- Mining giant Mineral Resources (MIN) posts record a full-year production figure of 274 million tonnes for the 12 months to the end of June
- However, this is slightly below the company’s guidance range of between 275 million and 290 million tonnes for the financial year
- Mineral Resources shipped 4.7 million wet metric tonnes of iron ore during the June quarter, taking full-year shipments to 19.2 million for FY22
- Meanwhile, the company shipped 141,000 dry metric tonnes of lithium spodumene concentrate over the quarter from its Mt Marion project in WA, leading to full-year shipments of 442,000 dry metric tonnes
- MIN shares are up 6.02 per cent to $51.74 per share at 1:47 pm AEST.
Shares in mining giant Mineral Resources (MIN) have risen after the company posted record full-year production figures for the 12 months to the end of June.
The company recorded production volumes of 64 million tonnes during the June quarter, contributing a record 274 million tonnes for FY22. However, this was slightly lower than the company’s guidance range of between 275 million and 290 million tonnes.
Meanwhile, Mineral Resources shipped 4.7 million wet metric tonnes of iron ore during the June quarter, taking full-year shipments to 19.2 million for FY22, which is at the upper end of the company’s guidance.
From its Mt Marion lithium project near Kalgoorlie in WA, Mineral Resources shipped 141,000 dry metric tonnes of spodumene concentrate over the June quarter, leading to full-year shipments at 442,000 dry metric tonnes, slightly below its guidance range of between 450,000 and 475,000 dry metric tonnes.
Mineral Resources said the restart of operations at Wodgina had progressed well, with the first spodumene concentrate from Train 1 delivered as planned in May and 20,000 dry metric tonnes of spodumene concentrate produced in the quarter.
Additionally, the company has exercised its option to extend a Mt Marion tolling agreement with China-based Jiangxi Ganfeng Lithium for an additional three months to November 30.
During the quarter, MinRes completed a US$1.25 billion senior unsecured noted offering and was added to the S&P/ASX 50 index, effective June 20.
MIN shares were up 6.02 per cent to $51.74 per share at 1:47 pm AEST.