Australia's Orica gains after positive H2 performance update

ORICA

19/09/2024 02:28

** Shares of Orica Ltd  ORI.AX  rise as much as 5.6% to
A$18.61, their highest level since June 5
    ** Mining solutions provider says 2H2024 underlying EBIT,
before contributions from Terra Insights and Cyanco, remains on
track to be higher than prior year and slightly better than
forecast
    ** Says total significant items for FY2024 is expected to
contribute ~A$120 million net profit
    ** However, co says planned maintenance activities and
safety upgrades at the Winnemucca plant has been brought forward
into FY and has resulted in lower-than planned production for
Specialty Mining Chemicals segment
    ** Adds, segment reporting changed to 3 reportable segments
- Blasting Solutions, Digital Solutions and Specialty Mining
Chemicals, following its recent acquisitions of Cyanco and Terra
Insights
    ** Co to report FY results on Nov. 14
    ** Stock has risen 10.6% this year as of last close

($1 = 1.4828 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))