- The share price of diversified mining and mining services provider Mineral Resources is down more than 30% year over year due to falling lithium prices.
- In the latest Quarterly update, management stated the company’s lithium prices remained profitable.
- Analysts remain largely bullish on MIN, with a smattering of contrarians at UNDERPERFORM and SELL.
Mineral Resources has three operating iron ore assets along with three revenue generating lithium assets. The company also offers a full range of mining services to the entire mining sector. The company’s Onslow iron ore project is expected to begin shipping in June of 2024.
In its latest Quarterly Activities Report management highlighted that its lithium assets remained profitable despite the drop in lithium pricing.
Source: ASX
The company has a solid dividend payment track record with a five year average dividend payment of $1.40 per share and a five year average dividend yield of 3.4%. The FY 2023 dividend payment of $1.90 was fully franked.
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Over five years the MIN share price is up 260.8%. Year over year he share price is down 34.4%.
An analyst at Baker Young has a BUY recommendation on Mineral Resources, citing the “development of the Onslow iron ore project and the expectation of an eventual lithium market recovery.”
Marketscreener.com has an analyst consensus rating at OUTPERFORM, with EIGHT of the analysts reporting at BUY, two at OUTPERFORM, four at HOLD, one at UNDERPERFORM, and two at SELL.
The Wall Street Journal has an analyst consensus rating at OVERWEIGHT, with ten of eighteen analysts reporting at BUY, one at OVERWEIGHT, four at HOLD, and three at SELL.
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