MinRes announced its quarterly exploration and mining activities report

Mineral Resources Limited (ASX: MIN) announced its quarterly exploration and mining activities report for the period to 31 December 2022:

During 2QFY23, the company has completed 4.1M wet metric tonnes (wmt) iron ore shipments, which is down 9% quarter on quarter, but aligned with the mine plan and FY23 guidance of 17.2 to 18.8M wmt.

• The average realised iron ore price was US$97 per dry metric tonne (dmt), which is 33% higher quarter on quarter and signifies a 98% realisation to the Platts 62% IODEX.
• During the quarter, it has shipped a total of 97k dmt of spodumene concentrate, which is 18% higher quarter on quarter.
• During the quarter, the company announced an off-market scrip takeover bid for Norwest Energy NL. Under the offer, if accepted, Norwest shareholders will receive one fully paid ordinary share in MinRes for every 1,300 Norwest Shares. Norwest Directors have unanimously recommended Mineral Resources’ offer, and the Norwest Directors plan to accept the offer in relation to their shares.

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