Mineral Resources up 6.2% after nearly doubling dividend

The news: Mining giant Mineral Resources has lifted its total FY23 dividend to $1.90, up 90% from the previous year after a strong earnings result.

The numbers: Mineral Resources boosted revenue 40% to $4.8 billion, while underlying EBITDA jumped 71% on the previous year to $41.8 billion. Underlying net profit after tax was up 92% to $769 million, while statutory NPAT fell from $351 million to $244 million due to impairments worth $552 million. The write-downs followed re-estimations of iron ore reserves at MIN's Yilgarn and Utah Point (Pilbara) hubs, current forecast consensus prices and rising costs. MIN shares were fetching $68.38 at 12:30pm AEST, up 6.2% from yesterday's close.

The context: Mineral Resources' interests are diversified between iron ore, lithium, energy and mining services, and growth in FY23 was driven by record lithium earnings, thanks to strong pricing and production volumes.