Mineral Resources (MinRes) has released its financial results for the full year ended 30 June 2023 (FY23).
The company’s lithium business achieved a record underlying EBITDA (earnings before interest, taxes, depreciations and amortisation) of $1.3 billion, with the broader company achieving an EBITDA of $1.8 billion.
During FY23, MinRes completed a handful of key projects, including construction of the Mt Marion plant expansion, a final investment decision to develop the Onslow iron ore project and the drilling of two onshore natural gas discoveries in the Perth Basin.
“MinRes continued to execute our high-growth strategy and I’m proud of what our team achieved on the major development projects that will set up MinRes for decades to come,” managing director Chris Ellison said.
“Our flagship Onslow iron project made enormous progress. All major approvals have been received, construction is on track and the project will start generating cash in 12 months.
“The expansion of the Mt Marion plant was completed and a major exploration program revealed strong underground potential, while our ownership of Wodgina will increase to 50 per cent.”
MinRes renewed four Tier 1 client contracts during the year, and awarded an additional six new contracts, delivering production volumes of 248 million tonnes.
“Mining Services, which remains the heart of our business, was awarded six new contracts with Tier 1 clients,” Ellison said.
“The division will benefit from the ramp up of activities across our operations and the deployment of its world-leading innovations.
“These achievements ensure we are well-placed for another year of transformational growth across all parts of our business that will continue to drive value for our shareholders.”