3 ASX All Ords mining shares on the move following quarterly updates

Two of the ASX All Ords mining stocks are gaining while the third is sliding. But why?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The All Ordinaries Index (ASX: XAO) is up 0.7% today, with the index both pushed and pulled by these three ASX All Ords mining shares.

One miner is seeing its share price slipping while the other two are marching higher after releasing their quarterly updates this morning.

Which All Ords mining shares are we talking about?

Read on!

a man wearing a hard hat and a high visibility vest stands with his arms crossed in front of heavy equipment at a mine site.

Image source: Getty Images

ASX All Ords mining share slips on sales slowdown

The Grange Resources Ltd (ASX: GRR) share price is down 1.4% currently, with shares swapping hands for 34.5 cents apiece. That sees the Grange Resources share price down a painful 32% so far in 2024.

Grange Resources operates an iron ore mining and pellet production business.

Investors are bidding down the All Ords mining share today after the company reported a 14% quarter on quarter decrease in pellet sales. Pellet sales came in at 483,000 tonnes, with adverse weather delaying two shipments at the end of June into early July.

The miner reported cash and liquid investments of $289.6 million and trade payable of $5.4 million, compared with cash and liquid investments of $272.0 million and trade receivable of $30.4 million for the March quarter.

On the plus side of the ledger, concentrate production increased 15% from the prior quarter to 675,000 tonnes. This helped drive a 10% decrease in unit cash operating costs.

Which brings us to…

Two ASX miners gaining on results

The first ASX All Ords mining share moving higher following its results is Iluka Resources Ltd (ASX: ILU). The Iluka Resources share price is up 2.0% at $6.28. That leaves the Iluka share price down 5% in 2024.

Investors are bidding up the global mineral sand and critical minerals miner after the company reported on ongoing successful progress with its major projects. This includes Eneabba, in Western Australia, where Iluka is building Australia's first fully integrated refinery for the production of separated rare earth oxides.

The miner will also be catching some tailwinds today with its Zircon sand sales increasing 23% quarter on quarter to 59,000 tonnes. Management noted that the increase came following a "relatively strong first quarter" for Zircon sales.

Which brings us to the third ASX All Ords mining share making a big move following its quarterly update, BCI Minerals Ltd (ASX: BCI). The miner is primarily focused on producing potash and salt.

In earlier trade today, the BCI Minerals share price was up 8.3%. After some likely profit-taking, shares are currently changing hands for 25 cents apiece, up 4.2%. That leaves the BCI Minerals share price down 11% so far in 2024.

The All Ords Mining share is enjoying a strong run today after reporting on the progress at its Mardie Salt & Potash Project in Western Australia. The miner said that the salt first component of the project was 44% complete at the end of June. BCI is targeting its first salt on ship in Q2 FY 2027.

The quarter also saw the All Ords Mining share sign a $598 million transhipment services agreement with CSL Australia Pty Ltd for a term of 21 years.

"BCI Minerals has made solid progress this quarter in infrastructure construction, regulatory approvals, and community engagement. These milestones underscore our dedication to progressing the Mardie Project," BCI managing director David Boshoff said.

Motley Fool contributor Bernd Struben 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.

More on Resources Shares

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Resources Shares

This ASX lithium company could more than double in value one broker says, after a "transformational" funding deal

This company will be cashed up after this new agreement goes through.

Read more »

A woman stands in a field and raises her arms to welcome a golden sunset.
Resources Shares

Newmont shares jump again as record cash flow and buyback boost sentiment

Newmont shares rise after reporting record cash flow and expanded buybacks.

Read more »

Calculator and gold bars on Australian dollars, symbolising dividends.
Resources Shares

Newmont declares quarterly dividend for ASX investors

Newmont Corporation declares a US$0.26 quarterly dividend for ASX investors, with payment to follow in June 2026.

Read more »

Lakes in the form of footsteps among the green trees, indicating steps towards a healthier planet.
Resources Shares

Fortescue invests $680m in Pilbara Green Energy Project

Fortescue commits US$680 million to expand Pilbara green energy infrastructure, aiming to meet increasing industrial and data centre demand.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Resources Shares

IGO lowers Greenbushes guidance

IGO's Q3 results reveal record Nova output, while maintaining focus on operational improvements and long-term battery minerals growth.

Read more »

Machinery at a mine site.
Resources Shares

PLS Group provides March quarter earnings update

PLS Group lifted quarterly revenue and cash on the back of higher lithium prices, while maintaining disciplined cost control and…

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Share Market News

5 years ago, $5,000 bought 118 BHP shares. How many would it buy now?

The mining giant also pays its shareholders very attractive passive income.

Read more »

Sell buy and hold on a digital screen with a man pointing at the sell square.
Broker Notes

After more than quadrupling investors' money in a year, are PLS shares still a buy?

A leading analyst delivers his outlook for the soaring PLS share price.

Read more »