While BHP Group Ltd (ASX: BHP) took the headlines today with its half-year results, it wasn't the only ASX 200 mining stock to release an update.
Two ASX 200 mining stocks that moved in different directions on Tuesday following the release of their respective updates are listed below. Here's how they performed:
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Iluka Resources Limited (ASX: ILU)
The Iluka share price ended the day in the red despite the mineral sands producer releasing a strong full-year result.
Iluka reported a 16% increase in revenue to $1,727 million and a 45% jump in EBITDA to $917 million. Management advised that this reflects a resilient mineral sands market in the face of macroeconomic and geopolitical uncertainty. In addition, it notes that tight supply and low inventories have led to customers prioritising security and reliability of supply, particularly for high grade and quality products produced in Australia.
Iluka declared a final dividend of 20 cents per share, bringing its full-year dividend to 45 cents per share.
Ramelius Resources Limited (ASX: RMS)
Conversely, the Ramelius share price ended the day over 4% higher despite the release of a poor half-year update.
The ASX 200 mining stock reported a small decline in sales revenue to $304.8 million and a 33.7% decline in underlying EBITDA to $106.3 million. This was driven by a sizeable jump in its all-in sustaining costs (ASIC) to $2,044 per ounce from $1,473 per ounce a year earlier.
Management blamed this on cost pressures seen across the business, lower grades at Mt Magnet, as well as ongoing impacts on productivity from higher employee turnover and absenteeism from COVID related illnesses.
One positive is that the company has reaffirmed its FY 2023 production guidance of 240,000 to 280,000 ounces at an AISC of $1,750 to $1,950 per ounce.
