23/07/2008 - 14:46

WA nickel stocks up on positive reports

23/07/2008 - 14:46

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Western Australian stocks Mincor Resources Ltd and Panoramic Resources Ltd are just some of the nickel plays that enjoyed a healthy day on the bourse, buoyed by positive news from their respective projects.

Western Australian stocks Mincor Resources Ltd and Panoramic Resources Ltd are just some of the nickel plays that enjoyed a healthy day on the bourse, buoyed by positive news from their respective projects.

Shares in Panoramic jumped 16 per cent to an intraday high of $2.71 on news that mining operations have started at the Copernicus nickel joint venture with Thundelarra Exploration Ltd.

Panoramic's share price cooled to close at $2.42, while Thundelarra's share price closed up 1c higher at 40c.

Meanwhile shares in Mincor climbed over 10 per cent to a high of $2.36 on a positive June quarterly report where annual nickel production rose 28 per cent to 16,562 tonnes of nickel-in-concentrate or 19,000t of nickel in ore.

Also adding to Mincor's favour was a 3 per cent decline in cash costs to $6.40 per pound of nickel.

Shares in Mincor closed at $2.21.

Good news from Albidon Ltd boosted the company share price slightly to a high of $3.03 before closing down 3c to $2.94.

The nickel miner today reported that mining at its Munali project in Zambia was ahead of budget and that commissioning of the concentrator was progressing well with production ramp up to 10,500 tonnes of nickel per year expected in January.

The good news from the WA stocks comes as the spot nickel price on the London Metal Exchange fell 0.25 per cent to $US20,333 per tonne.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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