Mincor records $83m surplus for FY10

West Perth-based nickel miner Mincor Resources has released its quarterly report and announced a full year operating surplus of $83 million.

This is a 24 per cent increase over the 2009 financial year but is provisional and unaudited, excluding corporate overheads and other corporate costs, regional exploration costs, and
depreciation, amortisation and tax.

In its report the company said the operating surplus was despite lower production and reflected the success of Mincor's operation strategy through the global financial crisis.

Mincor's nickel production increased 10 per cent over the last quarter to 2,921 tonnes of nickel-in-ore for 2,653 tonnes of nickel-in-concentrate.

Mincor said its working capital increased to $119.6 million in the quarter up from $110.22 million at the end of March.

The company cited highlights in the last quarter including production starting at its Miitel Nickel mine on budget and ahead of schedule and continued exploration success at South Miitel, including a new high-grade nickel intersection.