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Highlights
- The benchmark S&P/ASX 200 index was seen marking gains on Tuesday (8 November 2022). The index was 0.446% up at 6,964.6 points at 11:30 AM AEDT.
- The S&P/ASX 200 Materials index, however, was 0.133% lower at 16,173.6 points around the same time.
The ASX 200 Materials sector marked the highest gain among all 11 significant sectors on Monday (7 November 2022), ending 3.71% stronger at 16,195.20 points. The index has gained 6.33% in the past five trading sessions, and in one year, it has increased by 8.38%. However, on a year-to-date basis, it has dropped by 5.33% (as of 7 November 2022).
On Tuesday, the sector (INDEXASX:XMJ) was quoted 0.133% down at 16,195.196 points on the ASX.
Meanwhile, the Australian stock market benchmark index, the S&P/ASX 200, was 14.70 points up to 6,948.40 points. Over the last five days, the index has lost 0.41% and has shed off 6.76% over the last 52 weeks.
Six out of the eleven significant sectors were higher. The Information Technology sector was 0.85% higher while the Materials sector was 0.25% up.
Here, we discuss the share performance of five ASX-listed mining stocks: South32 Limited, Newcrest Mining Limited, Amcor Plc, Mineral Resources Limited, and Pilbara Minerals Limited.
South32 Limited (ASX:S32)
South32 is a diversified materials and mining company that produces commodities like manganese, metallurgical coal, nickel, zinc, lead, silver, copper, aluminium, alumina, and bauxite from its operations in South America, Southern Africa, and Australia.
South32’s shares were in line with its benchmark index, 0.379% lower at AU$3.935 apiece at 11:42 AM AEDT. In one year, the company’s share price has increased by 11.27%, and on a year-to-date basis, it has dropped by 2.95%. In the past five years, the share price has zoomed up by 17.56% (as of 7 November 2022).
The company reported a 9% increase in aluminium production during the September 2022 quarter. The copper-equivalent production grew by 11%, and manganese ore production surged by 6%. In financial year 2023 (FY23), the company expects a 13% growth in copper-equivalent production. The production guidance at Illawarra Metallurgical Coal was reduced by 5%.
South32 shared that it had returned US$50 million to shareholders through a share buyback program. Moreover, US$784 million was returned through ordinary and special dividends in October 2022.
Amcor Plc (ASX:AMC)
Amcor develops and produces flexible and rigid packaging for a range of products.
Shares of Amcor were spotted trading in the red on Tuesday. Amcor shares were pegged 0.058% lower at AU$17.220 per share at 11:50 AM AEDT. The share price has increased by 4.93% in one year and on a year-to-date basis, it has increased by 3.67%. The share price has surged by 14.87% in the past five years (as of 7 November).
As per Amcor, during the three months ending on 30 September 2022, the net sales grew by 9% adjusted and earnings per share increased by 10%. The adjusted EBIT grew by 9% during the quarter. In FY23, the company expects to allocate around AU$400 million cash towards share repurchases. The expected free cash flow is approximately AU$1.0–AU$1.1 billion.
Newcrest Mining Limited (ASX:NCM)
Newcrest is engaged in mining, developing, and selling gold and copper. On 7 November 2022, the shares of Newcrest closed 4.20% higher at AU$18.13 per share. On Tuesday, the shares were 0.551% higher AU$18.230 apiece. The share price is virtually unchanged in the last five trading sessions. In the last one year, the share price has dropped by 28.51%, and on a year-to-date basis, it has tumbled by 25.97% (as of 7 November).
The company shared that during the September quarter, gold production declined by 17% over the previous period because of the planned maintenance shutdowns. The all-in sustaining cost during the quarter was 23% higher than the previous quarter because of lower copper and sales volumes with lower realised copper prices and lower production. The company noted that it expects copper and gold production to improve during the December 2022 quarter, driven by lower planned maintenance.
Mineral Resources Limited (ASX:MIN)
Mineral Resources is a mining services company that owns and operates commodity projects. Mineral resources and its subsidiaries provide a range of pit-to-port mining logistics and mining services, such as mine design, planning, exploration, and construction.
On Tuesday, Mineral Resources’ shares were 3.993% higher at AU$78.390 apiece at AU$78.390 per share at 12:00 PM AEDT. In one year, the share price has zoomed up by 96.35%, and on a year-to-date basis, it has marked a rise of 28.46%. The share price has risen by 40.29% in the last six months. In the past five years, Mineral Resources’ share price has shot up by 318.78% (as of 7 November).
During the first quarter of FY23, the mining services production volume grew by 8% over the previous quarter to 69 million tonnes. The iron ore shipments dropped by 3% during the quarter, and the average realised iron ore prices decreased by 15% over the previous quarter.
Pilbara Minerals Limited (ASX:PLS)
Pilbara is a tantalum- and lithium-producing company that operates the Pilgangoora lithium-tantalum project, which it claims is the largest independent hard-rock lithium operation in the world.
Shares of Pilbara were spotted trading 3.653% higher at AU$5.390 per share on Tuesday, 12:00 PM AEDT. Pilbara’s share price has gained 127.07% in a year. On a year-to-date basis, it has increased by 47.73%. In the last five years, Pilbara’s share price has zoomed up by 447.37% (as of 7 November).
In its September 2022 quarterly activities report, Pilbara reported a 16% increase in spodumene concentrate production over the previous quarter. Shipments of spodumene concentrate increased from 132,424 dmt (dry metric tonnes) in the June quarter to 138,249 dmt in the September quarter. Pilbara’s Ngungaju Plant achieved its nameplate capacity of 180,000–200,00 dmt.
The company ended the quarter with a cash balance of AU$1.375 billion, which was driven by higher selling prices and increased production.
