Mineral Resources shares jump on first quarter update
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The news: Iron ore and lithium miner Mineral Resources shares have jumped 3.5% on a positive quarterly update, which reported improved production and reaffirmed guidance for FY24.
The numbers: Iron ore production increased by 8% to 4.8 million wet metric tonnes in the September quarter, despite haulage availability issues. Mineral Resources achieved record spodumene concentrate production at its Wodgina mine, increasing ore mined by 45% quarter on quarter, while ore mined at its Mt Marion mine increased by 31% for the quarter. MIN shares were trading 3.5% higher at 12:50pm AEDT, selling for $59.44.
The context: Mineral Resources managing director Chris Ellison is reportedly building a stake in Wildcat Resources, as Western Australia's lithium projects become increasingly consolidated by bigger miners, according to the Australian Financial Review.
The sources: ASX announcement, AFR
