Min ASX Faces Turmoil: MinRes Suspends Dividend and Warns of Job Cuts
MinRes Faces Financial Struggles
In a startling announcement, MinRes has declared that it will not pay a final dividend for the first time in over a decade, as the mining sector continues to experience challenges. This decision, described by CEO Chris Ellison as the ‘sh**tiest time’ for the business, signals a significant downturn.
Job Cuts on the Horizon
Ellison revealed that the company is preparing for substantial layoffs, predicting up to 140 job losses at their Perth office as min ASX struggles with falling lithium prices.
MinRes Financial Outlook
- Net profit dropped to $114 million, down from $244 million.
- Revenue increased by 10% to $5.3 billion, yet margins suffered.
- Cash resources dwindled significantly, leading to rising debt levels.
The company is deferring expansion plans due to the ongoing challenges in the iron ore and lithium markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.