June 31 update on MIN from OC Funds ..
They are not always right but their analysts do OK
Cheers
Ooops SENTIMENT : held
https://www.ocfunds.com.au/wp-conte...-Premium-Small-Companies-Fund-Fund-Update.pdf
In terms of Q4 FY21, Mineral Resources (MIN, +41.3%) finished the quarter near a record high with the iron ore price remaining at elevated levels and the outlook for the lithium market continuing to strengthen.
The strength in the spot iron ore price, which remains above US$200 per tonne, is more than offsetting the labour shortages and supply chain issues which have led to minor production slippage during the quarter.
At the same time the lithium market is heating up and the price of both spodumene and lithium hydroxide has moved materially higher.
Whilst the MIN share price has moved sharply higher over FY21 (+153.8%), the stock remains a core portfolio holding for the Fund into the new financial year and we remain excited about three potential developments that could be short-to-medium term game changers for MIN and lead to a step-change in earnings and scale for the company.
These include:
a) the Ashburton iron ore project which has the potential to well over double MIN’s current iron ore production over the next few years at a relatively low cash cost;
b) Southwest Creek, where MIN is well positioned to gain access to two berths with a 50mtpa shipping allocation within Port Hedland which could be utilised for the 25mtpa Marillana iron ore opportunity, as well as 15mtpa from the Ophthalmia iron ore project, both of which are held in a 50/50 JV with Brockman Resources; and
c) the conversion of all its spodumene production to higher value lithium hydroxide which, in addition to its Kemerton plant, could involve MIN building lithium hydroxide plants in China with its world class lithium JV partners Albemarle and Ganfeng.
MIN has a very strong balance sheet and cash flow to fund these projects which could see MIN’s iron ore production grow from 20mtpa to 90mtpa over the next 3 to 5 years and add significant value to its lithium operations.
We expect material news flow from MIN in the coming months which could drive a further significant share price re-rating.
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