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Business Description: Mineral Resources Limited (MIN) a leading, integrated, Australian based mining services and processing company with operations in contract crushing, general mine services, infrastructure provision and recovery of base metal concentrate for export. MIN’s market brands of service provider are PIHA, Crushing Services International, Process Minerals International; and brands of minerals producer are Polaris Metals and Mesa Minerals.
Strategy Analysis: Mineral Resources operates in the mining services and mining sectors in Western Australia. The core business and underlying earnings growth driver is subsidiary Crushing and Screening International (CSI), a provider of ore crushing and screening services mainly to the iron ore sector. Major clients are Fortescue Metals and Rio Tinto. CSI builds, owns, and operates processing plants at mines making it an integral part of the production process and difficult to replace. Iron ore sales rose are in increasing contributor to earnings with sales growing from 220,000 tonnes in fiscal 2008 to 3.8 million tonnes in fiscal 2012. Ore was historically sourced from third parties but future sales will be from company owned mines.
Mineral Resources reported NPAT down 22% to $63.05m for the half-year ended 31 December 2012. Directors consider this to be an outstanding achievement following the slump in iron ore prices which impacted the commodities business. Management limited the export tonnages with an expectation of price recovery and commodity prices have since improved, providing a promising outlook for the second half. Revenues from ordinary activities were $500.25m, up 22% from the same period last year. Diluted EPS was 34.0 cents compared to 43.7 cents last year. Net operating cash flow was $93.28m compared to $138.25m last year. The interim dividend declared was 16.0 cents, in line with 16.0 cents last year.
The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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