Business Description:
Mincor Resources NL (MCR) is focused on nickel production and other base metals exploration in the Kambalda District of Western Australia and Papua New Guinea. In June 2011, MCR had total Mineral Resources of all projects of 3.89Mt @ 3.7% Ni for 0.14t Ni and total Ore reserves for all projects of 1.0Mt @ 3.1% Ni for 0.03t Ni.

Strategy Analysis:
Mincor is pursuing a growth, expansion and commodity diversification strategy. Exploration goals are to identify future resources and reserves, discover new ore deposits in Kambalda, discover a new ultra sized nickel ore body and discover new deposits outside Kambalda in Australia or PNG. Corporate transactions are part of the strategy as exemplified by joint venturing into a number of properties in PNG in 2011. Mincor Resources reported a net loss of $23.39m for the year ended 30 June 2011. Revenues from ordinary activities were $152.11m, down 17.3% from last year. Diluted EPS was (11.7) cents compared to 14.0 cents last year. Net operating cash flow was $26.20m compared to $99.49m last year. The final dividend declared was 2 cents, taking the full year dividend to 4 cents compared with 9 cents last year.