Join our daily newsletter At The Bell to receive exclusive market insights
Mineral Resources Ltd (ASX:MIN) hit its guidance targets at all operations during the December quarter, with the Onslow Iron project in Western Australia pushing towards its nameplate expectation of 35 million tonnes per annum.
During the quarter, 6M wet metric tonnes (wmt) were mined from Onslow, for an overall production total of 8M wmt across this project, plus the Pilbara and Yilgarn hubs, and total shipments of 5.2M wmt.
The company’s ramp-up program at Onslow is also on track, with quarterly activities including the MinRes’ jumbo road train fleet commencing its use of the 150-kilometre haul road, and a third transhipper starting work at the Port of Ashburton in October, as the company anticipates the arrival of a fourth in February.
In lithium, MinRes saw quarterly spodumene production of 136,000 dmt across all three sites – Mt Marion, Wodgina and Bald Hill; shipments reached 143,000 dmt.
The company noted Bald Hill had been placed under care and maintenance in November.
The main quarterly developments in its energy division were its transaction with Hancock concerning MinRes’ oil assets in the Perth Basin and Carnarvon Basin – with the deal totalling up to $1.1B.
This resulted in the sale of 100% of EP 368 and 426 to Hancock on December 18, with an initial consideration of $780 million being received.
MinRes has been trading at $36.25.
Join the discussion: See what HotCopper users are saying about Mineral Resources and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
-1200x645-380x200.jpg)
