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Mincor Resources (ASX:MCR) share price slides after earnings report

The nickel and gold producer’s share price has taken a hit today.
The post Mincor Resources (ASX:MCR) share price slides after earnings report appeared first on The Motley Fool Australia. –

The Mincor Resources NL (ASX: MCR) share price has dipped into the red during this afternoon’s session. The price action comes as Mincor released its quarterly earnings report.

Mincor shares are now exchanging hands at $1.24, a 4.62% drop from the market open.

Let’s comb over Mincor’s results in finer detail.

Quick recall on Mincor Resources

Mincor Resources is an Australian mining company with interests in gold and nickel. It focuses on developing assets for both of these precious metals.

Mincor has a market capitalisation of $538 million at the time of writing.

Mincor’s quarterly results

In its report, Mincor outlined several progress points that were achieved this quarter.

It stated “massive sulphides [were] intersected at the ‘Golden Mile’” with an “intercept of 0.5 metres at 6.3% nickel”.

In addition, Mincor’s off-take partner BHP Nickel West revealed a “landmark nickel supply arrangement with Tesla” which, according to the company, highlights “the importance of sustainable nickel to the EV industry”.

The company also drew down significantly on its LME nickel stockpiles this quarter.

Stockpiles fell ~11% to ~232,000 nickel tonnes, signifying “around one month of global demand”, according to the company.

The price of nickel also finished the quarter at $24,541 per tonne, which came in “well above the definitive feasibility study assumption of $22,500 per tonne”.

In the report, Mincor’s managing director David Southam said:

Mincor took major steps during the 2021 financial year towards becoming Australia’s newest nickel sulphide producer, and we are now rapidly closing in on that objective with first nickel concentrate scheduled for late in the March 2022 quarter. I’m pleased to say that the Mincor Team collectively delivered on all of our commitments to shareholders during the year.

Additional takeouts

The company also implemented environmental management systems across all of its operations.

In addition, it also completed the re-establishment of the long victor 15L underground workshop and commissioned a “bio-remediation pad” at its Otter Juan waste dump.

Furthermore, Mincor also constructed a “discharge pipeline” from its Cassini site to Lake Eaton.

Mincor Resources share price snapshot

The Mincor Resources share price has posted a year to date return of 12.67%, extending the previous 12 months’ return of 64%.

These returns have beaten the S&P/ASX 200 Index (ASX: XJO)’s return of ~22% over the previous year.

The post Mincor Resources (ASX:MCR) share price slides after earnings report appeared first on The Motley Fool Australia.

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More reading

Here’s why the Mincor (ASX:MCR) share price is shooting 14% higher today

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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