Mineral Resources records $4.8b in revenue for FY23

Mineral Resources (ASX:MIN) has recorded revenue of $4.8b for FY23, up 40% on the prior corresponding period (pcp).

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was up 71% to $1.8b following strong pricing and increased volumes.

These increases were driven by record earnings from both the Mt Marion and Wodgina lithium projects, solid mining services results and an improved contribution from iron ore with higher achieved prices.

Statutory net profit after tax was down $107m from the pcp to $244m with the impairment due to a re-estimation of the available ore to be mined at current forecast consensus prices and increased operating costs.

Wodgina continued to ramp up with two trains operational and all three trains commissioned, while construction was completed of the Mt Marion plant expansion and a major exploration program was executed.

A final investment decision was made to develop the Onslow iron project and all major approvals were received with construction well progressed.

In regard to energy, two onshore natural gas discoveries in the Perth Basin were drilled and Mineral Resources completed the takeover of Norwest Energy.

Managing director Chris Ellison commented on the results.

“We delivered a strong set of financial results, with underlying EBITDA up 71% to $1.8b, revenue up 40% to $4.8b and a full year dividend of $1.90 per share, up 90%,” he said.

“Our growth was driven by record lithium earnings, but we also faced operational challenges in the second half and were not immune from global inflationary pressures that impacted all businesses.

“These achievements ensure we are well-placed for another year of transformational growth across all parts of our business that will continue to drive value for our shareholders.”