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    AKE   AU0000193666

ALLKEM LIMITED

(AKE)
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Delayed Australian Stock Exchange  -  02:10 2022-09-27 am EDT
14.36 AUD   +3.61%
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Factbox-Australian miners warn of labour shortage, higher costs

07/25/2022 | 03:06am EDT
FILE PHOTO: File Photo: A view of the BHP Billiton's Escondida, the world's biggest copper mine, in northern Chile, in Antofagasta

(Reuters) - Australian mining firms said a dearth of skilled labour hit output and warned of lower production in fiscal 2022 and 2023, while also grappling with a surge in costs.

Strict border restrictions in the mineral-rich Western Australia state were lifted in March this year, but rising COVID-19 cases in the country, due to Omicron variants, have led to increased absenteeism, leaving firms scrambling to find mine workers and train drivers.

Here is a round-up of what the miners have flagged:

BHP GROUP

The global miner warned that a tight labour market, supply-chain snags and inflationary pressures would continue through fiscal 2023, and reported a fourth-quarter iron ore output that missed estimates.

RIO TINTO

The Anglo-Australian mining giant warned pandemic-related labour shortages in Western Australia and rising inflation would hit its underlying earnings in the second half.

WHITEHAVEN COAL

The coal miner flagged that general labour shortages "remain a key challenge" for its operations, even though it posted a jump in fourth-quarter production and forecast record core earnings for the coming year.

YANCOAL AUSTRALIA

The coal miner cut its 2022 output forecast, signalling a hit from floods in New South Wales and pandemic-led labour shortages.

ALLKEM

The lithium miner expects lower ore output in fiscal 2023 due to a skilled labour crunch in Western Australia, although prices for the metal are expected to be higher in the current quarter.

SOUTH32

The diversified miner said adverse weather conditions and pandemic-led labour disruptions impacted its quarterly total coal production.

(Compiled by Harish Sridharan in Bengaluru; Edited by Shounak Dasgupta)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALLKEM LIMITED 3.61% 14.36 Delayed Quote.33.27%
BHP GROUP LIMITED 2.76% 37.2 Delayed Quote.10.31%
RIO TINTO GROUP 2.97% 90.39 Delayed Quote.-12.32%
SOUTH32 LIMITED 3.06% 3.7 Delayed Quote.-7.73%
WHITEHAVEN COAL LIMITED 6.83% 8.45 Delayed Quote.203.07%
YANCOAL AUSTRALIA LTD 1.67% 5.49 Delayed Quote.107.69%
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Financials
Sales 2023 2 301 M 1 483 M 1 483 M
Net income 2023 992 M 639 M 639 M
Net cash 2023 1 089 M 701 M 701 M
P/E ratio 2023 9,42x
Yield 2023 -
Capitalization 9 157 M 5 900 M 5 900 M
EV / Sales 2023 3,51x
EV / Sales 2024 2,50x
Nbr of Employees 548
Free-Float 91,8%
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Technical analysis trends ALLKEM LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 14,36 AUD
Average target price 17,09 AUD
Spread / Average Target 19,0%
EPS Revisions
Managers and Directors
Martín Pérez de Solay Chief Executive Officer, Director & MD
Neil Kaplan Chief Financial Officer
Martin Ronald Rowley Independent Non-Executive Chairman
Robert Hubbard Independent Director
Fernando Oris de Roa Independent Non-Executive Director