MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

MinRes (ASX:MIN) shares jumped 5% nearly right out the gate on Friday following an update from the miner it’s on track to meet FY24 production guidance.

The already $50+ stock jumped 5%, perhaps surprising, if a cynic wanted to bring iron ore prices into it. The steelmaking commodity is under a fresh batch of pressure following a yawnfest Third Plenum last week in China.

Regardless, the market is clearly bullish on Ellison’s brainchild.

In the FY just passed, production volumes jumped 9% YoY to 269Mt – pretty much smack bang midway the company’s original guidance.

Notably, the rise in shares on Friday came even as quarterly production volumes dipped 61Mt, a 12% decline “due to lower mine development at Wodgina and Mt Marion.”

MinRes road trains have also begun hauling bauxite ore around Queensland. The first shipment of iron from Onslow beat the schedule in May 2024 and total June quarter shipments increased 6% QoQ.

Average realised quarterly prices were US$94 per tonne.

MIN last traded at $54.19.