Mincor launches share buy back

Company News

Australian nickel miner Mincor Resources NL (ASX:MCR) has announced an on-market share buy-back for around 10 per cent of its share capital. 

Mincor says it will remain fully funded for its exploration and development programs following the completion of the buy-back.

The buy-back of up to 20 million shares is expected to start on 5 July and continue for up to 12 months.

Managing Director David Moore says the company will retain the cash it needs to pursue growth and anticipates its nickel mines turning around strongly in the new financial year.

In the six months to 31 December 2010, Mincor Resources booked a net loss of $2.1 million.

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