Mineral Resources Limited (ASX: MIN) is pleased to announce its financial results for the year ended 30 June 2021 (FY21).
The Company generated underlying earnings before interest, tax, depreciation, amortisation and impairment (Underlying EBITDA) 1 of $1,901 million, up 148% on the prior corresponding period (pcp)2 and underpinned by continued growth in the Mining Services segment and record iron ore sales volumes and prices.
Underlying net profit after tax (NPAT) 1 was $1,103 million, up 230% on pcp. Statutory NPAT was $1,268 million, up 26% on pcp and includes $33 million of post-tax impairment charges in relation to intangibles, plant and equipment and inventory.
The Company’s Board of Directors has declared a fully franked final dividend of 175 cents per share. The dividend is due to be paid on 7 September 2021 to shareholders on the register at 18 August 2021. The final dividend, together with the interim dividend of 100 cents per share, amounts to a record total fully franked dividend for FY21 of 275 cents per share.
Highlights of FY21 include:
- Continuing to keep our operations free from COVID-19.
- Maintaining a low 12-month rolling Lost Time Injury Frequency Rate (LTIFR) of 0.12 and reducing our Total Reportable Injury Frequency Rate (TRIFR) to 2.31, an improvement of 30%.
- Record tonnes, revenue, profits, and dividends 4Increasing Mining Services production volumes by 20% on pcp.
- Exported a total of 17.3 million wet metric tonnes (wmt) of iron ore and 485 thousand dry metric tonnes (dmt) of spodumene.
Mineral Resources Managing Director Chris Ellison said:
This has been a year like no other. The constant threat of COVID-19 has forced us to remain vigilant to keep this highly contagious virus out of our operations. I must congratulate and thank the entire Mineral Resources team of more than 5,000 men and women for their dedication and buy-in to the measures we had to put in place to protect the employment and health of our workforce. It exemplifies the can-do attitude of the Mineral Resources family.
“I am proud to say that Mineral Resources has delivered a record year in terms of tonnes produced and shipped, revenue and profit reported, and dividends declared. The full-year result is the culmination of continued strong growth in our Mining Services division, which is our Company’s heartbeat, and realises the rewards from our decision to build longhorizon businesses in iron ore and lithium.
“This result positions Mineral Resources well to build our business with further significant investment in iron ore in particular, and seeking additional growth in our Mining Services division through the delivery of highest-quality, valueadding and innovative solutions for our clients.
“The outlook for Mineral Resources is positive, notwithstanding the impacts related to COVID-19 and the cost pressures creeping into the West Australian resources sector. Our focus remains on providing a safe and supportive workplace that attracts and retains the best people in our industry.”
