Stocks of the Hour: Mineral Resources, OZ Minerals & Alliance Aviation

Company News

by Lauren Evans

Mineral Resources (ASX:MIN) said it remains on track to meet FY22 guidance after reporting on its March quarter, which saw a 16 cent increase in production volumes. Its iron ore shipments rose 22 per cent from the prior year period, driven by growth at the Utah Point Hub, while it remained lower when compared to the prior quarter. The company said its iron ore business is on track to meet guidance for export shipments, along with its Mt Marion lithium project. Shares are trading 3 per cent lower at $60.18.

OZ Minerals (ASX:OZL) said its full year production and costs guidance remains on track despite Covid-19 and weather interruptions. The company’s C1 cash costs were higher than the prior quarter with Covid-19 restrictions and wet weather leading to lower gold and copper production. Meanwhile, OZ Minerals reported a cash position of $210 million after reinvesting $176 million in growth projects. Shares are trading 5.2 per cent lower at $24.85.

On another note, Alliance Aviation (ASX:AQZ) has executed a $21 million facility agreement with the Northern Australian Infrastructure Facility. The 15-year deal provides Alliance with the final piece of funding required to complete the aircraft maintenance facility in Rockhampton. Construction has commenced, while its expects practical completion to finish by November this year. Shares are trading 2.2 per cent lower at $3.96.

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