History and Background

Mincor delivers a 132% increase in Ore Reserves across its Kambalda asset portfolio to 65,400 nickel tonnes, including a Maiden Ore Reserve for Cassini of 34,300t of nickel as the cornerstone of its nickel restart plan.

Positive DFS results announced for the integrated nickel restart plan, demonstrating an economically robust project with low start-up capital requirements, a pre-tax IRR of 98%, low unit cash costs and peak annual nickel-in-concentrate production of >16,000t. Read the full DFS announcement here.

Appointment of highly-experienced mining executive, David Southam, as Managing Director.

Mincor signs an offtake term sheet with BHP Nickel West, providing Mincor with the right to process up to 600ktpa of nickel sulphide ore at Kambalda Nickel Concentrator owned by BHP Nickel West. The milestone development establishes a strong foundation for Mincor’s integrated nickel restart strategy, opening the door to a new era in Kambalda nickel mining.

High-grade Cassini Mineral Resource increased to 780kt @ 3.7% Ni for 28,500 tonnes of contained nickel following ongoing drilling success

Mincor announces the acquisition of Long Nickel Operation from IGO Limited (formerly, Independence Group NL), adding a further significant leg to its nickel restart strategy in the world-class Kambalda District. The strategic addition further consolidates the Company’s Kambalda land-holding and includes an existing high-grade JORC Mineral Resource of 0.75Mt at 4.2% Ni (32kt of contained nickel). The acquisition was underpinned by a highly successful $23.3 million capital raising, which saw IGO Limited join the Company’s share register.

Binding Ore Tolling and Concentrate Purchase Agreement signed with BHP Nickel West, providing Mincor with the right to process up to 600ktpa of nickel sulphide ore at the Kambalda Nickel Concentrator. Nickel concentrate produced will be sold to BHP Nickel West for further downstream processing at the Kalgoorlie Nickel Smelter and Kwinana Nickel Refinery.

Cassini Mineral Resource increased to 985kt @ 3.8% Ni for 37,800 nickel tonnes, making it one of the largest and highest-grade nickel Mineral Resources in the Kambalda District.

Mining operations completed at the Company’s Widgiemooltha Gold Project

Landmark $35.6m capital raising completed, with the proceeds to fund early pre-production capital expenditure for the Company’s nickel restart plan, while maintaining strong momentum with resource growth and exploration programs.

Cassini Mineral Resource increased to 1.254Mt @ 4.0% Ni for 50,400 nickel tonnes.

Mining operations commence at the Company’s Widgiemooltha Gold Project

First gold pour achieved from the treatment of the maiden toll parcel at the Higginsville processing plant.

Maiden Mineral Resource Estimate delivered for the Cassini deposit of 550,000 tonnes @ 3.4% Ni for 18,700 nickel tonnes

Definitive Feasibility Study (DFS) confirms the viability of the Widgiemooltha Gold Project, based on mining a series of low capital cost pits with ore processed via toll tolling arrangement.

Mincor’s global Gold Mineral Resource inventory increased to ~328,660 oz.

Mincor launches a heavily oversubscribed $10 million capital raising to accelerate Kambalda nickel exploration. The exploration program was aimed at growing high-grade nickel Ore Reserves in the Kambalda District by progressing multiple targets within the Company’s portfolio.

After 15 years of highly successful nickel production, Mincor places all of its operating mines in Kambalda on care and maintenance in response to low nickel prices. The decision was designed to preserve the significant inherent value within the Company’s asset portfolio and enable it to rapidly return to production once nickel prices rebound.

Mincor launches an aggressive gold strategy aimed at building a profitable gold business based on the outstanding potential of its core Kambalda landholdings.

Spectacular high-grade nickel intersections returned from Cassini, indicating a significant new high-grade discovery.

Mincor announces CEO succession, with long-serving Managing Director David Moore moving to non-executive director and the appointment of highly experienced executive and long-serving Mincor employee Peter Muccilli as CEO.

Mincor acquires a substantial new land package in the Kambalda Nickel District from Jupiter Mines Limited, comprising 56.4km² in the southern part of the Widgiemooltha Dome. The land package includes a series of historical high-grade nickel intercepts, which will later emerge as the Cassini nickel deposit.

Legend in Mining 2012 - Mines & Money Australia 2012 - awarded to David Moore, CEO of Mincor Resources

GJ Stokes Memorial Award - Diggers & Dealers Mining Forum - awarded to David Moore, CEO of Mincor Resources, for his contributions to the development of the resources sector in Australia

Exploration programs deliver ongoing success, with the Company replacing 140% of the nickel mined during the 2009/10 Financial Year.

Mincor’s Managing Director David Moore awarded the prestigious GJ Stokes Memorial Award for his “contribution to the development of the resources sector in Australia” at the 2010 Diggers & Dealers Mining Forum.

Maiden Mineral Resource Estimate for the N10 discovery at the Mariners nickel mine of 213kt @ 5.0% Ni for 10,600 tonnes of contained nickel.

Mincor celebrates its 10^th birthday having delivered total shareholder returns of more than 6,000% over the decade since October 1999.

Mincor delivers first nickel production from the Carnilya Hill nickel mine.

High Growth Award - Deloitte's Western Australian Index

The Otter Juan Mine generates an operating surplus of $79 million since its acquisition in July 2007 - reflecting a cash payback of less than one year on the purchase price.

Mincor delivers first nickel production from the McMahon nickel mine.

The Company implements a management plan to optimise production and capital expenditure in light of a sharp downturn in nickel prices. The management plan takes advantage of the production flexibility inherent in the Company’s operations, enabling Mincor to reduce costs by suspending mining at higher cost operations and pulling production back to a core of low-cost mines that generate strong cash flows.

Capital MRE Addition for Carnilya Hill of 328kt @ 4.9% Ni for 16,100 tonnes of contained nickel.

Landmark acquisition of private company Goldfields Mine Management Pty Ltd, providing Mincor with ownership of the operating Otter Juan nickel mine, the historical Durkin and McMahon nickel mines and the surrounding exploration tenement portfolio located in the centre of the Kambalda District. Total acquisition cost of $68.5M and a 3% nickel royalty.

Producer of the Year - Excellence in Mining and Exploration

Mincor approves and commences the $28.5 million development of the Carnilya Hill nickel mine, less than one year after the initial discovery.

Mincor acquires a major new land package in the Kambalda District, with the acquisition of the Bluebush group of tenements from BHP Billiton Nickel West Pty Ltd (BHP Nickel West) securing 40km of the prospective basal contact.

Mincor approves the $23 million development of the McMahon nickel mine – the Company’s seventh new mine in the Kambalda District.

Mincor mines its two millionth tonne of ore from the Kambalda District.

Significant new nickel sulphide discovery confirmed at Carnilya Hill, with an intercept of 11m grading 6.95% Ni.

Mariners commences ore deliveries to Kambalda.

First ore produced from North Miitel after 6 months of access development.

Sustainable Growth Award - Deloitte's Western Australian Index

Best Metalliferous Miner of the Year - Australian Mining Prospect Awards

Wannaway becomes Mincor’s first owner-operated mine.

Mincor further expands the scope of its regional nickel focus in the Kambalda area, signing a joint venture agreement with Celsius Resources Limited (formerly, View Resources Limited) to earn a 70% interest in the Carnilya Hill nickel project.

Mincor further cements its position as one of Australia’s leading mid-tier nickel producers after approving the development of the Mariners nickel mine, its fourth nickel mine in the Kambalda District.

Mincor mines its millionth tonne of ore from the Miitel and Wannaway nickel operations.

Capital infrastructure installation for dewatering Mariners mine commences

Redross first ore delivery to Kambalda.

Mincor repays the $29 million project finance debt facility used to acquire the Miitel and Wannaway mines 12 months ahead of schedule. This allows the Company to commence paying dividends to shareholders.

Mincor buys out its minority partners to own 100% of the Kambalda nickel operations.

Mincor spins out its subsidiary, Tethyan Copper Company Limited (Tethyan), in one of the most successful resource floats of 2003. The spin-out was accomplished via a return of capital to shareholders, with Mincor distributing all the shares it held in Tethyan to its own shareholders. Mincor's shareholders ultimately reaped 41.5c per Mincor share from the spin-off, following the successful takeover of Tethyan by Antofagasta and Barrick in early 2006 at a price of $1.40 per Tethyan share.

Mincor unveils plans for a third nickel mine in the Kambalda District, with the development of the Redross nickel mine.

Commenced capital development to North Miitel orebody.

Sustainable Growth Award - Deloitte's Western Australian Index

Mincor's exploration team discovers the North Miitel orebody, which subsequently enters production in 2005.

Dealer of the Year Award - Diggers & Dealers Mining Forum - for the establishment of the Miitel Joint Venture and the acquisition of the Miitel Mine

Miitel acquisition completed, with nickel production commencing immediately. By financial year-end, after only four months of production, Mincor had produced a full-year profit before tax of over $4 million.

Underground work commences and the Miitel mine ramps up to full capacity within days, delivering its first ore on 8 March 2001.

Mincor wins the bid to acquire WMC Resources' Wannaway nickel mine in the Kambalda District. The transaction was settled in September 2001, making Mincor a two-mine company and the second largest independent nickel sulphide producer in Australia, with 10,000 tonnes per annum of attributable nickel metal production. Production starts on October 2001.

Mincor awarded Dealer of the year award at Diggers and Dealers Mining Forum for purchase of Miitel and Wannaway mines

Mincor progressed its African and Pacific Rim gold projects and established an alliance with BHP for the development of copper resources at the Reko Diq Project in Pakistan. The Alliance was moved to a newly-created subsidiary, Tethyan Copper Company Limited.

In parallel with these international activities, Mincor focused considerable effort on finding and acquiring an advanced project or producing mine in Australia. 

Mincor wins the bid to acquire the Miitel nickel mine and associated tenements, located in the world-class Kambalda Nickel District of Western Australia, from WMC Resources Limited.

Transaction concluded with Iscor Ltd of South Africa that saw Iscor become Africwest's major shareholder (a relationship that continued until Iscor sold its remaining interest in the Company in late 2003) in return for a suite of prospective gold properties in Africa and the Pacific Rim and a $2.85 million financing commitment. At the same time the Company's name was changed to Mincor Resources NL and a new board and management were appointed.

Listed on the Australian Securities Exchange as Africwest Gold NL. A program of exploration focused on West Africa continued throughout 1997 and 1998, but coincided with falling gold prices and an industry-wide slump in the equity markets for mineral exploration.