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Kalkine Media ASX Share Market News & Research

How are Mineral Resources’ (ASX:MIN) shares faring on ASX today?

November 10, 2022 03:46 AM CET | By Bhawna Gupta
How are Mineral Resources’ (ASX:MIN) shares faring on ASX today?
Image source: © Solucionfotografica | Megapixl.com

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Highlights

  • At 12.33 PM AEDT, Mineral Resources’ shares were trading at AU$82.71 each, up 0.006%, on the ASX.
  • This outperforms the ASX 200 Materials index, which at 16,380.40 points was down 1.03% at 12.35 PM AEDT.

ASX-listed materials company Mineral Resources Limited's (ASX:MIN) shares are trading in the green zone today (12 November).

At 12.33 PM AEDT, the company’s shares were spotted trading at AU$82.71 each, up 0.006%, on the ASX today. The company's shares have climbed over 16% in the last month.

The company has not shared any price-sensitive information today.

Mineral Resources outperformed the ASX 200 Materials index, which was down 1.03% at 16,380.40 points at 12.35 PM AEDT.

Now, let's look at the company's performance in the last quarter.

Mineral Resources' September 2022 quarterly report

Image source: © 2022 Kalkine Media® 
Data source- Company announcement dated 26 October 2022

Performance of Mt Marion Project

Due to the ongoing mining of lower-grade transitional ore and plant shutdowns brought on by the increase in production capacity to 900k tpa (100% basis), the Mt Marion production was lower qoq (quarter on quarter).

In accordance with the cooperation agreement with Ganfeng, MinRes' 51% offtake share of the Mt Marion spodumene concentrate during the quarter was toll converted into 3,772 t of lithium hydroxide and sold. For the quarter, the average achieved price for the sale of lithium hydroxide was US$79,288/t.

Throughout the quarter, drilling was done to explore and learn more about the ore body. For metallurgical testwork studies to maximise product yield via the processing facility, a total of 692 m of diamond core was drilled. Additionally, 6,585 m of reverse circulation drilling for near-mine exploration was finished.

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