Mineral Resources has increased the iron ore production guidance at both of its West Australian mines in FY 2021, which began July 1.
While reporting its FY 2020 earnings, the Australian company increased its iron ore guidance for the next year to 19.5-21.2mn mt at the two mines, Koolyanobing Iron Valley.
MinRes sold 14.1mn mt of iron ore fines in exports during FY 2020 and expects to ship 18-20mn mt in sales during its current fiscal, driven by a two-fold production increase at Koolyanobing last year.
The company posted a 41pc rise in yearly revenue to $2.1bn in FY 2020, while its EBITDA profit surged by 430pc annually to $2bn. The company also appointed Paul Brown its chief executive of commodities and Mike Grey chief executive of its mining services division.