Mineral Resources Ltd

MIN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$58.00	Wtbb	Nnpfdqn

Mineral Resources Earnings: Lower Lithium Prices Bite, but Longer-Term Outlook Intact

Mark Taylor

Feb 23, 2024

No-moat iron ore and lithium miner Mineral Resources reported a 42% decline in underlying first-half fiscal 2024 net profit after tax to AUD 224 million or AUD 1.15 per share, less than half our expectations. It was a disappointing miss and no excuses, but this is par for the course. Extreme volatility in iron ore and lithium prices, uncertainty around the timing of revenue recognition, and low-margin iron ore operations make for wild and uncertain swings in period-to-period profitability.

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