10 02:19:11

Naja, wenigstens kann ich mich noch halbwegs auf meine TA verlassen.

Wurde auf jeden Fall stark gehandelt die letzten Tage. Aber der Kurs konnte sich nach ner spektakulären Erholhung wieder in seinen primären Aufwärtstrend retten...

Nach den Kapriolen der letzten Tage, schau ich mir das erstmal von der Seitenlinie an.

[KaOzz]

(Reuters) - Australia left open the possibility of watering down its proposed 40 percent mining tax on Thursday after newspapers said it was prepared to change the way the tax is calculated in order to pacify miners.

A government spokesman, when asked about the press reports, declined to comment directly on them and referred Reuters instead to Treasurer Wayne Swan's latest comments that he was going ahead with the "tax framework," with details subject to consultation.

The Australian dollar fell almost half a cent on the reaffirmation of the government's stance, which has sparked angry warnings from miners that Canberra risks damaging the country's biggest export industry and destroying jobs and investment.

The Australian and The Sydney Morning Herald newspapers said Prime Minister Kevin Rudd planned to stick with his 40 percent tax rate on windfall mining profits, but was moving to soften the blow by changing the definition of a windfall or "super" profit.

"The government is preparing to lift the threshold definition of a super profit ...," The Australian said in a front-page report headlined "Rudd to backflip on mining rate."

The government currently defines a windfall profit as anything that exceeds a return on assets of about 5.3 percent, the equivalent of the 10-year bond yield. That could be more than doubled to 12 percent, the press reports said.

The reports, published on Web sites overnight, sent UK-listed shares of major miners Rio Tinto (RIO.AX) (RIO.L), BHP Billiton (BHP.AX) (BLT.L) and Xstrata (XTA.L) surging. They also helped push the Australian dollar to an offshore high of $0.8390.

The proposed tax, due to come into effect in mid 2012, has angered the mining industry, which accounts for roughly half of all Australian exports.

But the changes envisaged in Thursday's newspaper reports may not be enough to mollify the miners. Xstrata, one of the largest coal miners in Australia, confirmed as much.

"Tinkering at the margins will not avoid the significant long-term damage this tax could do to mining investment in Australia," Chief Executive Mick Davis said in an e-mail to Reuters, denying Canberra was consulting genuinely with miners.

"The government needs to do what it should have done all along and enter into a full and open consultation with the industry where every aspect of the super tax is open for debate."

The architect of the mining tax, government treasury official Ken Henry, said on Thursday that he was unaware of any move to change the definition of a windfall profit.

"I'm not aware of any such change being contemplated," Henry told a parliamentary committee. "But if such a change were to be made, and no other offsetting change were to be made, then of course the impact on the budget would be negative..."

The tax is the centrepiece of Rudd's campaign for re-election at polls expected around October. It underpins his vow to return the budget to surplus by 2012-13, to cut the company tax rate and to indirectly fund another pledge to boost retirement incomes.

(Additional reporting by Mark Bendeich in SYDNEY and Eric Onstad and Dominic Lau in LONDON; Editing by Ed Davies)

[KaOzz]

Im Vergleich zu Mincor entwickelt sich Minara wesentlich destruktiver:




Schätze mal, dass das Tief von Februar unterboten wird.

[KaOzz]

Furios aus dem Abrwärtstrend nach oben gesprungen.

[KaOzz]

Antwort auf Beitrag Nr.: 39.664.766 von KaOzz am 10.06.10 18:45:25

Mincor finds more nickel at Miitel mine

By: Reuters
16th June 2010
Updated 2 hours 9 minutes ago
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SYDNEY - Australia's Miitel nickel mine could be bigger than previously estimated, owner Mincor Resources said on Wednesday, citing new exploration data which has revealed a possible second nickel deposit.

The west Australian mine site is now being reactivated after it was mothballed in December 2008 owing to depressed metals prices. It is set to return to previous annual production rates of 4 500 t to 5 000 t of nickel in concentrate to meet renewed demand from stainless steel makers.

Production could restart as early as this month, Mincor said.

Mincor, BHP Billiton, Xstrata, Norilsk and Minmetals all idled nickel mines in Australia as commodities markets slumped in 2008. Mincor would be the first to resume operations.

Concentrate from Mincor's mine is delivered to BHP, which processes the ore at its Kalgoorlie smelter for a fee under a contract running until 2019.

LME three-months nickel on Wednesday was last indicated at $20 400/$20 500 versus the recession low of $8 950 in October 2008, based on Reuters data.

[KaOzz]

Toll, die Lagerbestände in London fallen und der Ni-Preis gibt ebenfalls nach - verkehrte Welt oder missverstandener Frühindikator?

Nickelpreis in USD:

[KaOzz]

Weitere Nickelminen auf meiner WL:


Minara (ASX:MRE)
Panoramic (ASX:PAN)
Southboulder (ASX:STB)
Western Areas (ASX:WSA)

[KaOzz]

Antwort auf Beitrag Nr.: 39.713.742 von KaOzz am 21.06.10 13:46:06

Dax & Stoxx am Mittag:

FTD 24-06-2010

[...]

Rio Tinto drehte im Londoner Handel ins Minus und verlor 1,8 % %. BHP Billiton gab 0,2 % ab. Die Bergbaukonzerne profitierten damit nur kurz von Aussagen der neuen Ministerpräsidentin von Australien, Julia Gillard. Sie hatte Verhandlungen über die geplante Steuer für Bergbauunternehmen in Aussicht gestellt. Die Abgabe hätte in den ersten zwei Jahren rund 12 Mrd. A$ (8,5 Mrd. Euro ) in die australische Staatskasse spülen sollen und war auf heftigen Protest bei den betroffenen Unternehmen gestoßen. Der Streit um die Steuer hatte zur Ablösung von Gillards Vorgänger Kevin Rudd geführt.

[...]

[KaOzz]

Antwort auf Beitrag Nr.: 39.731.666 von KaOzz am 24.06.10 15:02:56

Mincor Lifts Nickel Ore Reserves by 37%

Announced on: 29/07/2010 11:51:00


http://newsstore.fairfax.com.au/apps/previewDocument.ac?sy=s…

[KaOzz]

MEDIA RELEASE (aus dem Mincor Resource Update Thursday, 29 July 2010)

MINCOR LIFTS NICKEL ORE RESERVES BY 37%
-----------------------------------------------------------

Reserves Touch 50,200t of Nickel, Underpinning 35% Production Growth Target

• Ore Reserves increase by 37%, or 16,600 tonnes, to 50,200 tonnes of contained nickel

• Mineral Resources increase by 8,700 tonnes to 150,700 tonnes of contained nickel

• The strong results underpin Mincor’s ambitious 35% production growth target over the next two years

• Figures include outstanding high-grade maiden Ore Reserve for the Mariners N10 ore body: 299,000 tonnes ore @ 3.5% nickel for 10,600 tonnes of contained nickel

• Drilling through 2010/11 to extend open mineralisation at South and North Miitel, at the Mariners N11 target and down-plunge at Otter Juan – further resource extensions considered highly likely


Australian nickel producer Mincor Resources NL (ASX: MCR) has continued its strong track record of resource and reserve growth at its Kambalda Nickel Operations in Western Australia, today announcing a 37% increase in its Ore Reserves as part of the annual update to its Ore Reserves and Mineral Resources.

The excellent result provides a solid platform for Mincor’s continued growth as a successful and profitable mid-tier nickel miner and underpins its plans to lift production by 35% over the next two years.

For the year to 30 June 2010 Mincor added 16,600 tonnes of nickel metal to its Ore Reserves, before depletion for production of 11,793 tonnes. This means that Mincor replaced 140% of the nickel that it mined during the year.

Mincor’s updated Ore Reserves stand at:

• 1,746,000 tonnes @ 2.9% nickel for 50,200 tonnes of contained nickel metal (2009: 45,400 tonnes contained nickel before production). This represents a 37% increase in Ore Reserves before production. Similarly, the Company added 8,700 tonnes of nickel metal to its Mineral Resource, again before mining depletion.

Mincor’s updated Mineral Resource is:

• 4,048,000 tonnes @ 3.7% nickel for 150,700 tonnes of nickel metal (2009: 153,700 tonnes nickel). The full tabulation of Mincor’s updated Mineral Resources and Ore Reserves is presented below. The stand-out result for the year was the successful conversion of the 2009 discovery of the Mariners N10 Inferred Resource into a strong, high-grade Ore Reserve. Infill drilling completed since September 2009 has increased the
N10 Mineral Resource by 49% to 324,000 tonnes @ 4.9% nickel for 15,800 tonnes of nickel, from the previously published Inferred Resource containing 10,600 tonnes of nickel. With appropriate mining parameters this has converted into a high-grade Ore Reserve of 299,000 tonnes ore @ 3.5% nickel for 10,600 tonnes of contained nickel metal.

In January this year, Mincor announced the potential discovery of the N11 ore body at Mariners, below the N10. The drill-out of this potential new ore body will commence later in the current financial year.

Mincor has also enjoyed exploration success at its Miitel Mine, where drilling is currently underway on mineralisation that remains open to both the north and the south. To date only the new N29 ore body has been added to Reserves, while the total of new Mineral Resources discovered during the year at North and South Miitel is 310,000 tonnes @ 3.9% nickel for 12,000 tonnes of contained nickel metal.

However, high-grade mineralisation is still being drilled at Miitel and further additions to resources are considered highly likely.

“This is an excellent outcome after a year of outstanding exploration success,” said Mincor’s Managing Director, Mr David Moore.

“We have substantially increased both the size and quality of our Reserves and Resources and can see a clear path, in the form of current drill intersections, to achieve continued increases. Mincor’s exploration success over the past ten years confirms Kambalda as one of the great nickel districts of the world, and we look forward to our next decade in the District.”

The results continue Mincor’s track record of replacing and/or adding to its Resources and Reserves. Mincor commenced mining at Kambalda in 2001 with a total Ore Reserve of 25,400 tonnes of nickel metal. To the end of June 2010, the Company had mined 122,800 tonnes of nickel metal and had a further 50,200 tonnes in Reserve.

Adding mined production and un-mined reserves shows that Mincor has increased its starting Ore Reserve by nearly sevenfold over the past nine years. This is illustrated in Chart 1 below.

---

Die Grafiken aus der PDF hab ich mal nicht mit eingefügt - falls das jemand lesen will, kann ich nochmal die Quelle raussuchen.

Jedenfalls kann Mincor von sich behaupten den großen Negativpunkt seitens der Analysten der letzten Jahre aus dem Weg geräumt zu haben, durch die exzellenten Explorationserfolge.

BIn fasziniert

[KaOzz]

wär gut, wenn die Warenhausbestände wieder zulegen... das bedeutet, dass die Preise wieder steigen, dank der Spekulation der Investmentbanken, die den Markt mit solchen Spielchen trocken legen.

[KaOzz]

Der Nickelpreis wird steigen, weil die Lagerbestände wieder anziehen!!!

Klingt komisch, is aber so

News zu Nickel und Kobalt

Nickel und Kobalt: Knappheit in Sicht?

von von Daniela Knauer

Liebe Leserin, lieber Leser,

[...]

Während die Aktienmärkte weiterhin schwanken wie die Fähnchen im Wind und Befürchtungen um eine Abschwächung des Wachstums die Runde machen, erregen ganz andere Probleme den Markt der Industriemetalle. Es geht um Nickel, besonders wichtig für die Stahlindustrie - und um Kobalt, eines der essentiellen Metalle für die Herstellung von Elektroautos und anderen Hightech-Produkten.

Anwohner wehren sich gegen Umweltverschmutzung

Entstanden sind die neuen Sorgen der Metallhändler durch Vorgänge in Papua Neu-Guinea. Hier tummelt sich alles an Rohstoffunternehmen, was Rang und Namen hat. Ebenso viele kleinere Explorer. Es geht um den unglaublichen Rohstoffreichtum dieses Landes. Ganz besonders aktiv sind die Chinesen, welche die räumliche Nähe schätzen, um schnell und günstig an neue Metalle zu kommen.

Doch inzwischen regt sich immer mehr Widerstand innerhalb der Bevölkerung dieser ausgebeuteten Insel. Denn die Umweltverschmutzungen nehmen rapide zu. Gerade die Chinesen sind bekannt und berüchtigt dafür, Minen aufzubauen, ohne Rücksicht auf die Umwelt zu nehmen. Da wird auch vor ordentlichen Schmiergeldern nicht Halt gemacht, wenn es darum geht Umweltsünden zu vertuschen. Doch immer mehr Journalisten und Anwohner widerstehen dem schnellen Geld und wehren sich gegen gefährliche Projekte.

Ramu NiCo will die Entwicklung stoppen

von von Daniela Knauer

So ging es zuletzt auch der der potenziellen Mine Ramu NiCo an den Kragen, zu 85% im Eigentum der Metallurgical Corporation of China. Um den anfallenden Abraum los zu werden, war beabsichtigt, ihn in eine Bucht in der Nähe der Mine zu verfüllen. Doch Anwohner und Fischer befürchten, dass das sensible Ökosystem Schaden nehmen wird, wenn hier in großem Maßstab aufgefüllt wird.

So kam es jüngst zu einem Verbot dieses Plans durch den National Court von Papua Neu-Guinea. Das Management der Firma schaltete nach wiederholten Umstimmungsversuchen nun auf stur und will die Entwicklung des gesamten Projekts auf Eis legen, bis eine Entscheidung zu ihren Gunsten gefallen ist.

Ein Stopp bringt die Nickel- und Kobaltversorgung in Gefahr

Natürlich ist das ein starkes Druckmittel, denn es geht um viele Arbeitsplätze bei dieser riesigen neuen Mine. 1,37 Mrd. USD sollen investiert werden, um das Projekt bis voraussichtlich 2013 in Betrieb zu bringen. Was den Metallmarkt besorgt macht, sind die Dimensionen, um die es hier geht: Rund 4% der jährlichen Nickelproduktion und sogar 6% des weltweiten Kobaltverbrauchs sollen in dieser Mine einmal produziert werden.

[...]

Die möglichen Ausfälle werden von Analysten als so gravierend eingeschätzt, dass bereits die Preiserwartungen für beide Metalle für die kommenden Jahre nach oben geschraubt worden sind (Ganz im Gegensatz zu anderen Industriemetallen, bei denen die Vorhersagen für den Preismittelwert der Zukunft zuletzt deutlich gemindert wurden). Beides sind relativ unelastische und enge Märkte, die stark auf Angebots- bzw. Nachfrageveränderungen reagieren.

[...]

Herzliche Grüße. Eine weiterhin erfolgreiche Woche wünscht Ihnen

Ihre Daniela Knauer

[KaOzz]

Mincor Resources to acquire nickel projects as output increases

Friday, 15 Oct 2010

It is reported that Mincor Resources NL is looking to acquire nickel projects as it increases production.

Mr David Moore MD of Mincor Resources said that "We're interested in acquisitions. We're looking to acquire projects at any stage of their development."

Mincor, which has a market value of AUD 399 million, generated cash from operations of AUD 99.49 million in the year ended June 30th 2010, more than double the 12 months before.

Mr Moore said that "Demand is not too bad, it' healthy. We've got a fairly strong price. The market in the next three to four years is quite finely balanced in production and supply. Supply surprises and any production underperformance could push supply into deficit which in nickel means an immediate price response."

Mincor is targeting production of between 13,500 tonnes and 14,500 tonnes in the year ending June 30th 2011 and between 15,000 tonnes and 16,000 tonnes for the following 12 months.

The company's agreement to sell all its production to BHP expires in 2019. Mincor' two mining centers in Western Australia's Kambalda district include six underground mines.

(Sourced from www.bloomberg.net)