Mineral Resources (ASX:MIN) suffers from haulage delay

Company News

by Michael Luu

Western Australia- focused miner Mineral Resources (ASX:MIN) has suffered from logistical difficulty associated with coronavirus-induced border closures.

The state’s tight border arrangement has taken its toll on the company’s supply of truck drivers.

The human resources shortage has halted the mining firm’s normal transportation capacity of 10,000 wet metric tonnes of iron ore per day.

This has resulted in a major delay in the company’s export activities and forced the company to revise its export guidance for lucrative steel-making raw material by 15 per cent to between 17.4 million and 18 million tonnes.

The stalled haulage has unfortunately coincided with a strong rally in the price of iron ore, flirting with record highs of $US170 a tonne.

Shares in the Mineral Resources (ASX:MIN) are trading 4.2 per cent lower at $43.28