Mirabela Nickel Limited (MBN)



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General Information
Company Name: Mirabela Nickel Limited
Stock Code: MBN
Website: www.mirabela.com.au
GICS Sub-Industry: Precious Metals & Minerals
Market Cap ($M): 102
Equiv. Shares (M): 930

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.110 $ 0.115 $ 0.120 $ 0.110 $ 0.120 2,167,870 $ -0.010  -8.333 %

Company Overview

Business Description:
Mirabela Nickel Limited (MBN) is an international mineral resource company engaged in the exploration, mining, production and sale of nickel concentrate. MBN's principal asset is the 100% owned Santa Rita nickel sulphide operation in Brazil. The ordinary shares of Mirabela are also listed on the Toronto Stock Exchange.

Strategy Analysis:
Construction of the Santa Rita plant is now complete with production commencing in late 2009. Throughput capacity has since been increased to 7.2Mtpa with further expansion to 9.0Mtpa likely. Drilling is ongoing and resource extension is targeted through extension of the current open-pit mine and from a potential underground resource. Mirabela Nickel reported a net loss of US$452.88m for the year ended 31 December 2012. Revenues from ordinary activities were US$273.42m, up 11.9% from last year. Diluted EPS was (0.62) US cents compared to (0.10) US cents last year. The net operating cash inflow was US$4.72m compared to an outflow of $18.57m in the pcp. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F -3,110.7 -0.4 -92.2 -30.6 0.0 0.0 0.0
2013  F -40,121.4 -4.6 -34.7 -2.4 0.0 0.0 0.0
2012  A -51,012.5 -7.0 -32.0 -7.3 0.0 0.0 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Mirabela Nickel (MBN) $112 M -- -- -- -- -- -- 0.0000 -- --
Orocobre (ORE) $364 M -- -- -- 3.2402 -- 287.5000 0.0000 0.0000 0.0000
Sirius Resources (SIR) $1,023 M -- -- -- -- -- -- 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MBN -- -- -0.23 -- 0.44
Market 1.00 16.6 1.26 2.20 1.67
Sector 0.86 12.5 0.69 1.82 5.10

Directors
Name Position Start Date
Ms Maryse Belanger Chief Executive Officer,Managing Director 27 June 2014
Mr Richard Willcock Company Secretary 12 June 2012
Mr Mark Milazzo Non-Executive Director 25 June 2014
Mr Ross Edward Griffiths Non-Executive Director 25 June 2014
Mr Richard Newsted Non-Executive Director 25 June 2014

Management
Name Position
Anthony Kocken Chief Operating Officer

Substantial Shareholders
Holding Name
47,472,345 (5.40%) Lancaster Park S.A.
160,506,667 (18.30%) Resource Capital Fund V L.P.

Calendar of Events
Date Event
30 July 2015 Report (Quarterly)
25 May 2015 Report (Annual)
30 January 2015 Report (Quarterly)
16 December 2014 Report (Quarterly)
31 October 2014 Report (Quarterly)
12 August 2014 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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