MIN – Macquarie rates the stock as Outperform

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Macquarie benchmarks cost estimates for the Wodgina spodumene project against industry peers and also recent cost guidance for Mt Marion. The broker assumes costs for Wodgina fall -35%, bringing estimates in line with other large-scale spodumene cost assumptions.

Hence, earnings estimates are upgraded, and recent upgrades to iron ore price forecasts suggest to the broker the company is well-placed to beat FY18 operating earnings guidance of at least $500m.

Outperform rating retained. Target is raised to $20.00 from $17.00.

Sector: Commercial Services & Supplies.

Target price is $20.00.Current Price is $16.00. Difference: $4.00 – (brackets indicate current price is over target). If MIN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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