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FINWIRES

Mineral Resources' June Results Deliver Strong Operational Quarter, Jefferies Says

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Mineral Resources' (ASX:MIN) June results delivered a strong operational quarter, exceeding much of the upgraded guidance provided in the prior quarter, Jefferies said in a note on Wednesday.

Its closing net debt of around AU$4.3 billion was lower than expectations. Ongoing operational delivery continues to drive deleveraging, with the sell-down of lithium assets to POSCO expected to accelerate in the first half of fiscal year 2027.

Iron ore mined at Onslow was in line with expectations as mining advanced at Ken's Bore, and the Upper Crane and Cardo Bore East Hub deposits. Meanwhile, ore mined at the Pilbara hub was 17% above expectations.

The investment firm has a hold rating on Mineral Resources with a price target of AU$65 per share.

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