Annual Report

Legacy of Leadership

Building a Legacy

MinRes has never been afraid to lead the way.

For three decades, we’ve stayed true to our heritage by thinking differently, remaining agile and embracing a passion for innovation to seize new opportunities.

Today, MinRes is one of Australia’s leading pit-to-ship mining services providers with an expanding portfolio of world-class iron ore and lithium projects and an energy business focused on pursuing cleaner, cost-effective power for our operations.

Our success is driven by the hard work and leadership of our people and through the strong relationships we foster with our partners, communities and stakeholders.

This Annual Report celebrates the impact of leadership – from the stewards of the world’s oldest continuing culture to our people, who guide and support MinRes’ ambitious growth strategy every day. Together, we’re building a legacy.

Select images in this report feature in the 2023 Russell James exhibition The Elders: Legacy of Leadership – a collection of portraiture exploring Elders’ history of leadership and innate connection to Country



We acknowledge Aboriginal and Torres Strait Islander People as the first and continuing custodians of the land and waters and in doing so pay respect to Elders past and present.

Aboriginal and Torres Strait Islander readers should be aware this Annual Report may contain images of deceased persons.

"We teach our grandchildren about lore and culture, to pass on our knowledge and keep our traditions and culture alive for future generations."

Anne Hayes | Thalanyii Elder | Pilbara region, WA

Chair's Review

MinRes is cementing itself as an industry leader on the back of the company's desire to think differently, navigate changing operating landscapes and move quickly to seize new opportunities

Chair's Review

MinRes is cementing itself as an industry leader on the back of the company's desire to think differently, navigate changing operating landscapes and move quickly to seize new opportunities.

James McClements | Independent Non-Executive Chair

While our achievements to date are remarkable, MinRes remains as ambitious as ever. We have matured into an ASX 50 company and mapped a transformational pathway that will see us double in size over the coming years and strengthen our reputation as an Australian success story.

I commend Chris Ellison and the executive leadership team for their stewardship and commitment to growing MinRes in a way that stays true to its origins – ambitious and agile – and continuing to demonstrate foresight, assess risk and act in the best interests of our stakeholders.

MinRes continues to demonstrate it has the business model, assets, balance sheet and workforce to bring transformational projects to life across all business pillars and deliver strong and sustained value.

While Western Australia’s mining industry remains the heartbeat of the national economy, our operating environment is becoming increasingly influenced by a range of external factors. These include global market demand, geopolitics, sustainability targets, occupational health and safety obligations, Indigenous cultural heritage and broader stakeholder expectations.

The MinRes Board and executive leadership team understands and accepts our shared responsibility to closely monitor our business and operating environments and proactively engage with government and industry, while continuing to act in the best interests of our stakeholders.

It is my pleasure to help guide MinRes’ continued success and I am excited for all that is ahead for our business, people, communities and shareholders.

Managing Director's Review

The past 12 months have been the most productive in MinRes' history.

Managing Director's Review

The past 12 months have been the most productive in MinRes' history.

Chris Ellison | Managing Director

The theme of this year’s Annual Report is leadership. Every day, MinRes is leading innovation in the sector and across our diverse portfolio, driven by the best leaders in the industry and backed by the next generation who will drive the business for decades.

This leadership has been on display throughout the year – with strong progress on the key projects that are the foundation of our future success.

MinRes is a results-driven business. For 31 years we have consistently delivered outstanding returns by investing in growth, prioritising good people and quality assets, maintaining a strong balance sheet and acting quickly in the best interests of our shareholders.

The past year has been no different. Mining services is our heart and continues to drive innovation and growth across our four business pillars, helping us build leading iron ore, lithium and energy businesses which will write our next chapter as a great Australian company.

MinRes has achieved so much over the past three decades, but the future is looking even brighter. Our hard work today will lead to decades of strong returns for shareholders.

By the middle of next year, both of our world-class lithium mines will be close to full production; our game-changing Onslow Iron project will be generating revenue; our natural gas exploration program will be closer to unlocking cleaner energy for our operations; and our innovative mining services will have more contracts and continue to support the productivity of our business and industry.

This success will be driven by the best people – and the best are joining MinRes. Whether they are MinRes veterans or some of the thousands of new recruits to our business, they’re the leaders writing our next chapter.

Together, we’ll keep writing the story of one of Australia’s great companies.

Financial Overview

Another productive year across all MinRes business pillars supported a strong financial performance in FY23.

Financial Overview

Another productive year across all MinRes business pillars supported a strong financial performance in FY23.

Mark Wilson | Chief Financial Officer and Company Secretary

A pleasing full-year result saw the Group report underlying EBITDA of $1.8 billion, up 71% compared to the prior year.

Operating cash flow of $1.4 billion was up $1.1 billion on the prior year, underpinned by extremely strong conversion of our profits into cash. Total revenue of $4.8 billion was up 40% on the prior year while Return on Invested Capital (ROIC) of 6.7% was impacted by impairments on iron ore assets and continued significant investment in world-class MinRes projects.

This investment is being made in assets with long lives and strong economic fundamentals, which are expected to generate strong future cash flows for the Group. These include the successful Mt Marion lithium plant expansion, preliminary construction of the Onslow Iron project and continued investment in our Energy business which is currently focused on natural gas exploration in the Perth Basin.

As is the case with the broader industry, MinRes was exposed over the year to considerable cost pressures throughout all of its operations, impacting the cost of labour, plant and equipment, and diesel.

The past 12 months have delivered solid performances across all areas of our business and our balance sheet remains in a strong position to support MinRes’ continuing investment in long life assets that will deliver transformational growth.




ROIC (After Tax)





"You can be a good leader if you're able to actually listen. Everybody hears, but how many listen? It's a skill many people don't have."

Tuesday Lockyer | Robe River Kuruma Elder | Pilbara region, WA

MinRes is a leading diversified resources company, with extensive operations in Mining Services, Lithium, Iron ore and Energy across Western Australia.


MinRes is a leading diversified resources company, with extensive operations in Mining Services, Lithium, Iron ore and Energy across Western Australia.


"for me, integrity is important. It means you value treating everyone fairly and honestly at all times. be trustworthy."

Mike Grey | Chief Executive Mining Services

Mining Services

MinRes’ wholly-owned CSI Mining Services (CSI) is a leading provider of innovative and sustainable mining services, supporting MinRes projects and Tier 1 mining clients.

CSI's pit-to-ship mining services offering is unique to the resources industry and spans design, engineering, construction, mining, crushing, processing and haulage. Specialising in build, own and operate projects, CSI provides both capital infrastructure and whole-of-life operational expertise.

Innovation also drives the business' competitive advantage and is key to its continued growth. Key CSI projects progressed this year include the next iteration of its modular crushing plant technology, carbon fibre screen products, shallow-draft transhippers and the world’s first autonomous road trains.

The business' extensive operational and supply chain network is complemented by industry-leading fabrication workshops at Kwinana, Bibra Lake and Hazelmere. These locations support the manufacture of major components including jaw crushers, cone crushers and screens, dump truck trays and excavator buckets support speed to market and maintain control of delivery deadlines.

CSI is industry renowned for its modular NextGen crusher technology – a convenient alternative to higher-cost fixed plants – which offers reduced environmental impact across crushing construction and operations. With capacity ranging from five to 50Mtpa, NextGen crushers deliver significantly lower dust and noise emissions, consume less energy and can be rapidly deployed in remote operations.

In FY23, CSI designed its latest NextGen 3 plant, which has been enhanced to include innovative carbon fibre vibrating screens developed in-house and set to replace traditional steel screens, bringing a host of cost and productivity benefits.

Components are lightweight, corrosion resistant and have a significantly higher structural strength than steel. The first dry carbon fibre screen was completed in Q1 FY23 and successfully installed at the Mt Marion lithium operation in the Goldfields.

Additionally, CSI operates one of the largest and most diverse mobile equipment fleets in the southern hemisphere, including a growing fleet of industry-leading 330-tonne road trains, quad road trains, rail locomotives and wagons. These haulage services are provided for MinRes operations, with capability to service blue-chip clients.

MinRes Marine forms part of the CSI business and has been established to design, build, commission and operate innovative marine assets. The team is leading design and construction of purpose-built transhipper barges for the Onslow Iron project, with the support of naval architects and engineering firms based in Australia and Canada.

"Be genuine, consistent, transparent and honest. These are all fundamental for building trust throughout our business."

Chris Soccio | Chief Executive Iron Ore

Iron Ore

MinRes continues to grow a portfolio of iron ore operations spanning the Yilgarn, Pilbara and Onslow regions.

Despite fluctuating iron ore prices in FY23, MinRes delivered stronger year-on-year iron ore earnings on the back of improved achieved prices from lower product discounts and the reintroduction of lump product in the Yilgarn Hub.

As one of the company’s core commodities, iron ore remains critical to MinRes’ growth strategy and significant work is under way to transition from short-life, high-cost mines to lower-cost, long-life operations.

In 2022, the Koolyanobbing and Carina processing plants were successfully converted to process both lump and fines products, with lump shipments commencing from Q2 FY23. Lump production from Yilgarn increased to 29% and began to realise higher lump premiums as the quality stabilised. MinRes is exploring transforming its Yilgarn Hub from a hematite to magnetite operation, which will extend the life of the operation.

A Phase 1 and Phase 2 drilling program at Koolyanobbing in FY23 helped define the resource potential of an initial mining area footprint and results were promising. During the year, production ramp up at Wonmunna continued and several important milestones were achieved. This included access to the site’s north-east deposits, final stage development of the central pit and a successful stockyard extension.

Central to MinRes’ transition to lower-cost, long-life operations is the Onslow Iron project, an industry-leading initiative set to unlock billions of tonnes of stranded deposits that would otherwise remain undeveloped in the West Pilbara region of Western Australia.

With a mine life of more than 30 years, Onslow Iron will harness MinRes’ innovative and proprietary equipment to process and move bulk commodities at lower costs and with a reduced environmental footprint. This includes approximately 35Mtpa transported by autonomous jumbo road trains on a dedicated haul road and exported by transhippers through the Port of Ashburton.

Significant progress followed throughout the reporting period, including the commencement of preliminary works at the Ken’s Bore mine site. This includes development of a 350-room construction village and airstrip, while in Q4 FY23 regulatory approval allowed mine site construction and mine development work to commence.

At the Port of Ashburton, bulk earthworks have been undertaken and dredging and piling works for the wharf completed. Statutory approvals to commence construction of the haul road and port infrastructure were also received with development now progressing across multiple work fronts.

As Onslow Iron comes to life, so too will a raft of benefits, including employment and business opportunities and a pipeline of community investment.

"Over the years, my desire to understand how things worked changed to a desire to understand how people work and what drives them."

Joshua Thurlow | Chief Executive Lithium


MinRes’ portfolio of world-class lithium assets is growing our position in the global battery supply chain and supporting the world’s clean energy transition.

Since identifying lithium as a target commodity more than a decade ago, MinRes has set about building a portfolio of world class assets that can deliver long-term value for the company and its shareholders.

Today, the company has matured into a globally significant lithium producer with strong strategic partnerships alongside international leaders in the production of lithium battery products.

Our upstream lithium portfolio includes ownership in two of the world’s largest hard rock mines, at Wodgina in the Pilbara region and Mt Marion in the Goldfields region of WA.

The Wodgina lithium operation is one of the world’s largest known hard rock lithium deposits and forms part of an unincorporated joint venture between MinRes and leading battery chemicals producer Albemarle Corporation (Albemarle), known as the MARBL JV.

Production ramp up at Wodgina continued in FY23, with first spodumene concentrate produced from Train 2 in the first quarter. During the same period, Train 3 reached practical completion and now provides additional flexibility to maximise production and optimise recoveries.

This year MinRes and Albemarle also announced amendments to the MARBL JV that simplify commercial arrangements between the two companies and ensure each has the flexibility and focus required to deliver value for their shareholders in an evolving market.

The Mt Marion lithium operation is jointly owned by MinRes (50%) and one of the world’s largest lithium hydroxide producers, Jiangxi Ganfeng Lithium Co. Ltd (Ganfeng) (50%).

During FY23, MinRes progressed the expansion of the processing plant at Mt Marion and completed construction in the final quarter, when commissioning commenced.

In Q4, fluctuating lithium market conditions prompted MinRes to confirm the mutual early termination of its toll treating agreement with Ganfeng to convert Mt Marion spodumene concentrate into lithium battery chemicals, effective 1 June 2023. MinRes will sell its share of spodumene concentrate to Ganfeng at market prices.

This year MinRes also announced promising early results from a major exploration program at Mt Marion, signalling strong exploration potential at depth, along strike and in the surrounding regions.

MinRes remains committed to building a diversified presence in the lithium battery supply chain by maintaining the flexibility to pursue globally diverse downstream opportunities or sell spodumene to global markets, as required.

This year the company remained agile in adapting to changing market and geopolitical conditions – confirming several strategic decisions protecting and supporting its downstream growth strategy. MinRes’ long-term focus is on moving further down the battery supply chain through the development of lithium conversion assets.

"Authenticity instills a sense of trust. You cannot lead a team if people don't believe your messaging."

Darren Hardy | Chief Executive Energy


The MinRes Energy business plays a critical role in locking in a low-cost, long-life energy supply for remote operations while supporting the company’s Roadmap to Net Zero.

Our growing Energy team is focused on exploring new and existing opportunities for conventional natural gas and renewables to provide efficient and cost-effective energy and reduce the company’s dependency on diesel, while also capitalising on downstream opportunities that deliver enduring shareholder value.

As the largest petroleum acreage holder in the onshore Perth Basin and onshore Carnarvon Basin, MinRes works closely with landowners, governments, and industry and community stakeholders to ensure energy opportunities are explored responsibly and safely.

MinRes’ extensive onshore acreage position is complemented by a portfolio of development opportunities, including the significant conventional gas discoveries at Lockyer Deep and North Erregulla, near Mingenew in the Mid West region of Western Australia.

In Q3 FY23, MinRes commenced a new drilling campaign for up to seven wells in the Perth Basin. Drilling of the Lockyer-2 well, located 3.2 kilometres north-east of the 2022 gas discovery at Lockyer Deep-1, was designed to appraise the original discovery.

The primary target for Lockyer-2 – Kingia Sandstone – was reached at 4,347 meters with low levels of background gas evident. While the target reservoir was excellent quality, analysis of wireline logging data indicated the reservoir is water saturated and the aquifer is at a much higher pressure than previously interpreted.

Also in Q2 FY23, the company announced an off-market takeover bid for Norwest Energy (Norwest), a minority joint venture partner in the Lockyer Deep project. By Q4 MinRes had successfully acquired a relevant interest in more than 90% of Norwest shares and immediately exercised its right to compulsorily acquire the remaining Norwest shares.

In Q3 FY23, MinRes commenced drilling at North Erregulla Deep-1 (NED-1), approximately 8.3km south-east of Lockyer Deep-1.

Successful drilling to a depth of more than 4,000 metres uncovered an excellent quality 37m gross reservoir interval and new 3D seismic mapping indicates a substantial gas resource. Initial outcomes suggest the NED-1 structure is a discrete natural gas field, with a well test to be completed in Q1 FY24 to evaluate gas flow rates and gas composition.

Early success at NED-1 is another stride forward in the Perth Basin exploration campaign and, when developed through to production, will form a critical part of the Lockyer Gas Project.

MinRes plans to push ahead with exploration activities across its Perth Basin permits, including additional wells and seismic designed to fast-track appraisal and development studies. When fully developed, it is anticipated the Lockyer Gas Project will secure significant low-cost energy to power MinRes’ operations.

Sustainability Review

MinRes strives to make a difference through our leadership in mining services and operations, encourage responsible business practices, recognise the importance of sustainability and act in a manner that enhances our social licence to operate.

Our Sustainability Approach

As a leading commodities and mining services company, MinRes recognises the importance of sustainable mining practices throughout our business activities.

We incorporate responsible mining principles into our decision-making, strategic planning and risk management processes, and aim create long-term value for our stakeholders.

Below is a summary of our FY23 sustainability performance.

"My obligation and responsibility as an Elder is to impart knowledge to the next generation. That was my destiny."

Len Collard | Whadjuk Noongar Elder | Perth region, WA

Annual Financial Report

All references to ‘Mineral Resources’, ‘MinRes’, ‘the Company’, ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to Mineral Resources Limited (ABN 33 118 549 910) and the entities it controlled, unless otherwise stated.

References in this report to a ‘year’ are to the financial year ended 30 June 2023 unless otherwise stated. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. All references to ‘Indigenous’ people are intended to include Australian Aboriginal and/or Torres Strait Islander people.

Photography by Russell James OAM. Creative direction by Ali Franco.