Mineral Resources employees. Source: Mineral Resources/LinkedIn
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  • Mineral Resources (MIN) maintains its production targets of iron ore and spodumene in the March quarter
  • The company says iron ore shipments remain on track to meet FY22 guidance for export shipments of 18.5-19.5 wet metric tonnes (wmt)
  • Iron ore shipments totalled 4.7 million wmt during the quarter, up 22 per cent on the prior corresponding period (pcp)
  • MinRex’s flagship Mt Marion Lithium Project in WA maintained its production target of 450,000 to 475,000 tonnes and costs of $570 to $615 per dry metric tonne
  • MIN shares last traded at $62.05 prior to market open

Mineral Resources (MIN) has maintained its production targets of iron ore and spodumene in the March quarter.

The company said iron ore shipments remain on track to meet FY22 guidance for export shipments of 18.5-19.5 wet metric tonnes (wmt).

The costs per wmt were between $94-$104 for the Yilgarn Hub in Western Australia and between $80-$88 for the Utah Point Hub.

Iron ore shipments totalled 4.7 million wmt during the quarter, up 22 per cent on the prior corresponding period (pcp).

The average realised iron ore price for the quarter was US$101.31 (A$137.41) per dry metric tonne (dmt), 60 per cent higher quarter-on-quarter (qoq).

However, the total iron ore shipped dipped slightly to 235 tonnes which MinRex attributes to temporary berthing congestions.

The mining services business remains on track to meet FY22 targets of 275 to 295 tonnes, and reports that production volumes were 16 per cent higher pcp, producing volumes of 63.4 million tonnes.

MinRex’s flagship Mt Marion Lithium Project in WA also maintained its production target of 450,000 to 475,000 tonnes and costs of $570 to $615 per dmt.

The project produced 104,000 dmt and shipped 94,000 dmt of spodumene concentrate during the quarter.

The average realised price of spodumene concentrate price for the quarter was US$1952 per dmt, 69 per cent higher qoq.

Following an offtake agreement in February, MinRes took 51 per cent possession and control of the Mt Marion spodumene concentrate which will be converted into lithium hydroxide by partner Ganfeng in China for seven months with an option to extend.

The first sales are expected to be in May.

About 22,000 dmt of spodumene concentrate was shipped from Wodgina from existing stockpiles during the quarter at an achieved price of US$2200 per dmt.

The first new spodumene concentrate from Wodgina Train 1 is expected in May.

The MARBL Lithium joint venture signed with Albemarle Corporation has agreed to accelerate the resumption of production from Train 2, which is expected in July.

MIN shares last traded at $62.05 prior to market open.

MIN by the numbers
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