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Mincor pays dividend despite loss

NICKEL miner Mincor Resources has maintained its unbroken record of dividend payments despite reporting a full-year net loss after operational setbacks at its Kambalda operations flowed through to the bottom line.

NICKEL miner Mincor Resources has maintained its unbroken record of dividend payments despite reporting a full-year net loss after operational setbacks at its Kambalda operations flowed through to the bottom line.

The company booked a net loss for the 2010-11 financial year of $23.4 million, in line with guidance and down from a $28.1 million net profit for the prior year.

The loss was driven by $9.9 million in written-off exploration costs and $25 million in non-cash impairment charges, the Perth-based miner said in a statement yesterday. "This represents only the second loss in Mincor's 10-year mining history."

The company said the declaration of a 2? per share fully franked final dividend reflected its confidence that operational difficulties during the previous financial year were behind it. The final dividend brought the full-year payout to 4? a share.


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