Mineral Resources Limited (ASX: MIN) - Mineral Resources’ share price continues to rise

  • Aug 21, 2018 AEST
  • Team Kalkine
Mineral Resources Limited (ASX: MIN) - Mineral Resources’ share price continues to rise

The share price of Mineral Resources Limited surged on ASX by 4.225% to $14.80 as the group’s report card for FY18 read net profit after tax of $272 million, an increase of 35% on prior year. Following to the results announcement made on last week, Mineral Resources Limited today, 20 August 2018, released Investor Presentation for the year ending 30 June 2018.

Earnings before interest and tax was $507 million recording a growth of 9% on FY17 EBITDA which is in line with financial guidance. As group’s revenues grew 16% to $1.71 billion, board declared total annual yield of 65 cents per share including fully franked final dividend of 40 cents per share, up 20%.

Mining infrastructure provider reported sale of 3.5 million tonnes of lithium direct ship ore (DSO) from Wodgina, up 2.8 million tonnes on FY17, and 382,000 tonnes of lithium spodumene sales from Mount Marion, up 266,000 on FY17.

“Financial results of the company continue to reflect the financial strength and stability of the Group’s core mining services business”, said Mineral Resources Managing Director Chris Ellison.

One of the world’s largest owners of hardrock lithium units at Wodgina and Mt Marion, Mineral Resources Limited (ASX: MIN) acquired joint ownership of undeveloped ore bodies over the past 12 months. As per the updates Pilbara Infrastructure Project is moving ahead quickly.

Full year EBITDA guidance for FY19 is reported to be announced at next Annual General Meeting. The group expects decline in crushing and processing tonnes in FY19. MIN forecasts approximately 438Kt of Spodumene Concentrate in FY19.

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