Shares in Chris Ellison’s Mineral Resources are on a tear after its December quarter result soothed investor anxieties of lithium doom and gloom, while its iron ore and mining services business arms thrust forward.
MinRes said its three lithium mines — Wodgina, Mt Marion and Bald Hill — were cash flow positive during the final three months of 2023, despite a tanking price for the battery commodity.
The Chris Ellison-led miner finished Thursday’s trade up 7.1 per cent higher at $59.39 a piece.
MinRes banked $US738 ($1122) a tonne for its spodumene concentrate at Mt Marion, down from $US1870/t in the September quarter, while production costs for the second half of 2023 were below guidance at $US548/t.
It did not disclose sales figures for Wodgina, but said production costs for the half were $845/t and are expected to fall to $550/t by September in line with feed quality improving and the strip ratio declining.
The miner was handed the keys to Bald Hill in November and brought on 270 workers, with more detailed results from the operation flagged in February.
Shares in Chris Ellison’s Mineral Resources are on a tear after...
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Last
$1.33 |
Change
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Mkt cap ! $253.7M | |||
| Open | High | Low | Value | Volume |
| $1.37 | $1.38 | $1.33 | $786.7K | 585.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
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| 1 | 5383 | $1.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
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| $1.35 | 40000 | 2 |
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| Last trade - 16.10pm 22/05/2024 (20 minute delay) ? |
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$1.33 |
Change
-0.060 ( 2.93 %) |
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| Open | High | Low | Volume | ||
| $1.35 | $1.37 | $1.32 | 84417 | ||
| Last updated 15.59pm 22/05/2024 ? | |||||
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