2352 GMT [Dow Jones] Iron-ore miner and engineering contractor Mineral Resources (MIN.AU) climbs 4% to A$4.83 Friday, reflecting the hat trick of good news provided to shareholders at its annual meeting this week. Mineral Resources said it has won a contract to provide mining services to Rio Tinto's (RIO) Nammuldi pit in Western Australia; it plans to launch a A$30 million share buyback; and anticipates FY16 Ebitda of between A$250 million-A$290 million. That profit forecast was much stronger than Deutsche Bank was expecting, and prompted the broker to lift its price target by 12% to A$7.50/share. Deutsche expects Mineral Resources's annual Ebitda to total A$255 million, compared with an earlier forecast for A$149 million. It retains a buy call on the stock. (david.winning@wsj.com; @dwinningWSJ)

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 19, 2015 19:08 ET (00:08 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
Mineral Resources (PK) (USOTC:MALRY)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Mineral Resources (PK) Charts.
Mineral Resources (PK) (USOTC:MALRY)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Mineral Resources (PK) Charts.