MinRes today presented its Quarterly Activity Report for the period to 30 June 2024.
Below are key points from the June quarter, with the full report available in our ASX announcement.
Mining Services:
- FY24 production volumes increased 9% year on year to 269Mt, within guidance (260-280Mt).
- A new haulage contract to transport bauxite ore in northern Queensland commenced using MinRes’ 330-tonne road trains.
Iron Ore:
- Delivered first ore on ship in May 2024 — ahead of schedule.
- Quarterly iron ore shipments increased 6% qoq to 4.8 million wet metric tonnes, which resulted in FY24 shipments of 18.1M wmt.
- Announced exports from the Yilgarn Hub would cease by 31 December 2024.
- Acquired the Iron Valley assets from BCI Minerals Limited to reduce mine gate royalties and provide greater development flexibility.
Lithium:
- Record shipments for the full financial year from Wodgina (201k dmt SC6) and Mt Marion (218k dmt SC6), an increase of 41% and 46% yoy respectively.
- The weighted average realised price achieved in the quarter across all three lithium operations was US$970/dmt (US$1,212/dmt SC6), an increase of 15% qoq.
- Underground development activity at Mt Marion continued with the box cut completed and the first underground portal fired in June.
Energy:
- Data analysis of the North Erregulla-2 well testing continues, with average production rates of 675 barrels of oil per day and reaching a maximum of 900 barrels of oil per day.
- Continued the assembly and upgrade of the MinRes Explorer rig and completed the recruitment of the crew.
- The MinRes Explorer was deployed in early July to commence drilling of the North Erregulla-3 oil appraisal well in August.
Corporate:
- Lost Time Injuries Frequency Rate (LTIFR) of 0.14 and a rolling 12-month Total Reportable Injury Frequency Rate (TRIFR) of 2.74.
- Announced the sale of a 49% interest in the Onslow Iron dedicated haul road to Morgan Stanley Infrastructure Partners for $1.3 billion. Completion is expected in 1H FY25.
