Mineral Resources has again cut its iron ore guidance and flagged that it burnt through $300 million of cash in three months, although investors pushed its shares higher after concerns of a highly dilutive equity were alleviated.
The loss-making miner said its net debt had jumped by $300 million in the quarter to $5.4 billion, still outweighing its market capitalisation, which increased to $4.1 billion on Tuesday after its shares rose 15 per cent to $20.89. A year ago, MinRes shares changed hands for almost $80.
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