Bega Cheese was "dressed" to win yesterday, a burst of enthusiasm for Mineral Resources ran out of puff, while Securities in Dexus went into a trading halt on reports it was looking to raise around $1 billion.
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Perth-based Mineral Resources is looking to raise $US750 million ($A1.05 billion) in new debt as it looked to restructure some existing loans and replenish its cash reserves as it pushes ahead with its huge Wodgina lithium processing plant in the Pilbara with US lithium giant, Albermarle.
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According to CEO Chris Ellison, Mineral Resources is going to suffer before things get very much better from a big expansion plan set in train in the past year in lithium in particular.
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One small point seems to escaped the market amid all the enthusiasm yesterday for Mineral Resources shares after its $1.6 billion sale of 50% of its Wodgina project to US lithium giant, Albemarle and that was the quiet earnings downgrade for 2018-19.
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Mineral Resources has confirmed a new JV with Albermale - the world’s largest producer of battery raw material lithium - to develop its Wodgina hard rock lithium mine.
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Mineral Resources has acquired the Kumina iron ore project for $27m. This acquisition expands the company's iron ore footprint in the Pilbara but, given the location, Macquarie finds it unclear if Mineral Resources will be able to incorporate the project into its infrastructure system.
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The company is moving downstream at its Wodgina lithium mine. Deutsche Bank already includes three spodumene plants in its model and now includes a carbonate plant as well.
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AWE ((AWE)) has indicated Mineral Resources has launched an all-scrip offer, valuing the stock at $484m, a 10% premium to Friday’s close. Morgan Stanley notes the market reaction is clear, with market capitalisation losing -$274m or -57% of the offer for AWE equity.
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Management has guided to an increase in lithium DSO shipments and guidance for FY19 is also higher than Macquarie expected.
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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.
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