11/09/2024 17:19

Mineral Resources (MIN) $35.12

MIN +15.95%: Rallied strongly today, initially on news that the FIRB has approved the 49% sale  of the Onslow Iron haul road which will give them $1.1bn cash in the next 15 days, plus some residual performance related payments, taking some pressure off the balance sheet.

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05/09/2024 09:41

Mineral Resources Ltd (MIN) $34.21

MIN has been hit hard in 2024, racing FMG to the bottom. In the case of MIN, it carries Fe and lithium (Li) exposure, both out of favour. MIN offers high operational and financial leverage to Fe and Li when arguably the opposite is required. The FY24 result and FY25 guidance reiterated this, and the challenges for Chris Ellison remain – we’re a fan of the no-mess CEO, and the structure of the MIN business (including mining services), but net debt over $4bn at the wrong time does concern us.

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29/08/2024 17:24

Mineral Resources (MIN) $40.61

MIN -8.08% traded down ~12% on open before recovering, though it was still a tough old day. While FY24 financial metrics were inline with expectations, they guided to significantly higher capex & lower than expected Lithium production in FY25, while the level of gearing has some concerned.

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26/07/2024 17:00

Mineral Resources (MIN) $53.67

MIN +3.47% a better update for the Iron Ore, Lithium & mining services provider today after a solid period of production while they reaffirmed guidance. Net Debt was better than expected, realised prices for Lithium of US$1,212/ t after better than peers, as was their Iron Ore production.

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18/06/2024 09:21

Mineral Resources Ltd (MIN) $61.01

MIN has tumbled over the last five weeks as it endured both iron ore and ESG selling. We are glad we cut our correlated Pilbara (PLS) position after it made fresh 52-week lows on Monday.

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21/05/2024 09:02

Mineral Resources Ltd (MIN) $79.49

We have looked at MIN regularly throughout 2024, and the miner is currently enjoying a strengthening iron ore space as China stimulates its economy and a bounce in lithium prices, albeit from depressed levels. The moves in the respective commodities have propelled MIN over +50% higher from its 2024 low, scaling fresh 12-month highs in the process.

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15/05/2024 09:10

Mineral Resources Ltd (MIN) $76.32

MIN traded to fresh 12-month highs last week, a particularly impressive advance considering none of its iron ore, lithium (Li), or mining services peers have rallied strongly. It can be hard to value MIN at times due to its 3 major revenue streams, but debt concerns have been the standout influence on Chris Ellison’s business over recent years. The well-respected CEO proclaimed MIN have plenty of levers to pull to deal with debt, and this has played out, the potential sale of 49% of MIN's Onslow infrastructure asset will provide the required balance sheet flexibility through 2024. While the tight balance sheet issue remains, in the absence of a capital raise or further asset sales, recent rebounds in lithium and iron ore prices have certainly helped.

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11/04/2024 09:28

Mineral Resources Ltd (MIN) $71.61

MIN is a two-commodity play, with a combination of lithium and iron ore driving the miner (along with a mining services division). Both have been on the nose since early 2023, but we are now seeing signs of a bottom for both, although how far they can/will bounce is a tougher call.

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09/04/2024 09:18

Mineral Resources Ltd (MIN) $70.59

Lithium/iron ore miner MIN has already bounced well over 30% from its 2024 low, but making a serious assault on $80 is likely to need some improvement in the price and sentiment towards lithium – a more than 4% rally by the Sprott Lithium Miners ETF (LITP US) overnight at least suggests a strong opening this morning.

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08/03/2024 09:05

Mineral Resources Ltd (MIN) $66.60

MIN enjoyed a strong +3.9% advance on Thursday, taking it back within striking distance of a new multi-week high. This is a two-commodity play, having major exposure to both iron ore and lithium. Bulk commodities have struggled through 2024, while lithium stocks have enjoyed a renaissance recently.

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