Shares in Mineral Resources surge as market welcomes strong Onslow Iron output and low lithium costs
Haul road problems are in the rear view mirror, Mineral Resources says, and the company is now on track to reach full-year volume and cost guidance across the board.
The Chris Ellison-led miner shipped 8.6 million tonnes of iron ore from its key Onslow Iron project during the September quarter at a cost of $54 per wet metric tonne — the lower end of its $54/wmt to $59/wmt target band.
MinRes said the upgrade of its pit-to-port Onslow Iron haul road was completed at the end of last month.
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By continuing you agree to our Terms and Privacy Policy.Costs at its long-suffering Wodgina and Mt Marion lithium mines were also broadly lower than the market was expecting.
MinRes collected an average spodumene concentrate price of $US849 per dry metric tonne from the two mines — up 31 per cent on the previous three-month period.
Net debt remained steady at $5.4 billion by September 30, but post-quarter MinRes is set to bank a combined $241m for milestones attached to previous asset sales.
Shares in MinRes were up 8.3 per cent to $45.90 in early trade. Its stock has more than doubled in the past six months.
More to come . . .
