Mineral Resources Limited (ASX: MIN), an Australian mining services company, has released its Quarterly Exploration and Mining Activities Report for Q3 2023. The report revealed that MinRes maintained strong safety performance with no lost time injuries for the quarter. However, the company's production volumes in mining services were lower in Q3 at 52 million tonnes (Mt), following the completion of two external mining contracts.
This resulted in delays in approvals that impacted volumes, reducing MinRes's volume guidance for FY23 to 245-255 Mt from 270-280 Mt. MinRes's iron ore shipments were 4.5 million wet metric tonnes (wmt), up 10% quarter-on-quarter (qoq), and in line with the FY23 guidance of 17.2-18.8 million wmt. The company's average realised iron ore price was AU$109 per dry metric tonne (dmt), representing an 87% realisation of the Platts 62% IODEX. MinRes's spodumene concentrate shipments, on the other hand, increased by 15% qoq, and the Mt Marion expansion progressed and remained in line with the initial budget of AU$120 million.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
