Mineral Resources Limited

Good morning everyone. Welcome. Thanks for joining us at our full year results presentation. I think James would like me to mention that anything we say or do here won't be taken down in evidence and used against us. What we're after, James, isn't it? Don't take anything too serious. We've made a little movie up. Actually, we've made two. We've got a little movie we want to show you now. So we'll let you run through that. Then I'm going to tell you what we've been doing over the last 12 months. And Mark's going to share with us a detailed run through on the financials. And then I'm going to tell you where I'm taking the business over the next two to five years. And then we'll have some Q&A. So should we roll the movie? Thank you. Thank you.

Welcome to your

Pretty amazing, all those people, all those sites you just saw, they're all ours, which is quite incredible because on July 1st this year was our 30th anniversary. I started MINRES in the lounge of my house. My rented house, just over 30 years ago, I had $10,000 cash in the bank and a credit card they forgot to take off me. And we listed and 2006 we had a market cap of about 100 mil and we've just gone into the ASX 50 and we've got a market cap of about, well we did have on Friday, of about 12 and a bit billion dollars, so our little business has come a long way and it's got an incredible future ahead of it. We've done some milestones over the years, and the one that's just passed is probably one of our busiest ever. I mean, when you look at that and think, shit, did we get all that done, and we run the business, and we did. So look, I'll be as quick as I can. I'll run you through the performance of the business over the last 12 months. I want to talk about where we're going over the next five years. It's really important. I mean, it's not where we hope to be going. It's where we're actually going. We've got most of it's pretty much locked in. And at the end, we'll spend a bit of time on Q&A if there's anything I haven't really explained to you as properly. So highlights in the business. We've had just over a billion EBITDA, second best performance that we've had financially. We got about $2.5 billion cash at the bank. We did a bond raising with JP Morgan over in the US earlier in the year. We got our timing right on that. Very happy to have that done. We're going to pay a dividend for this financial year of a dollar. We didn't pay anything in the first half, but we're more or less holding back to make sure that we got our bond raising done, we understood where we're going on our funding, and we had everything in place, so we think we can afford to give our shareholders a dollar a share. I've restructured the business over the last 12 months, which has been substantial. I spent almost 30 years trying to make sure I had a fully integrated business with no silos in it. And I've now got four main operating pillars sitting in the business and we've brought in some extra help to make sure that they're all self-managed. That's gone incredibly well. We've done that because over the next five years, the business is gonna grow significantly. So commodities part of MnRES over the next two years will at least double. The mining services part of the business over the next five years will double and then some, so getting a much more difficult creature to manage, but we're just going about doing that in a different way. Some of the other highlights in terms of BD, business development, without doubt our best period ever. We've been working on some things for a number of years, but we've just got a whole lot of things to come together over the last 12 months. The mining service is part of the business. always performs pretty well. We're the premium mining services business in the country. If you've got Minres on the job, I mean, you're going to get your tons done every day, whether it's mining, crushing, or running process plants, or some of the innovation we've brought online lately. We're well known for delivering, and not just delivering, but the way we deliver with the culture that we have. Some of our major clients tell us they monitor our Our productivity, we're generally sitting 30% to 40% above our clients, and that's just because the nature of the beast, the culture that we have in that business. We've got some really good innovation. We're brought into the mining services. We've got these big trucks. We've really killed the price of inland haulage. We've got it down to a number that's getting closer to owning trains without the capital cost. And we've established a marine business. And as I said earlier, we're currently out there. We're building four trans shippers. There'll be a fifth one that we're going into the order line up shortly. On the lithium front, again, it's been a pretty good year for us on lithium. Wagena is back online, we're cranking up trains one and two, both of them are running now. We restructured completely the Albemarle deal, which I'll tell you about, and we're doubling production down at Mount Marion, so we're going from 450 to 900,000 tonnes. They're mixed tonnes, which I'll talk about as well. The iron ore, we have got, as of Friday night just passed, finally, it's been, we were talking a little bit earlier, we were heading towards trying to buy that asset about 2013. That's going to pay about one and a quarter billion for it. And I've now been able to secure the majority of that. And we had FID from all our partners, three great partners in there with Bauer Steel, POSCO and AMCI. We also were the winners of the last Cape Size Carrier berth in Port Edland. We got a majority share in that given to us and we used that majority share as currency and then we went and sat down with Hancock and we got a binding deal with them where we're gonna put together a port and rail structure for probably the last forever. And then on the energy front, our fourth arm of the business, We've probably got the largest onshore gas discovery sitting up in the Perth Basin. Sustainability, really important. We've got to grow our business around people. People are everything to us going forward. They are getting more difficult to get and even then when you get them, you've got to keep them. We've developed a fairly amazing work environment in our new head office. We've only been in it for a couple of months, but it's already changed the way people view it, the way they behave. We don't have one single person that wants to work from home anymore. It's fully equipped with a wellness center, medical facilities, a great coffee shop. We're serving over 1,000 meals a day in there, and there's a choice of probably 30 different meals you can have for lunch. There's four or five that you can take home at night. So your wife no longer has to cook. She can trade the kitchen in for about eight bucks a meal. They've got a really high quality offering. So we've got... A large training intake through apprentices, graduate programs, trainees, uni kids. We've got a lot going on on that front and we're exceptionally good at what we do when it comes to training. The safety, we've got a really strongly entrenched culture in the Minres business. If you have a look at our results, we're running over 5,000 people and we're throwing stones at bits of metal pretty much all day long. We haven't had one total recordable injury, sorry, lost time injury over the last 12 months, and our TRIFA rate is at a standard that you would expect an insurance company to have, so the results we're getting there are incredible. Most of these results are a direct result of either the culture that we run in the business in conjunction with all of the training that we do, and we're very heavy on training, That's the result you get out of it. Supporting local indigenous communities has really amped up a lot more over the last couple of years for us. Very, very focused and engaged with the traditional landowners around the Wadger and Onslow project. In terms of community donations, MnRES put nearly $6 million into the community and a different range of donations that we've done, about $1.7 billion spent into the local community and about $10 million spent into the indigenous communities and that's going to grow a lot more over the next couple of years. I think the environment, the mining industry in Western Australia is up there as probably, if it's not the best in the world, it'd be in the top two. The way that we manage the mining, the environment, the land that we're on is almost second to none in the world. I know that we've had some bad press over there for blowing up a cave, but you need to remember that that was the way it was done in those days. They were fully approved and permitted to do what they've done. It's just that the timing got wrong. We generally, I think, I look over rehab ground that we do, when we walk away from it, it's generally a better state than when we found it. There's any doubt about that. We're doing a lot of work around innovative ways on how we can better use water. We've had a lot of success on that. We're using less water now per ton of ore processed, and we're spending quite a bit of money on that going forward. That's becoming really important. If we can get that water usage down, we're also looking hard. We've been working the last couple of years on tailings management, dry stacking and trying to eliminate tails, dams. We're all aiming for a net zero on carbon emissions by 2050. I think the whole world's starting to think we can do a whole lot better than that, and we're trying to look in every area that we can. We're using gas and solar to transition away from diesel. So our focus has been for a couple of years on getting out of burning diesel wherever we can. We're installing solar. Solar's a good friend for us and the regions that we live in. So we can certainly create a lot of power during sunlight hours. and then we're looking at, wherever we can, we're heading down the path of going electric so that we can reduce emissions. The big haul trucks that we're running at Onslow, we're confident by 2025 we'll have them all running electric and that'll get rid of about 120 kilotons of carbon out of the atmosphere. The Wanmana solar that we put up there got rid of 1,800 tons out of the atmosphere. Our new head office already is totally carbon neutral. Wherever we can in those areas, we're working pretty hard to make sure that we can get the right outcomes. So look, I'm gonna pass over to Mark to talk to you about financials and then I'll come back to you.