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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Mineral Resources Limited    MIN   AU000000MIN4

MINERAL RESOURCES LIMITED (MIN)
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Mineral Resources : Misinformation regarding Wodgina Lithium Project

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12/08/2017 | 03:19am CEST

ASX ANNOUNCEMENT

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.

ENDS

For further information, please contact:

Simon Rushton

Joint Company Secretary Mineral Resources Limited T: +61 8 9329 3600

E:[email protected]

Mineral Resources Limited published this content on 08 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 December 2017 02:17:08 UTC.

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Financials ( AUD)
Sales 2018 1 804 M
EBIT 2018 376 M
Net income 2018 293 M
Finance 2018 86,3 M
Yield 2018 3,89%
P/E ratio 2018 10,30
P/E ratio 2019 10,67
EV / Sales 2018 1,57x
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NameTitle
Christopher J. Ellison Managing Director & Executive Director
Peter David Wade Non-Executive Chairman
Danny McCarthy Chief Operating Officer
Bruce Albert Goulds Chief Financial Officer & Joint Secretary
Kelvin Edward Flynn Non-Executive Director