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Update: Mineral Resources to Cease Operations at Western Australia Garnet Project; Shares Fall 3%

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(Updates to add stock movement in the headline and the last paragraph)

Mineral Resources (ASX:MIN) will cease operations at its Lucky Bay garnet project in Western Australia and transition the mine into care and maintenance, effective July 1, according to a Thursday filing with the Australian bourse.

The Middle East war and higher diesel and shipping costs have had a material impact on the project, the company said, adding that the conflict-hit region accounts for a "significant" portion of Lucky Bay's sales.

The company will offer redeployment opportunities to the roughly 110 employees impacted by the move, and will consider available options for the project, including a potential sale, per the filing.

Additionally, Mineral Resources will take a non-cash impairment on the project's written-down value of about AU$40 million in its fiscal 2026 results.

The company's shares fell 3% in recent Thursday trade.

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