Mineral Resources Limited

ASX:MIN

Mineral Resources Limited

ASX:MIN
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$47.94 (-0.9%)
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#57
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Forum Topics MIN MIN 200m payment

Pinned straw:
Rocket6
Added a month ago

MIN recently announced it will receive the $200m contingent payment from MSIP in early November, as part of the private haul road transaction.

The payment is nice, but not the focus -- achieving sustained nameplate capacity at Onslow is good validation for holders. This takes the total received to 1.3b.

Those that were brave enough to buy under $20 have been handsomely rewarded. Say what you want about the man, but he knows how to hustle.

Rocket6
Added a month ago

Worth providing further detail here of execution noting MIN's Q1 report this morning.

The result is impressive, the main negative being no debt reduction (yet) -- mainly due to higher Capex this quarter. In short, more iron ore and lithium shipped and better pricing.

Some key points:

  • Onslow Iron reached 35Mtpa nameplate capacity, shipping 8.6Mt in Q1. FOB cost was $54/wmt (bottom of guidance).
  • Record shipments at Pilbara Hub, but higher costs during transition. Should reduce in Q2.
  • Guidance on track for all divisions.
  • Liquidity of $1.1B; net debt: $5.4B
  • Capex 400m for the quarter.
  • Average realised iron ore price US$92/dmt
  • Lithium prices rose 31% to US$849/dmt SC6.

A QoQ comparison better articulates the strength in the number (thanks ChatGPT)

  • Iron ore shipped: 7.6Mt (+31% qoq)
  • Lithium sales: 142k dmt SC6 (+23% qoq)
  • Average iron ore price: US$90/dmt (+14%)
  • Average lithium price: US$849/dmt (+31%)

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