Mineral Resources (MinRes) has announced its financial results for the 2023–24 financial year, marking a significant year of growth and achievement for the company.
Despite challenging market conditions, MinRes reported a revenue increase of 10 per cent to $5.2 billion.
MinRes’ Onslow Iron project achieved first ore on ship in May this year, ahead of schedule.
“This was the biggest year of development in our history, culminating with the start-up of the transformational Onslow Iron project,” MinRes managing director Chris Ellison said.
“Onslow Iron achieved first ore on ship ahead of schedule in May, just 11 months after we broke ground at the Ken’s Bore mine site.
“This phenomenal achievement is a testament to the in-house project delivery expertise that MinRes has developed over more than three decades.”
The Onslow Iron project is set to unlock a new mining region in the west Pilbara, generating strong returns through commodity cycles.
The project’s success is already evident, with MinRes selling a 49 per cent interest in the Onslow Iron dedicated haul road to Morgan Stanley Infrastructure Partners for $1.3 billion.
“The sale of the haul road further strengthens the MinRes balance sheet and demonstrates the company’s unique ability to recycle capital,” Ellison said.
“Our core mining services division increased underlying EBITDA by 14 per cent, driven by record production and new external contracts, with its growing infrastructure focus spearheading a new era of future growth.”
Despite a sharp decline in lithium prices, MinRes’ lithium division achieved record shipments from its Wodgina and Mt Marion operations, and was further bolstered by the acquisition of the Bald Hill mine.
Going forward, MinRes remains focused on maintaining financial discipline, with a conservative approach to expansion projects and a commitment to cost reduction and cash preservation in FY25.
“Our management team has decades of experience through commodity peaks and troughs,” Ellison said.
“I have full confidence in our ability to manage the balance sheet and keep delivering leading returns for our shareholders.”
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