Mineral Resources shares sink on haul road disruption
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More news: Mineral Resources shares plunged in early trade on news the mining group had paused operations at its Onslow Iron haul road after two trailers of a road train tipped onto their side.
MinRes shares were down 12.1% to $21.85 at 10:40am AEDT.
RBC Capital Markets analyst Kaan Peker noted that the disruption will impact free cash flow generated from the project, which is "critical for the company to de-gear near-term" as the Onslow project ramps up. RBC expects a 5-7 day impact and increased FY25 unit costs.
MinRes flags pause to Onslow Iron haul road operations
The news: Mining group Mineral Resources said that operations at its Onslow Iron haul road have been temporarily paused after two trailers of a road train tipped onto their side on Monday.
The context: MinRes said it is currently engaging with WorkSafe WA on controls and risk-mitigation of road train operations at Onslow Iron, located in the West Pilbara region of Western Australia.
Haulage is continuing via contractor vehicles using alternative routes, the company said, while MinRes transhippers will continue to load ocean-going vessels.
The miner expects to resume haul road operations without impacting its full-year volume guidance at Onslow Iron.
The source: ASX
