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Minco is a London listed (AIM Market: MIO) mining exploration and development company engaged in zinc exploration in Ireland and England as well as zinc-lead-copper-silver exploration and development in Newfoundland Canada and manganese development in New Brunswick, Canada. Minco has investments in base metal and silver projects in Mexico through an investment (29%) in Xtierra Inc. listied on the TSX Venture Exchange in Toronto. The Company's management has an established track record of discovering, developing and operating mines world-wide and this expertise is directed to turning Minco into a production and holding company.

Website:
http://www.mincoplc.com/
Phone:
0207 7397 8150
Address:
65-68 St Stephens Green, Dublin 2, Ireland.
Super Sector:
General Mining
Sector:
Mining
Industry:
Platinum & Precious Metals
EPIC / Symbols:
LON:MIO
chart-size
*subject to change and depends on individual circumstances.

Minco RNS Press Releases

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Minco Articles, News, and Media Files

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Minco Related Media

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Broker press

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  • 26/07/05
    +0.25 +13.75

    an article in the Express reports: Minco rose 1p to 13.5p amid talk of an upbeat report from its silver project in Mexico.

  • 18/11/04

    an article in the Times reports: 18.11.04 :-1.25, (12.75) an article in the Times reports: the shares were unchanged at 14p despite talk that Seymour Pierce is putting... read more

  • 13/06/04
    +0.00 +15.75

    an article in the Independent (Sat) reports: the shares rose 0.75p to 15.75p on talk that the explorer?s Mexican silver project is starting to yield positive results.

  • 02/01/04

    an article in the Telegraph reports: 02.01.04 :-0.25, (11.5) an article in the Telegraph reports: the shares fell 0.25p to 11.75p despite vague rumours that the company will... read more

Director dealings

  • Page 1 of 4
Date Director Trans Amount Type Price(p) Value (£) Holding %
27/06/13 P. McParland BUY 500,000 ORD 2.10 10,500 4,730,000 1.35
27/06/13 R. Maule BUY 175,000 ORD 2.25 3,938 1,000,000 0.29
23/11/12 R. Maule BUY 825,000 ORD 2.00 16,500 825,000 0.24
04/11/11 P. McParland BUY 730,000 ORD 2.95 21,535 3,730,000 N/A
10/05/05 J. Teeling EX 750,000 OPT 5.00 37,500 3,565,478 N/A

BASIC RESULTS INFORMATION

  • Page 1 of 6
Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/13 Interim 0.00 -0.76 -0.23 0.00 USD
31/12/12 Full year 0.00 -2.05 -0.68 0.00 USD
30/06/12 Interim 0.00 0.39 0.03 0.00 USD
31/12/11 Full year 0.00 5.71 1.52 0.00 USD
30/06/11 Interim 0.00 -1.16 -0.36 0.00 USD

Company Statement

Minco's Strategy

 

Minco has recently announced that it has entered into a joint venture with Buchans Minerals Corporation whereby it may acquire a 51% interest in the Lundberg and other properties in the historic Buchans Mining Camp in Central Newfoundland.

 

The Buchans Mine operated from 1928 to 1984 and was regarded as one of Canada's richest base metal mines and is reported to have produced about 16 million tonnes of high grade zinc, lead and copper over that period. The Lundberg deposit is a stockwork-type VMS deposit surrounding and extending from the old Buchans mine, containing lower grade zinc, copper, lead and minor silver, which was identified by Buchans in a review of the historical archives of the old Buchans mine and upon which Buchans Minerals Corp has reported an Inferred Resource of 22.21 million tonnes averaging grades of 1.62% zinc, 0.69% lead, 0.38% copper and 5.81 g/t silver.

 

In August 2011, Buchans announced the completion of a positive Preliminary Economic Assessment (PEA) by Wardrop Engineering, based on a 5,000 tonne per day open pit mining and milling operation over a 10 year mine life. The PEA is based on Inferred Mineral Resources, which are not Mineral Reserves and do not have demonstrated economic viability. Wardrop has recommended a number of programs to optimise and improve the Lundberg project to move it towards completion of a pre-feasibility study.

 

Minco will continue to advance its projects in Ireland and also seek other advanced stage projects in other locations around the world.

Current Operations

England

North Pennines - Minco inco has commenced a new exploration initiative in the North Pennine Orefield located in the northern English counties of Cumbria, Northumberland and Durham. Minco plans an initial US$1 million exploration programme, including 4,000 metres of diamond drilling.

 

Minco is exploring for stratiform, replacement-style zinc and lead deposits in the unexplored, more massive limestone formations of the basal Carboniferous stratigraphy. There is significant untested potential for such mineralisation approximately 300-400m below previous, adit-accessed workings, and such deposits could be significantly larger than any previously discovered.

 

Specific exploration targets have already been identified by Minco and initial exploration drilling will be focussed at three principal sites. Minco will complete approximately 4,000 metres of core drilling. The average depth of each hole will be approximately 500m.

 

Canada

Buchans, Newfoundland - Minco has entered into a joint venture with Buchans Minerals Corporation whereby it may acquire a 51% interest in the Lundberg and other properties in the historic Buchans Mining Camp in Central Newfoundland.

 

The Buchans Mine operated from 1928 to 1984 and was regarded as one of Canada's richest base metal mines and is reported to have produced about 16 million tonnes of high grade zinc, lead and copper over that period. The Lundberg deposit is a stockwork-type VMS deposit surrounding and extending from the old Buchans mine, containing lower grade zinc, copper, lead and minor silver, which was identified by Buchans in a review of the historical archives of the old Buchans mine and upon which Buchans Minerals Corp has reported an Inferred Resource of 22.21 million tonnes averaging grades of 1.62% zinc, 0.69% lead, 0.38% copper and 5.81 g/t silver.

 

In August 2011, Buchans announced the completion of a positive Preliminary Economic Assessment (PEA) by Wardrop Engineering, based on a 5,000 tonne per day open pit mining and milling operation over a 10 year mine life. The PEA is based on Inferred Mineral Resources, which are not Mineral Reserves and do not have demonstrated economic viability. Wardrop has recommended a number of programs to optimise and improve the Lundberg project to move it towards completion of a pre-feasibility study.

 

Woodstock, New Brunswick - Minco has entered in to a option/joint venture agreement on the Woodstock manganese deposit of Buchans Minerals Corp. Under the terms of the option agreement Minco has negotiated the right to earn, in stages, up to a 50% interest in the Canadian Manganese Company Inc. ("CMC"), a wholly owned subsidiary of Buchans Minerals that owns 100% of the Woodstock manganese property.

 

In the first stage Minco has committed to spend $1.250 million in drilling over a period of 12 months to earn a 10% interest in CMC.

 

At the end of Stage one, Minco will have 30 days to elect to continue with Stage two expenditures of $750,000 to complete a preliminary economic assessment ("PEA") on the Plymouth deposit within a further period of six months and thereby earn a further 10% interest in CMC, (cumulative 20%). In the event that Minco elects not to proceed to the second stage, Buchans will have a 90 day option to buy back Minco's 10% interest in CMC for $1.250 million.

 

Upon completion of the PEA, Minco will have an exclusive 3 month option to elect to earn a further 30% interest (cumulative 50%) in CMC by completing a pre-feasibility study on the Plymouth deposit within a further period of two years (the budget to be determined at that time).

 

Based on historical exploration work, the Woodstock deposits are potentially one of the largest undeveloped manganese carbonate resources in North America. Woodstock, although still at an early stage, is believed to have the potential to be developed into a significant producer of Electrolytic Manganese Metal (EMM), which is used primarily in the production of stainless steel.

 

Worldwide demand for EMM has expanded significantly since 2000, particularly in China, and is expected to continue to grow. Over 95% of world supply of EMM currently comes from China.

 

The Woodstock project comprises 5,800 hectare near Woodstock, New Brunswick, Canada.

 

The project has excellent infrastructure, including railway lines (16 km west) as well as the TransCanada Highway and major electrical transmission lines located less that 5 kilometres to the east. The Plymouth deposit is located less than 10 kilometres east of the US border and Highway Route 95 (an extension of US Interstate 95) passes less than a kilometre south of the deposit.

 

Historical literature indicates that the Woodstock property hosts three deposits of sediment-hosted-manganese-iron mineralization, first discovered in 1957 by Strategic Manganese Corporation. These historic deposits include the Plymouth and two Hartford deposits (North & South), located 5 kilometres west of the town of Woodstock.

 

In 1957, Strategic Manganese Corporation reported that the Plymouth deposit extends from surface to a minimum depth of 500 feet (152 metres) and hosts a historic, uncategorized resource estimate of (3)51.2 million short tons (46.5 million tonnes) averaging 10.9% Mn (manganese) and 13.3% Fe (iron). The Hartford North and South deposits are located less than 2 kilometres on strike to the north of the Plymouth deposit. Historic uncategorized resource estimates for the Hartford deposits by Strategic Manganese Corporation in 1957, were reported to include 50 million short tons (45 million tonnes) grading 8% Mn and 12% Fe at the (3)North Hartford deposit and an additional resource of 50 million short tons grading 8% Mn and 12% Fe at the (3)South Hartford deposit.

 

Ireland

Rathdowney - Situated in the Rathdowney area of Co. Laois, Ireland, Minco holds a 100% interest in prospective licence 1653. Lundin Mining, the operator of the nearby Galmoy mine, was carrying out exploration on the licence under a joint venture and in July 2011, relinquished its interest in the licence back to Minco. Minco now plans to continue its own exploration on this property.

 

Tatestown - The Prospecting Licence is located adjacent to the Navan orebody belonging to Tara-Boliden at Navan, Co. Meath, Ireland. This licence is the subject of a joint venture between Westland and Tara-Boliden and Tara-Boliden is the operator and manager of the joint venture. Westland's interest is approximately 21.5%.

 

Earlier exploration had identified the Tatestown deposit which has an inferred resource of 775,000 tonnes grading 5.42% zinc and 3.83% lead which is separated from the Scanlanstown deposit, owned by Tara-Boliden (888,000 tonnes grading 6.45% zinc and 2.66% lead), by the River Blackwater.

 

Curraghinalt - Minco holds a 2% net smelter royalty on production from the Curraghinalt gold prospect near Omagh in Co. Tyrone currently owned by Dalradian Resources Inc. who are currently conducting an active exploration programme using six drill rigs. Curraghinalt has an indicated mineral resource of 400,000 ounces (0.95 million tonnes grading 13.24 g/t gold) and an inferred mineral resource of 1.16 million ounces of gold (2.46 million tonnes grading 14.64 g/t gold).

 

Mexico

Minco participates in a zinc and silver production focus in Mexico through its 29% ownership of Xtierra Inc., a Canadian public company whose shares are listed on the TSX Venture Exchange(XAG) and which is completing a feasibility study on its Bilbao silver-zinc project in Zacatecas.experience in the mining industry. He holds degrees in geology from the University of Dublin (Trinity College) and the University of Leicester. He is a registered Professional Geoscientist in the Provinces of Ontario and Newfoundland and Labrador. Mr. McKillen was formerly Chief Executive of Minco Plc, President and CEO of Xtierra Inc., Executive Vice President of Labrador Iron Mines Holdings Limited, President & CEO of Conquest Resources Limited, Vice-President Exploration of Northgate Exploration Limited and Westfield Minerals Ltd. Mr. McKillen is a founding director of Minco.

Management

John F. Kearney, Executive Chairman

A mining executive with over 35 years’ experience in the mining industry. Mr Kearney was formely the president and CEO of the Northgate Group based in Toronto. He is currently a director or senior officer of numerous mineral ventures including Xtierra Inc., Anglesey Mining Plc, Labrador Iron Mines Holdings Limited, Conquest Resources Limited, Canadian Zinc Corporation and is a Director of the Ireland Fund of Canada. He currently serves as a director of the Mining Association of Canada. Mr. Kearney is a member of the Remuneration and Audit committees.

 

Danesh K. Varma, Director, Chief Financial Officer and Company Secretary

Mr. Varma is CFO, Company Secretary and a Director of Minco. He has over 20 years’ experience in the mining finance industry, having worked for Brookfield Asset Managers, Northgate Exploration Ltd, Westfield Minerals Ltd and the Dundee Bank. A qualified accountant in UK and Canada, Mr Varma is currently Chief Financial Officer of Labrador Iron Mines Holdings Limited, Xtierra Inc. and Conquest Resources Limited and holds directorships with American Resource Corporation, Anglesey Mining Plc and Labrador Iron Mines Holdings Limited.

 

Peter McParland, Non- Executive Director

Mr McParland is the founder and managing director of Quarry and Mining Equipment Ltd, based in Navan, Co. Meath, Ireland. Quarry and Mining Equipment Ltd. is a highly diversified service provider to the Mining, Exploration and Extractive Mineral Industries specialising in the provision of new and refurbished mining plant and equipment. Quarry and Mining Equipment Ltd. have many divisions engaging in both open pit and underground development and production contracting projects. Quarry and Mining Equipment Ltd. caters to a worldwide client base. Mr McParland has been associated with the mining sector in Ireland and internationally for many years both directly and through family ties to the Northgate Exploration Group, Tara Exploration and Development Group and associated subsidiaries. He was formerly a director of Minco from 1997 to 1999.

 

Terence N. McKillen, Non-Executive Director

Mr McKillen is a professional geologist and retired mining executive with over 40 years experience in the mining industry. He holds degrees in geology from the University of Dublin (Trinity College) and the University of Leicester. He is a registered Professional Geoscientist in the Provinces of Ontario and Newfoundland and Labrador. Mr. McKillen was formerly Chief Executive of Minco Plc, President and CEO of Xtierra Inc., Executive Vice President of Labrador Iron Mines Holdings Limited, President & CEO of Conquest Resources Limited, Vice-President Exploration of Northgate Exploration Limited and Westfield Minerals Ltd. Mr. McKillen is a founding director of Minco.

 

Michael Power, Non- Executive Director

Mr. Power is a director of Zaruma Resources Inc. and of Conroy Diamonds & Gold. He is a professional engineer with over 30 years of experience in the mining industry in Canada and internationally. Based in Toronto, Mr. Power is a Chartered Financial Analyst, he was formerly Vice-President & Secretary of Moydow Mines International, Vice-President of Corporate Development at Hemlo Gold Mines Inc., and previously Noranda Mining Ltd. Mr. Power is a member of the Audit and Remuneration Committees.

 

Rowan N. Maule, Non- Executive Director

Mr. Maule is a Professional Mining Engineer and graduate from the University of Wales (Cardiff) with over 25 years of experience globally. Mr. Maule's industry experience includes the management of major mining operations, complete mine builds, capital mining and infrastructure projects. Following a production and line management background with Goldfields of South Africa, BCL in Botswana and Breakwater in Honduras, he specialized in East European and FSU JV project development. In 1998 he was appointed Project Director of the world class Mallevski mine redevelopment project for Glencore International in Eastern Kazakhstan. He has also built relationships at government level and acquired the first mining licences given to a western company in Afghanistan. He was a Director and COO of Ovoca Gold plc. Most recently Mr. Maule directed onsite operations to construct and commission to design capacity Canada's first new major iron ore operation in 30 years for Labrador Iron Mines Holdings Limited.

 

Patrick D. Downey, Non- Executive Director

Mr. Downey is a Canadian Chartered Accountant and Institute of Corporate Directors Certified Director with over 30 years experience in the mining industry. He has been a director, CEO and CFO of Toronto and New York Stock Exchange listed companies including Northgate Minerals Corp. which was recently acquired for $1.3 billion. The companies he has been associated with have been involved in a number of mining operations primarily involving gold and copper mines in Australia, Canada, Chile, Mexico and the USA. During his career he has been engaged in numerous corporate mergers and acquisitions as well as many debt and equity financings.

Major Shareholders

 

Information taken from Minco website 11.07.2013

  • Additional Information
    Market
    AIM
    EPIC
    MIO
    Share Price
    2.05p
    Change
    0
    Volume
    0
    Dividend
    0
    EPS
    -0.68
    Shares
    478.14 m
    Offer
    2.25
    Bid
    1.85
    Avg. Vol
    469,208
    Yield
    0.00
    P/E
    1.89
    Mkt Cap
    £9.80 m
  • Contact Information

    Minco's Registered Office

    27 Hatch Street Lower

    Dublin 2

    Ireland

     

    London Office

    Painters' Hall Chambers 

    8 Little Trinity Lane 

    London, EC4V 2AN 

    Tel: + (44) 20 7489 7555 

    www.minco.ie

     

    Irish Office

    Coolfore Road, QME 

    Ardbracken, Navan 

    Co. Meath 

    Tel: +353 (0)46 907 3709

    Peter McParland/Maria Flood

     

    Canadian Office

    Suite 700 

    220 Bay Street 

    Toronto, Ontario 

    Canada, M5J 2W4

    Tel: +1 416-362-8243 

    www.xtierra.ca

     

    Xtierra Inc. (Mexico Office)

    Hermanos Escobar No. 115 

    Colonia Agronomica 1, C.P. 98050 

    Zacatecas, Zac. Mexico

    Tel: +52 (492) 925-0804

    Corporate Information

    Nominated Adviser Davy

    Davy House 

    49 Dawson Street

    Dublin 2

    Ireland

    +353-(0)1-679-7788

    +353-(0)1-614-8725

     

    Auditors

    Deloitte & Touche Chartered Accountants

    Deloitte & Touche House

    Earlsfort Terrace, Dublin 2

     

    Bankers

    Barclays Bank Ireland Plc

    Two Park Place, Hatch Street, Dublin 2

     

    Solicitors

    McEvoy Partners

    Connaught House

    Burlington Road

    Ballsbridge, Dublin 4

     

    Share Registrar

    Computershare Services (Ireland) Ltd

    Heron House, Corrig Road

    Sandyford Industrial Estate, Dublin 18

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