Mincor Resources Chief Executive Officer and Managing Director, David Moore, speaks at the Asia Mining Congress in Singapore: Welcome to Mincor’s presentation this afternoon. As you can see from that slide Mincor is a mining and exploration company, that’s what we do, that’s what we focus on. We think we’re pretty good at it, and I’ll take you through our story. We’re actually a well established nickel mining company based in Western Australia with mines in Western Australia. We’re also very much a growth focused and multi-commodity exploration company. Our market cap is <$150 million at the moment, and that’s really on the back of dropping nickel prices. Prices have been dropping for about 15 months and that obviously hammers the price of nickel mining companies. But despite that, we’ve got very strong ongoing cash flows for our nickel mining business. We’re currently paying a very high dividend yield, nearly a six per cent dividend yield out of Mincor. And we actually have a share buy-back underway because we’ve got plenty of cash in the bank. We’ve got $75 million cash at the end of December, and there is no debt, so the company’s in a very sound financial position. Very briefly, our performance to date: We’ve been mining nickel in Kambalda for 11 years now, just over 11 years, very successfully. We’ve only once raised equity. We raised $5 million in 2011 and since then we’ve generated a net profits after tax of $235 million after tax and we’ve actually paid out dividends to date of $110 million. So, it’s a pretty strong track record, I think, by any standards. So at the current share price you have to ask yourself what you get when you buy Mincor. And what you do get is a nickel mining business that is currently trading at a deep discount, certainly if you extract the cash and look at the value of the Kambalda nickel business, we’re trading on about two times EBITDA and as I said paying out of a dividend yield of nearly six per cent. You also get all the exploration upside in the company, and you get that free...
