“Mineral Resources Ltd (MIN) reported a mixed fourth quarter 2024 result. Shipments at Mt Marion, Bald Hill and its Pilbara Iron Ore Hub met expectations and guidance, while shipments from Wodgina and its Yilgarn Hub fell just short of expectations.
“While we are bearish on lithium and iron ore markets in the near term and acknowledge the lack of short-term catalysts for MIN, we hold a strong conviction for the growth of its overall business.
“We expect MIN to generate significant positive free cash flow (FCF) by financial year 2026 when Onslow is expected to reach its full nameplate capacity, while at the same time being able to de-lever its business.
“We maintain our ADD rating for Mineral Resources Ltd (MIN),” Raymond said.
Mineral Resources Ltd (MIN)
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