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Citigroup Global Markets Australia Pty Limited has reduced its stake in Mineral Resources Limited, decreasing its voting power from 9.2072% to 7.8267%. This reduction, attributed to securities lending agreements and stock market transactions, may influence the company's market perception and strategic decisions.
Shares of Australia's Mineral Resources surged 8.5% to A$23.81 following an upgrade by UBS from "sell" to "buy." The brokerage raised earnings estimates by 6% and 45% for FY26 and FY27, respectively, citing that governance concerns have been addressed. UBS values the stock at A$32.30, based on current pricing for iron ore and spodumene, despite a year-to-date decline of 30.8%.
UBS has revised its lithium market outlook, predicting a shift towards increased demand in 2025, with global demand expected to grow by 18% to 1.5 million tons LCE. Despite a surplus in 2024 leading to price declines, supply growth is anticipated to slow, particularly in China and Australia, as production curtailments take effect. The firm has raised its price targets for spodumene while maintaining a cautious stance on potential price surges due to the possibility of resumed production.
UBS has revised its lithium market outlook, predicting a shift from surplus to equilibrium by 2027-28 due to production cuts and project delays. The bank forecasts an 18% increase in global lithium demand to 1.5 million tons in 2025, while supply growth is expected to slow to 15% year-on-year. UBS has raised its spodumene price forecasts for 2025 and 2026, but remains cautious about potential price increases due to the possibility of reactivating curtailed production.
The ASX 200 fell 38 points (-0.45%) to 8380 amid market reactions to the president-elect's tariff plans, which could see a modest increase in tariffs on Chinese imports. Energy stocks declined following a 3.1% drop in crude oil prices, while the banking sector was pressured by APRA's decision to maintain the mortgage serviceability buffer. Despite a slight recovery in iron ore prices, gold stocks suffered losses due to geopolitical developments and fiscal policy changes.
Mineral Resources faces shareholder concerns following the announcement of the Bald Hill Mine's care and maintenance due to declining iron ore prices. The downturn in the lithium market has prompted the company to halt dividends, yet analysts remain optimistic about its long-term potential, particularly with the West Pilbara iron ore project and a growing lithium business. Despite current challenges, the company's diverse portfolio and strategic initiatives could enhance shareholder value, with estimates suggesting a future worth of $50 to $60 per share.
A group representing Australia’s A$3.9 trillion pension industry has urged its members to oppose the remuneration plan of Mineral Resources Ltd. at the upcoming annual general meeting. The Australian Council of Superannuation Investors seeks clarity on what directors knew regarding the company"s investment in industrial property partly owned by Managing Director Chris Ellison. This controversy is part of a series of scandals that have caused the company"s value to plummet by over 50% since May.
The ASX 200 rose 16 points (+0.20%) to 8209 as of 2.30pm AEDT on 14 November 2024, amid mixed labour market signals. The Australian economy added 15,900 jobs in October, below expectations, while the unemployment rate remained steady at 4.1%. In the banking sector, Commonwealth Bank shares hit a record high following a strong Q1 profit report, while the IT sector also saw significant gains. Conversely, the gold sector faced declines, and iron ore prices dipped below $100, affecting major miners.
HESTA, one of Australia's largest pension funds with A$88 billion in assets, has intensified scrutiny on Mineral Resources Ltd. due to governance issues involving founder Chris Ellison and the board. The fund has placed the company on its watch list and expressed disappointment with its inadequate responses to governance concerns.
The ASX 200 is down 17 points (-0.22%) at 8181 as traders assess the implications of the US election on the Australian economy. Concerns over potential US-China trade tensions have emerged, though Chinese fiscal stimulus may mitigate impacts. Big miners and energy stocks saw gains, while real estate and gold mining sectors faced declines due to rising global yields and a stronger US dollar. Sigma Healthcare's shares surged 23.4% following merger approval.
Mineral Resources Limited
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