Chris Ellison-led MinRes says it will defer expansion projects and focus on cost reduction after ending the financial year with net debt of almost $4.43 billion.
Mineral Resources will not pay a final dividend for the first time in more than a decade as it looks to perverse cash amid a prolonged downturn in lithium prices and market jitters about the viability of high-cost iron ore operations.
In June, MinRes announced it was shutting down its high-cost iron ore operations in the Yilgarn region of WA and would try to find other jobs for about 1000 workers hit by the closure.MinRes reported its full-year results after market close on Wednesday. Underlying net profit after tax was $158 million, down 79 per cent on last year, while underlying earnings fell by 40 per cent to $1.06 billion.
UBS noted last week that MinRes’ gearing was “considerably more extended than peers at a time when iron ore and lithium prices are low and, or falling”.
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