PERTH – ASX-listed Mineral Resources on Monday announced a $3-billion final investment decision for the Red Hill iron joint venture , which forms part of its Ashburton hub development.
MinRes’ direct ownership at commercial production will be 57%, plus MinRes will have a further 3.3% interest held indirectly through MinRes’ existing 15% shareholding in Aquila’s parent entity, Aquila Resources, resulting in a total effective ownership interest of 60.3%. “I’m delighted that our flagship Onslow iron project has reached this significant milestone.
Meanwhile, MinRes on Monday also reported financial results for a challenging 2022 financial year, with revenues down by 8% on the 2021 figures, to A$3.4-billion, while underlying earnings before interest, taxes, depreciation and amortisation were down 46% to A$1.02-billion.