Mineral Resources (MinRes) has charted a plan to significantly grow an iron ore business that is underpinned by exports.
MinRes managing director Chris Ellison, speaking in the company’s annual general meeting on Thursday, said that the company’s iron ore business was set up for a substantial growth over the next three to five years.
This growth will be driven by MinRes’ four Western Australian projects, where it plans to expand its pit-to-port services and infrastructure offerings.
The company intends to export 13 million tonnes from its Yilgarn Hub at the Port of Esperance and 14 million tonnes from its Utah Point Strategy at the Port of Hedland.
It also plans to to develop its Ashburton infrastructure project to reach a 25 million tonnes a year of export capacity, only to be surpassed by its Southwest Creek development with 40 million tonnes.
Exports will be driven by MinRes’ Koolyanobbing, Iron Valley and Kumina iron ore projects in Western Australia, which all contributed to the company’s best-ever full year result during the 2020 fiscal year.
MinRes delivered increased production at both its Koolyanobbing and Iron Valley mines, totalling in the exports of 14.1 million tonnes.
In the lithium portfolio, MinRes experienced a 17 per cent year-on-year growth in production at its Mt Marion operations in Western Australia.
The company increased its workforce by nearly 40 per cent to more than 3800 employees and contractors during the period.