Key points from Q2 FY24 report

Mineral Resources Limited (ASX: $MIN) presents its Quarterly Exploration and Mining Activities Report for the period to 31 December 2023. The company reported a 9% increase in production volumes, with iron ore shipments up 23% quarter on quarter. The Onslow Iron project is progressing well and is expected to be delivered within budget, with the first ore-on-ship anticipated in June 2024. Additionally, the company commenced gas drilling in the Perth Basin and completed a five-year US$1.1 Billion Senior Unsecured Notes Offering at 9.250%.

Executive commentary on Q2 FY24 performance

The company is pleased to report a strong operational performance in Q2 FY24, with production volumes and cost guidance remaining unchanged for all operations. We are on track with the Onslow Iron project and expect to introduce a partner to own a 49% interest in the dedicated haul road. Additionally, the commencement of gas drilling in the Perth Basin marks a significant step in our energy division's development. We are confident in our ability to deliver on our commitments and continue to drive growth across our diversified resource operations.

Summary of Q2 FY24 report and outlook

Mineral Resources Limited delivered a robust operational performance in Q2 FY24, with increased production volumes and strong iron ore shipments. The Onslow Iron project is progressing well and is expected to be delivered within budget, while the company introduced new gas drilling activities in the Perth Basin. With the completion of a significant Senior Unsecured Notes Offering, the company is well-positioned to execute its strategic initiatives. Looking ahead, Mineral Resources aims to capitalize on the continued robust demand for lower grade iron ore products and drive growth across its lithium, energy, and mining services operations.