8 December 2017
Misinformation regarding Wodgina Lithium Project
Mineral Resources (ASX:MIN; MRL) has become aware of information circulating in the investment community (and more broadly) regarding its Wodgina Lithium project.
Twitter post on 30 November 2017
Specifically, MRL is aware of a Twitter post on 30 November 2017 by Mr Michael Langford which has been republished on internet forum Hotcopper and possibly elsewhere.
The post stated that Baosteel has made adverse comments regarding the quality of the Wodgina direct shipping ore (DSO), the difficulty in processing the DSO to produce a high grade spodumene concentrate, the reputation of the Wodgina deposit and marketability of the Wodgina Lithium project.
The information contained in the post is false. At MRL's request, Baosteel has formally investigated the matter and has confirmed to MRL that Baosteel did not make such statements.
Twitter post on 6 December 2017
Separately, on 6 December 2017 at 8.45pm, Mr Langford published a further Twitter post regarding MRL and its Wodgina DSO operation.
The post stated that Ruifu has failed to pay for four shipments of DSO that MRL has delivered to Ruifu. The post goes on to state that MRL is not able to meet product specifications and that the future of DSO and MRL's profit and loss is negative.
The information contained in the post is false.
Ruifu is a valued customer of MRL and has paid for each shipment of DSO that MRL has delivered strictly in accordance with the agreed terms of the sales contract. Further, the DSO exported by MRL continues to meet the agreed contractual specifications. As production and sales continue to progress as expected, MRL's guidance remains unchanged from that given at its Annual General Meeting in November 2017.
On the evening of 7 December 2017, the offending Twitter posts were removed in response to written demand by MRL. MRL will take appropriate action to protect its legal interests in respect of the false and misleading information regarding the Wodgina Lithium project.
For further information, please contact:
Joint Company Secretary Mineral Resources Limited T: +61 8 9329 3600