Mineral Resources shares dive after Onslow Iron guidance downgrade
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The news: Mineral Resources shares slumped in early trading after the miner trimmed the volume guidance at its Onslow Iron project in Western Australia.
The numbers: MinRes shares were down 7.4% to $21.99 at 11am AEST, extending a 12-month decline of 70%.
On Tuesday evening, the company said Onslow Iron volume guidance was revised to 7.8 to 8 million tonnes (Mt), from 8.5 to 8.7 Mt previously.
The context: MinRes told investors the downgrade relates to lower-than-expected availability of contractor road trains for haulage and below-forecast daily cycles, despite a steady ramp of haulage volumes and as-expected performance of MinRes jumbo road trains.
The source: ASX
