Albemarle Deal Monetises and Derisks Lithium for Mineral Resources. FVE Upgraded to AUD 20.
We increase our fair value estimate for no-moat Mineral Resources by 55% to AUD 20 per share from AUD 12.85 previously. The key driver is the likely cash purchase by Albemarle Corp of a 50% stake in the Wodgina lithium project for USD 1.15 billion. Grossed up this is more than 70% above the fair value we’d ascribed. Other fair value lifters include a 30% increase in our midcycle lithium price forecast to USD 12,855 per tonne in 2025 dollars, near-term commodity price upgrades for bulks in the or...Mineral Resources is a provider of mining infrastructure services. These services consist of: site services, including remote mine-site accommodation services, remote power services, and aerodrome management or personnel transport; mining services, including mine scheduling and grade control, mining operations and mine site haulage, dewatering and equipment hire; plant or processing services, including crushing and mineral processing, mobile processing services, and pipeline and water solutions; transport services, including road and rail logistics, ownership of locomotives and wagons, and road transport solutions; port services, including port logistics; and commodity sales and marketing.
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