Mineral Resources Derisks Lithium Assuming USD 1.15 Billion Albemarle Deal Progresses
We make no change to our AUD 12.85 per share fair value estimate. Mineral Resources announced a 35% increase in underlying fiscal 2018 NPAT to AUD 272 million, 22% ahead of our AUD 222 million forecast. However, lower-than-anticipated depreciation, down 30% to AUD 113 million was a key contributor to outperformance versus our forecast. Depreciation fell, but in the context of AUD 65 million of impairments which are excluded from underlying fiscal 2018 earnings, largely in the mining segment. Net...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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