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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT UPDATE
- Mineral Resources reported strong performance for April to June 2024, with key highlights including a record iron ore shipments and significant achievements in lithium production. The company’s mining services saw a 9% y/y increase in production volumes, reaching 269Mt for FY24.
- EBITDA for Q4 FY24 was A$1.6b, a 33% increase from the prior year
- Other major updates: Announced the sale of a 49% interest of Onslow Iron in the dedicated haul road to Morgan Stanley Infrastructure Partners for A$1.3b, expected to complete in 1H FY25, and the successful commissioning of various infrastructure facilities including the truck maintenance facility and the Port of Ashburton unloading circuit and secured undrawn facilities to enhance liquidity.
- MIN AU equity has fallen 30% since the highs in may having underperformed FMG AU and the ASX 200 Materials Index
- The MINAU curve as moved tighter over the month with bonds 20-40bps tighter, which has out-performed moves made in the FMGAU curve by 5-10bps.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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