Update on Yilgarn Hub Iron Ore Operations

Mineral Resources Limited (ASX: $MIN) has announced the cessation of Yilgarn Hub iron ore shipments by 31 December 2024 due to the conclusion that its continuity is not financially viable beyond this period. The decision will impact approximately 1,000 employees and will involve a staged ramp down of operations over the next six months, followed by a transition into care and maintenance from early 2025.

Mineral Resources Managing Director's Statement

This prudent but difficult decision was not taken lightly and follows years of investment to extend the life of our operations in the Yilgarn. With our investment across Western Australia, we have almost 800 vacancies and will redeploy as many of our people as possible to other MinRes operations, including to our low-cost, long-life Onslow Iron project. MinRes has operated in the region since our maiden shipment from Carina in 2011. In 2018, with the support of the WA Government, we stepped in to save hundreds of Western Australian jobs at Koolyanobbing that were set to be lost with the departure of Cliffs. By the end of this year, we will have operated Koolyanobbing for six and a half years, exported almost 45 million tonnes via the Port of Esperance and spent $4.2 billion running our Yilgarn operation, exceeding our commitments. I want to thank everyone whose hard work and dedication over the past 13 years made this challenging operation a great success.

Summary of Yilgarn Hub Update

Mineral Resources Limited (ASX: $MIN) has made the decision to cease Yilgarn Hub iron ore shipments by the end of 2024 due to the conclusion that its continuity is not financially viable beyond this period. This decision will impact approximately 1,000 employees, and the company aims to redeploy them to other operations. The Yilgarn Hub operations will be safely ramped down over the next six months, followed by a transition into care and maintenance from early 2025. MinRes will consider future options for its Yilgarn Hub assets, including rehabilitation or disposal, while continuing exploration drilling and environmental studies focused on hematite and magnetite targets into calendar year 2025. The company's strategy is to transition its iron ore business to low-cost, long-life operations, such as the Onslow Iron project, and any financial impacts will be disclosed in its FY24 full-year results.