Mineral Resources Limited shares rise on half-year result

The Mineral Resources Limited (ASX: MIN) share price was a strong performer on the local market on Thursday.

The mining and mining services company’s shares finished the day over 4% higher to $19.04 following the release of its half-year results.

That release revealed a 22% increase in half-year revenue to $962 million. And on the bottom line Mineral Resources reported diluted earnings per share of 70 cents, up 25% on the prior corresponding period.

This was driven by strong production at its Mt Marion spodumene site, a solid performance from its mining services business, and favourable prices for its iron ore business.

Pleasingly for shareholders, management expects a strong second-half and has retained its guidance of EBITDA in excess of $500 million.

The gains may not have stopped here, either. Earlier today we revealed that Mineral Resources had been given a buy rating and $20.50 price target by Ord Minnett. The broker has a favourable view on miners with exposure to lithium due to the electric vehicle thematic.

Kidman Resources Ltd (ASX: KDR) and Orocobre Limited (ASX: ORE) were also given buy ratings.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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