Mineral Resources (ASX:MIN) is anticipated to again downgrade its fiscal 2025 guidance for Onslow iron ore project shipments and associated mining services contracts, according to a Wednesday note by Jarden Research.
The Onslow project shipped around 3.7 metric tonnes (mt) in the March quarter, about 25% below consensus forecasts of 4.9 mt. The company's fiscal year-to-date shipments for the first three quarters are estimated at 8.3 mt, the investment and advisory firm said.
Jarden's forecasts are about 13% below the midpoint and 11% below the lower bound of the company's revised fiscal guidance of 8.8 to 9.3 mt, which was already lowered from the initial guidance of 10.5 to 11.7 mt.
The firm lifted Mineral Resources' rating to underweight from sell but lowered its price target to AU$16.20 from AU$20.
Mineral Resources shares fell nearly 7% in afternoon trade Friday.
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