Today we announced our financial results for the full year ended 30 June 2022 (FY22).
We achieved the second-best financial results in history, and our best year ever for project development, progressing game changing projects in our Iron Ore, Lithium and Energy businesses. We also entered the ASX 50 Index.
Importantly, we did this while keeping our people safe with no lost time injuries recorded throughout the year.
To set up for growth, we restructured our business under four key pillars – Mining Services, Iron Ore, Energy and Lithium. Each pillar is expected to deliver transformational growth over the next five years.
Mining Services continued to deliver outstanding results, with record production volumes of 274Mt, up 10 per cent and EBITDA of $533 million, up 15 per cent. The Mining Services business was awarded five new contracts and had three contracts renewed.
Despite challenging conditions in the iron ore market, including the sharpest fall in iron ore price in history, our Iron Ore business shipped a record 19.2 million tonnes in FY22.
The outstanding operational performance came alongside significant progress with our game-changing Onslow Iron and South West Creek projects, which will transform MinRes’ iron ore business into a large, low-cost, high-quality producer.
In lithium, MinRes and our JV partner Ganfeng approved the next stage of expansion of Mt Marion, to 900,000 tonnes per annum. We also delivered maiden earnings from lithium hydroxide production – a first for an ASX-listed company.
Production resumed at Wodgina, one of the world’s largest hard-rock lithium mines, following the start-up of Trains 1 and 2. The Kemerton Lithium Hydroxide Plant, which like Wodgina is part of our MARBL JV with Albemarle, is in the final stages of pre-production activities. MinRes and Albemarle continue to work on a restructure and expansion of the MARBL JV to better align operational capabilities.
Our energy business made a significant onshore gas discovery, at Lockyer Deep in the Perth Basin. The discovery will offer MinRes a unique opportunity to secure its own energy supply, assist with the transition from diesel to lower-emission fuels and deliver potential export opportunities.
MinRes is well positioned for long term growth, with a strong balance sheet, world class development projects, and a great team of talented people.