Mineral Resources (MinRes) has released its quarterly activity report which has shown to be a winner on two fronts, with higher-than-expected shipments of lithium and a steep increase in prices for the key battery material.
Production volumes in the 2024 financial year (FY24) rose nine per cent year-on-year to 269 million tonnes (Mt), despite a 12 per cent quarter-on-quarter dip in production due to reduced mine development at Wodgina and Mt Marion.
MinRes recorded a significant jump in its lithium shipments from Wodgina and Mt Marion in FY24, with year-on-year increases of 41 per cent and 46 per cent, respectively.
The company also recorded strong number with its other commodities.
Its Wodgina site produced 212,000 dry metric tonnes (dmt) of spodumene concentrate, while Mt Marion’s production hit 218,000dmt, both aligning with guidance. Bald Hill also reported a 19 per cent increase in spodumene concentrate production over the previous quarter.
Total iron ore shipments for FY24 were within guidance at 18.1 million wet metric tonnes.
Mining Resources also declared the sale of a 49 per cent interest in the Onslow Iron dedicated haul road in WA to Morgan Stanley Infrastructure Partners for $1.3 billion, with completion expected in the first half of FY25. The dedicated haul road is used to transport iron ore from the mine site to the Port of Ashburton.
The company maintained robust safety standards, with a lost time injuries frequency rate (LTIFR) of 0.14 and a total reportable injury frequency rate (TRIFR) of 2.74.
The company projects FY24 net debt to be approximately $4.4 billion, with liquidity at $2.8 billion.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
