PERTH (miningweekly.com) – Diversified miner and mining services provider Mineral Resources has reported record revenue and a 110% increase in earnings before interest, tax, depreciation and amortisation for the half-year to December.
Revenue for the interim period was up 86.4% to A$928.4-million, compared with the previous corresponding period, while earnings before interest, tax, depreciation and amortisation were up to A$305.1-million.
Net profit after tax for the half-year was up 107% on the previous corresponding period, to A$13.4-million.
Chairperson Peter Wade said on Thursday that contracting volumes during the period under review remained robust, although forward crushing volumes would likely be impacted by the company’s exit from iron-ore miner Fortescue’s Christmas Creek operation, in the Pilbara.
Wade said that mining operations, which includes iron-ore production from the Polaris Metals division, produced an outstanding half-year, with volumes up 90%.
He noted that the increased output was achieved from the continued improvements in production from existing mines, as well as the introduction and consolidation of new mines at Phil’s Creek and Spinifex Ridge.