MinRes stands on iron ore’s strength
Friday, July 24th, 2020
Mineral Resources (MinRes) has dubbed the June period as “a record breaking quarter” for its iron ore business in Western Australia.
The company produced 4.2 million wet metric tonnes of iron ore, up 22 per cent on the previous quarter.
Its quarterly shipments soared by 53 per cent to 4.4 million wet metric tonnes against the March period.
This is partly attributed to a shipments ramp up from its Koolyanobbing project, which contributed 2.6 million wet metric tonnes during the June quarter.
Koolyanobbing increased to an annualised run rate of 12.7 million tonnes a year based on the month of June, with both Deception and Jackson pits transitioning to lower-strip ore delivery phases.
MinRes-operated and largest iron ore producing mine, Iron Valley, also delivered a 35 per cent increase in shipments on the March period, reaching 1.8 million wet metric tonnes in the June quarter.
This was achieved with the inclusion of stockpiled material crushed and hauled to port. MinRes is working with its partner, BCI Minerals to extend Iron Valley’s mine life.
Further, the company also enjoyed a higher iron ore price during this period, amounting to $US84 ($118) per dry metric tonne.
MinRes’ lithium business also delivered its own highlights during the quarter, including a record production of 146,000 wet metric tonnes and record shipments of 114,000 wet metric tonnes of spodumene concentrate from the Mt Marion project in Western Australia.https://www.australianmining.com.au/news/minres-stands-on-iron-ores-strength/