Full Year 2024 Mineral Resources Ltd Earnings Call Transcript
Key Points
- Mineral Resources Ltd (ASX:MIN) achieved record mining services revenues of $5.3 billion, up 10% year-on-year.
- The company successfully delivered the Onslow Iron project on budget and ahead of schedule, a significant achievement given global supply chain disruptions.
- Mineral Resources Ltd (ASX:MIN) doubled its mining services business, winning more contracts than ever, which is expected to significantly boost future revenues.
- The company has created a robust infrastructure business with long-term contracts, some extending up to 50 years, providing stable and predictable income.
- Mineral Resources Ltd (ASX:MIN) has a strong focus on safety and well-being, ranking in the top 5% of the industry for safety management and statistics.
- The company is facing incredibly low lithium prices, significantly impacting earnings and leading to no final dividend for the year.
- Return on Invested Capital (ROIC) was down to 5.3% for the year, although the company expects improvement as new assets start earning.
- Mineral Resources Ltd (ASX:MIN) is experiencing a downturn in headcount, with plans to reduce staff between now and Christmas.
- The company is pulling back on capital expenditures and production in its lithium operations to conserve cash, which may impact future growth.
- There is significant uncertainty in the market, particularly with lithium prices, making it challenging to predict future financial performance.
Okay. We're good to go. Good morning. Welcome, everyone, to our annual results presentation, you would have got them online last night, analyzed them. We've had a few tips this morning and e-mails, sort of got a feel for where everyone's at.
So look, I'm going to briefly -- I'll briefly run you through where we've been over the year, where we're heading over the next 12 months, there's no five-year outlook at this point in time. We're obviously working through incredibly low lithium prices. Just for the record, no one is making money in this market. Let's be really, really clear on that. There's no lithium companies making money.
We're just battering down for the downturn, while we feel like we're dragging our feet along the bottom at the moment. So we're just going to make sure that we throw everything off the deck as we've done many times. A lot of companies would say that they've been through many cycles, many downturns. We've got a fairly long-term management team, nonetheleast of myself. I've been
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