Mineral Resources (MinRes) has delivered record production and profitability during the 2020 financial year, including an increase in iron ore exports and lithium sales.
The company exported 14.1 million wet metric tonnes of iron ore during the financial year, representing a 134 per cent increase in tonnes shipped.
MinRes also sold 408,000 wet metric tonnes of lithium, which was an 8 per cent increase on the previous corresponding period.
The company confirmed that the COVID-19 pandemic did not impact its financial performance for the year and credited employees across its operations for recognising the seriousness of the pandemic early and adopting strategies to keep workers in jobs and the workplace virus free.
Managing director Chris Ellison described 2020 as “the most extraordinary year in the company’s history” as he reflected on 2020 and looked forward to 2021.
“Notwithstanding the fact the impact of COVID-19 dominated much of the past financial year, MinRes has delivered record production and record profitability,” Ellison said.
“MinRes has entered the 2021 financial year with a strong balance sheet and positive momentum in our operations.
“We remain vigilant to the ongoing threat posed by COVID-19 as well as opportunities for which we can quickly and efficiently deploy the mining services capabilities that are the hallmark of our company.”
MinRes is expecting further growth in 2021, particularly in iron ore as the Koolyanobbing project in Western Australia achieved an annualised shipped tonnes run rate of more than 12 million wet metric tonnes during 2020.
It is also targeting growth at the Mt Marion lithium project, also in Western Australia, targeting a plant output increase of 17 per cent, despite the challenging market conditions.