Mincor buys Kambalda ground for $30m

Mincor buys Kambalda ground for $30m

Nickel miner Mincor Resources NL has paid $30 million to acquire a portfolio of historic mines and strengthen its position in the Kambalda region of Western Australia.

Mincor has reached an agreement with private miner, Goldfields Mine Management Pty Ltd, to acquire the McMahon and Durkin mines, which hold close to 30,000 tonnes in resources.

The transaction will be funded from internal cash resources.

“This transaction opens a whole new exploration and production front for Mincor, and demonstrates our intention to use our excess cash resources to acquire proven assets in high-quality areas that provide both immediate value and long-term value,” said managing director David Moore.

“While our four mines in the Widgiemooltha area have made Mincor the largest single producer of nickel in the Kambalda District, there is no doubting the remarkable nickel endowment of the original Kambalda Dome.”

Mincor produces about 15,000 tonnes of nickel in ore per annum.

Mincor shares closed nine cents higher at $2.25 on Monday.

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