Mineral Resources Limited (ASX: MIN) has provided its quarterly exploration and mining activities report for the period ended 31 December 2020.
HIGHLIGHTS:
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Safety performance continued to improve, with a 12-month rolling Lost Time Injury Frequency Rate (LTIFR) maintained at zero and a Total Reportable Injury Frequency Rate (TRIFR) of 2.75 at December 2020. This represents an improvement of 14% over the quarter.
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Mining Services production volumes for the quarter increased 22% on the prior corresponding period (Q2 FY20). Guidance for FY21 volumes is expected to be at the upper end of the previously advised 20% to 25% range.
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Total iron ore production of 5.1 million wet metric tonnes (wmt) was 22% higher than Q1 FY21 and up over 26% on the prior corresponding period in line with the mine plans. Iron ore shipments of 4.4 million wmt were 23% higher than Q1 FY21 and up over 33% on the prior corresponding period (Q2 FY20). Shipment guidance for FY21 is expected to be at the lower end of the previously advised 20.5m wmt to 23.2m wmt range.
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Average iron ore revenue received of US$138 per dry metric tonne (dmt) during the quarter, 42% higher than the previous quarter driven by strong iron ore prices. The weighted average iron ore revenue received was US$119 per dmt for the half.
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Development of the 5mtpa Wonmunna Iron Ore Mine continued as planned with first iron ore expected during the current quarter.
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Mt Marion Lithium Project continued to deliver in line with the optimised mine plan with production of 129,000 dmt. Shipments of spodumene concentrate were lower during the quarter with one shipment delayed into the current quarter.
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Construction by Albemarle Corporation (NYSE: ALB) of the 50ktpa Kemerton Lithium Hydroxide Plant continued, with a workforce of approximately 1,250 people on site. The project remains on track for completion in the second half of 2021.
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MRL continues to monitor developments around the world along with guidelines introduced by the Federal and State Governments and health authorities to minimise the risks that COVID-19 presents to our community and the resource industry in Western Australia.
