Mineral Resources shares higher following 14% boost to quarterly production

The ASX 200 mining giant has released its September quarter mining activities report.

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Mineral Resources Ltd (ASX: MIN) shares are 4.3% higher on Wednesday afternoon after the ASX 200 mining giant released its quarterly mining activities update.

The Mineral Resources share price is rebounding from the 52-week low of $56.20 recorded on Monday.

Mineral Resource shares are currently trading for $59.92.

Let's take a look at the ASX 200 miner's report.

Mineral Resources shares rebounding from 52-week low

Today's report covers the three-month period to 30 September.

Here are the highlights for the quarter:

  • Total mining production of 66Mt, up 14% on the June quarter
  • Iron ore production of 4.8M wet metric tonne (wmt), up 8%. The average realised iron ore price was US$99 per dry metric tonne (dmt), representing an 87% realisation of the Platts 62% IODEX
  • Ore production at the Mt Marion lithium operation of 807 dmt, up 31% as stripping of new areas continued to open multiple mining fronts. Spodumene concentrate production of 64 dmt, up 7%
  • Ore production at the Wodgina lithium operation of 1,044 dmt, up 45% following Stage 1 pit advancement, which allowed access to fresh ore. Record spodumene concentrate production of 45 dmt, up 10%
  • Wodgina lithium battery chemical production of 4.8kt, up 14%, and sales of 4.3kt, up 11%. The average realised lithium battery chemical revenue was US$34,036 per tonne (excluding VAT), down 16%

What else is news at MinRes?

Last week Mineral Resources announced the successful restructuring of its MARBL joint venture with Albemarle Corporation (NYSE: ALB).

This deal will see Mineral Resources' ownership of Wodgina lift from 40% to 50%, while Albemarle will take full ownership of the Kemerton Lithium Hydroxide Plant.

Mineral Resources expects to receive payment of between US$380 million and US$400 million for its share of Kemerton by December.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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