Mineral Resources shares soaring to an all-time high on the back of huge demand for lithium stocks has re-ignited prospects of the $18.3 billion miner spinning out its lithium assets in the US.
Mineral Resources shares soaring to an all-time high on the back of huge demand for lithium stocks have re-ignited prospects of the $18.3 billion miner spinning out its lithium assets in the US.The huge run, fuelled in part by heady buying in the cosy Perth broker set, has breathed new potential for the plans, which are gathering dust inside MinRes HQ.
The Perth grapevine was buzzing on Tuesday that MinRes was assembling a board keen to progress the spin-off. Sources close to the company kiboshed the hype, saying any deal would still be a long way off. However, it’s all helpful at a time when MinRes is keen to capitalise on investor interest in the company and its lithium assets. It also spent considerable energy mulling its options last year,MinRes’ big run - to finish at a staggering $96.28 on Tuesday - came as broker UBS put out a bullish note on lithium and upgraded MinRes, Pilbara Minerals and IGO .
Those hoping for a lithium spin-off - or at least MinRes to use the assets to create even more value for shareholders - reckoned there was more behind MinRes’s spectacular share price performance during the day. Its quarterly numbers are due on Wednesday, and they were hoping for a nice set of results.
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