- Mincor Resources (MCR) receives a $25.3 million payment for its first nickel concentrate processed through BHP’s (BHP) Kambalda Nickel Concentrator
- The payment represents 90 per cent of the payment for ore deliveries, with the remaining 10 per cent due in August
- With this sale, Mincor has delivered the restart of the WA Kambalda project for an actual peak funding outlay of $98 million — 8 per cent lower than its estimate of $107 million
- Further, major capital works are largely complete, with the accommodation village expected to be finished early in the December quarter
- Mincor is up 1.86 per cent on the ASX, with shares trading at $1.65 at 2:17 pm AEST
Mincor Resources (MCR) has received a $25.3 million payment for its first nickel concentrate processed through BHP’s (BHP) Kambalda Nickel Concentrator.
This payment represents 90 per cent of the payment for ore deliveries, with the remaining 10 per cent due in August.
The payment was for 1003 tonnes of nickel in concentrate and derived from the build-up of ore stockpiles over multiple months.
With this sale, Mincor has delivered the restart of the WA Kambalda project for an actual peak funding outlay of $98 million — 8 per cent lower than the estimate of $107 million.
Further, major capital works are largely complete, with the accommodation village expected to be completed early in the December quarter.
The cost of the village is expected to be lower than the $15 million guidance, with deposits paid for the long-lead and major items.
“Receipt of first nickel sales is yet another outstanding achievement for the company as we complete our return to the global ranks of nickel producers,” Managing Director David Southam said.
“We are also particularly pleased that we have achieved this milestone, including the development of two underground mines, below our peak funding estimate.
“This is a tremendous result in one of the most challenging operational environments in recent memory and is a testament to the dedication and efforts of our people and our contracting and operating partners, such as BHP — all of whom have been aligned to the successful resumption of high-quality nickel production in Western Australia.”
Looking ahead, Mincor said it would deliver an initial mineral resource for the newly-identified LN04a surface at the Golden Mile zone in Western Australia in July.
Mincor was up 1.86 per cent on the ASX, with shares trading at $1.65 at 2:17 pm AEST.