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): 29
Equiv. Shares (M): 930

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.031 $ 0.032 $ 0.033 $ 0.031 $ 0.031 2,415,260 0%

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.

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 (%)
2013  A -551.9 -63.0 -- 0.0 0.0 0.0 --
2012  A -436.1 -60.0 -- 0.0 0.0 0.0 --
2011  A -50.0 -9.7 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Mirabela Nickel (MBN) $29 M -- -- -- -- -- -- 0.00 -- --
Metals X (MLX) $323 M 1.3600 0.3093 0.0162 8.2627 6.3107 6.2102 3.49 2.82 3.38
Orocobre (ORE) $331 M -- -- -- -- -- 26.6454 0.00 0.00 0.00
Sirius Resources (SIR) $966 M -- -- -- -- -- -- 0.00 0.00 0.00

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MBN -- -- -0.06 -- 0.13
Market 0.92 15.3 1.20 1.77 1.54
Sector 0.65 12.2 0.74 0.97 2.51

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
Mr Alastair McKeever Non-Executive Director 06 August 2014

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
23 October 2015 Report (Quarterly)
25 August 2015 Report (Interim)
30 July 2015 Report (Quarterly)
25 May 2015 Report (Annual)
30 January 2015 Report (Quarterly)
16 December 2014 Report (Quarterly)
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