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Mineral Resources ups fiscal Q4 iron ore output, Wodgina lithium resource

Mineral Resources Ltd. witnessed a 16% quarter-over-quarter increase in iron ore production in the final quarter of the 2017 financial year.

The company said July 31 that total quarterly iron ore production climbed to 2.9 million wet tonnes from 2.5 million wet tonnes in the third quarter.

Iron ore shipments rose 11% quarter over quarter to 2.9 million wet tonnes, with exports from the Iron Valley project in Western Australia returning to previous levels following weather impacts in the third quarter.

Fourth-quarter lithium production from the Mount Marion mine in Western Australia ramped up to 92,000 wet tonnes from 53,000 wet tonnes in the prior quarter. Shipments rose to 84,000 wet tonnes from 32,000 wet tonnes.

The production of direct shipping ore lithium also ramped up at the Wodgina mine in Western Australia during the quarter, with 876,000 wet tonnes of output achieved and 720,000 wet tonnes shipped.

Meanwhile, Mineral Resources has also reported a 64% increase in the Wodgina resource to 198 million tonnes at 1.18% lithium oxide.

The increase was due to an extension of the inferred mineralization to the northeast of the Cassiterite pit, which added a further 54.9 million tonnes to the resource.