Two ASX mining shares are having a day to forget.
The All Ordinaries Index (ASX: XAO) has shaken off its early morning dip into the red to climb to a 0.6% intraday gain on Wednesday afternoon.
But these two ASX mining shares aren't joining the rebound into the green.
Here's what's happening.
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What are ASX investors considering?
The first ASX mining share that's falling on the back of its half-year earnings update is Iluka Resources Ltd (ASX: ILU).
The Iluka share price is down 8.3% at the time of writing, with shares trading for $8.55 apiece. That's up from an intraday low of $8.13 a share, which put the Iluka share price down almost 13% earlier today.
Investors have been hitting the sell button on this ASX mining share following a period of increasing costs and decreasing revenue.
Iluka reported underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $368 million for the half year, down 22% from H1 2022.
Net profit after tax (NPAT) was down 45% year on year to $204 million.
And passive income investors will be disappointed with the fully franked interim dividend of 3 cents per share. That's down from 22 cents per share in H1 2022.
The S&P/ASX 200 Index (ASX: XJO) mineral sand and critical minerals miner's net cash holdings stood at $343 million as at 30 June, down 30% from 31 December.
Which brings us to…
ASX mining share dips on missed dividend
The second ASX mining share that's in the red following the release of its full-year financial results is Mount Gibson Iron Ltd (ASX: MGX).
The Mount Gibson share price is down 1.2% at the time of writing, with shares trading for 42 cents apiece. That's up from an earlier intraday loss of 4.7%.
The iron ore miner reported some solid metrics for the year.
Those included an 84% year on year increase in iron ore sales, which reached 3 million wet metric tonnes (Mwmt).
NPAT came in at $5 million, a strong improvement on the $174 million loss in FY22.
And the company saw its cash and investment reserves increase by some $37 million over the 12 months, to $162 million at 30 June.
But the ASX mining share looks to be finding itself under some selling pressure after management opted not to declare a dividend. Last year's 2 cents per share dividend gives the stock a fully franked trailing yield of 4.8%. This year, passive income investors will have to take a pass.
Management said they suspended the dividend due to Mount Gibson's "continuing focus on increasing shipments and profitability from Koolan Island".
The board said it intends to resume paying dividends in the future.
