Wodgina deal hits MinRes bottom line
PERTH (miningweekly.com) – ASX-listed Mineral Resources has reported a more than 2 000% increase in earnings before interest, taxes, depreciation and amortization (Ebitda) for the six months ended June, as its $1.15-billion deal with US major Albemarle affected the bottom-line.
Mineral Resources last year struck the $1.15-billion deal with Albemarle, allowing the US company to take a 60% interest in the Wodgina lithium project, in Western Australia.
The joint venture is expected to produce up to 750 000 t/y of 6% spodumene concentrate from the project, which will ultimately be used as feedstock for a planned lithium hydroxide plant, once it has been constructed.
The lithium hydroxide plant will be jointly funded, designed and built by the JV partners, with the first stage of the plant expected to produce at least 50 000 t/y of lithium hydroxide, with construction to start as soon as the necessary licences and approvals are in place.
The second stage of the plant will convert the remaining volume of spodumene concentrate into lithium hydroxide, doubling production to at least 100 000 t/y of lithium hydroxide, subject to market demand.
Mineral Resources on Wednesday reported that Ebitda for the half-year ended December reached A$1.5-billion, while underlying net profits after tax increased by 279% on the previous corresponding period, to A$129-million.
Revenue for the half-year was also up by 78%, to A$987-million, underpinned by a strong growth in Mineral Resource’s mining services segment and record iron-ore sales following the ramp-up of its Koolyanobbing iron-ore project.
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