We Place Mineral Resources Under Review After Lithium Drives Better Than Expected 1H18 Earnings
We place Mineral Resources under review chiefly pending a deeper exploration of the value of the company’s lithium assets. The ramp-up and impact of new lithium production from the Wodgina mine in WA has meaningfully exceeded the levels we’d forecast. Underlying half-on-half NPAT fell 8% to AUD 129 million but was regardless well ahead of our AUD 75 million target due to ramp-up of lithium production in addition to below-expectation services & crushing costs. We are likely to materially incr...
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