A Mineral Resources ore wagon.
A Mineral Resources ore wagon.

UPDATE 2.30pm: Miner and mining contractor Mineral Resources has more than doubled its first-half profit, cashing in on soaring iron ore volumes, strong prices for the steel making commodity and a weaker Aussie dollar.

MinRes lifted first-half profit by 107 per cent to $130.4 million on record revenue of $928 million, which was up 86.4 per cent on the previous corresponding period.

The company declared an interim dividend of 30 cents a share fully franked, up from 16 cents in the previous corresponding period.

MinRes said net debt repayments of $117 million over the period had reduced gearing to 18.6 per cent at the end of December, with the position becoming cash positive last month.

MinRes said it was considering strategically significant acquisition opportunities.

Directors also confirmed full-year profit guidance would be in line with consensus forecasts in a range of $247.8-$252.8 million.

MinRes is an iron ore producer as well as a mining services and infrastructure provider.

Shares in the company closed up 13 cents, or 1.15 per cent, at $11.44.

The West Australian

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