Iron ore magnate Andrew Forrest lifts stake in Kambalda nickel miner Mincor Resources

Andrew Forrest has spent almost $40 million lifting his stake in Kambalda nickel play Mincor Resources as the iron ore magnate uses his family fortune to gain greater exposure to future-facing minerals.

A substantial holder notice issued to the Australian Securities Exchange on Friday showed Mr Forrest’s private investment interests increased their stake in the miner from 15 per cent to 18.68 per cent between September, 14 2020 and this week.

Tattarang and Wyloo Metals purchased shares worth $36.7m between May 31 last year and Thursday. An additional $1.4m of stock was bought by Tattarang and Mr Forrest between January 13 and February 23 this year.

Mr Forrest’s total interest across his personal holding and through his private companies now stands at 91.2 million shares, which are worth more than $127m at Friday’s opening price of $1.40.

Mincor on Monday said an initial ore reserve for the LN04a discovery will extend the life its newly restarted Kambalda operations to six years.

Last week, it issued 2022-23 production guidance of between 8000 and 10,000 tonnes of nickel-in-concentrate, representing the first full year of operational ramp-up at Kambalda.

Mincor produced first nickel-in-concentrate at Kambalda in May, rejoining producer ranks after a six-year hiatus. It also has the newly developed Cassini mine as part of the overall Kambalda Nickel Operations, and the company said ore development continued to accelerate ahead of first stoping this quarter.