MIN 1.32% $25.24 mineral resources limited

sees demand softness until mid 2009

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    Sydney - Tuesday - November 18: (RWE Aust Business News) - The
    slowdown in the sale and export of both manganese and iron ore has
    limited the tonnages sold by Mineral Resources (ASX:MIN) in the FY09 year
    to date, the chairman told the AGM today.
    "We foreshadow that the softness in demand will remain while the
    stockpiles of bulk commodities at the ports in China are worked through,"
    Peter Wade said.
    "We believe that demand for those steel making materials will
    recover from this current constrained level in the 3rd quarter of FY09
    and that the current disconnect between contract and spot prices will be
    resolved."
    He said the factors affecting the company's results in the
    upcoming financial year include the quantum and pricing of processed
    mineral sales between now and June 2009, availability of credit by
    smaller customers in China to support the necessary shipping letters of
    credit, the exchange rate and the cost of shipping from Port Hedland to
    China.
    "The board, therefore, has forecast a range of profitability for
    Mineral Resources for the 2009 financial year that covers a range of
    scenarios around the projected levels of export shipments of iron ore and
    manganese through to year end," Mr Wade said.
    "Our expectation for the year is a net profit for the FY2009 year
    in the range of $32 million - $51 million.
    "We recognise that is a large range but it reflects the
    volatility of the market and the level of uncertainty that exists across
    our key forecast inputs."
 
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