Embattled miner Mineral Resources has seen a welcome share price bounce after flagging a A$1.13 billion deal to sell its WA gas assets to Gina Rinehart's Hancock prospecting and reaffirming its full-year production and cost guidance.
Embattled miner Mineral Resources has seen a welcome share price bounce after flagging a A$1.13 billion deal to sell its WA gas assets to Gina Rinehart's Hancock prospecting and reaffirming its full-year production and cost guidance. The Hancock deal will see MinRes handball exploration permits 368 and 426 in the Perth Basin and form two 50/50 joint ventures over the remaining onshore Perht Basin and Carnarvon Basin exploration assets. MinRes will remain the operator of the JV assets.
Guidance affirmed, costs trimmed Alongside the balance sheet boost from the gas assets sale, MinRes said as part of its $300 million reduction in operational and capital costs, it has seen some 570 employees finish up their time with the company since the start of July, partly due to the completion of construction for the Onslow Iron haul road, which is now fully operational. More employees are set to finish up over the coming months. Onslow Iron produced 1.
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