Mineraal Resourses Fy21

FULL YEAR RESULTS
ANNOUNCEMENT
Wednesday 11 August 2021
Mineral Resources Limited (ASX: MIN) (‘MRL’ or ‘the Company’) is pleased to announce its financial results for the year
ended 30 June 2021 (FY21).
The Company generated underlying earnings before interest, tax, depreciation, amortisation and impairment (Underlying
EBITDA)1 of $1,901 million, up 148% on the prior corresponding period (pcp)2 and underpinned by continued growth in
the Mining Services segment and record iron ore sales volumes and prices.
Underlying net profit after tax (NPAT)1 was $1,103 million, up 230% on pcp. Statutory NPAT was $1,268 million, up 26%
on pcp and includes $33 million of post-tax impairment charges in relation to intangibles, plant and equipment and
inventory.
The Company’s Board of Directors has declared a fully franked final dividend of 175 cents per share. The dividend is
due to be paid on 7 September 2021 to shareholders on the register at 18 August 2021. The final dividend, together with
the interim dividend of 100 cents per share, amounts to a record total fully franked dividend for FY21 of 275 cents per
share.
Highlights of FY21 include:

 Continuing to keep our operations free from COVID-19
 Maintaining a low 12-month rolling Lost Time Injury Frequency Rate (LTIFR) of 0.12 and reducing our Total
Reportable Injury Frequency Rate (TRIFR) to 2.31, an improvement of 30%
 Record tonnes, revenue, profits, and dividends
 Increasing Mining Services production volumes by 20% on pcp
 Exported a total of 17.3 million wet metric tonnes (wmt) of iron ore and 485 thousand dry metric tonnes (dmt) of
spodumene
Mineral Resources Managing Director Chris Ellison said:
This has been a year like no other. The constant threat of COVID-19 has forced us to remain vigilant to keep this highly
contagious virus out of our operations. I must congratulate and thank the entire Mineral Resources team of more than
5,000 men and women for their dedication and buy-in to the measures we had to put in place to protect the employment
and health of our workforce. It exemplifies the can-do attitude of the Mineral Resources family.
“I am proud to say that Mineral Resources has delivered a record year in terms of tonnes produced and shipped, revenue
and profit reported, and dividends declared. The full-year result is the culmination of continued strong growth in our
Mining Services division, which is our Company’s heartbeat, and realises the rewards from our decision to build long-
horizon businesses in iron ore and lithium.
1
In order to provide additional insight into the performance of the business, the Group uses non-IFRS measures such as underlying EBITDA. Reconciliations to IFRS
measures are provided in Note 3 of the financial statements. .
2
Comparison to pcp being the financial year ended 30 June 2020
PAGE | 1
FY21 FULL YEAR RESULTS ANNOUNCEMENT
“This result positions Mineral Resources well to build our business with further significant investment in iron ore in
particular, and seeking additional growth in our Mining Services division through the delivery of highest-quality, value-
adding and innovative solutions for our clients.
“The outlook for Mineral Resources is positive, notwithstanding the impacts related to COVID-19 and the cost pressures
creeping into the West Australian resources sector. Our focus remains on providing a safe and supportive workplace that
attracts and retains the best people in our industry.”
FINANCIAL PERFORMANCE
METRIC FY21 RESULTS COMPARISON TO PCP
Revenue $3.7bn Up 76%
Underlying EBITDA $1.9bn Up 148%
Underlying NPAT $1.1bn Up 230%
Diluted earnings per share (EPS) 673.18cps Up 26%
Dividends declared 275.00cps Up 175%
Operating cash flow3 $1.6bn Up 144%
Capex $745m Up 90%
Cash $1.5bn On par
Net assets $3.2bn Up 41%
Return on invested capital (ROIC) 4 38.6% Down from 49.6%
ENDS
This announcement dated 11 August 2021 has been authorised for release to the ASX by Mineral Resources Limited’s
Board of Directors.
For further information please contact:
JAMES BRUCE PETER KLINGER

Head of Investor Relations Media Relations
Mineral Resources Limited Cannings Purple
T: +61 88 9329 3607 T: +61 (0)411 251 540
E: [email protected] E: [email protected]
About Mineral Resources - Mineral Resources Limited (ASX: MIN) is a Perth-based leading mining services provider, with a
particular focus on the iron ore and hard-rock lithium sectors in Western Australia. Using technical know-how and an innovative
approach to deliver exceptional outcomes, Mineral Resources has become one of the ASX’s best-performing contractors since
listing in 2006.
3
Operating cash flow excludes tax paid of $79m and $333m in FY20 and FY21 respectively on sale of the 60% interest in the Wodgina Lithium Project.
4
ROIC calculated as per FY21 Remuneration Report definition on a rolling 12 month basis.
PAGE | 2
FY21 ANNUAL
FINANCIAL
REPORT
30 June 2021
ABN 33 118 549 910
Mineral Resources Limited
Appendix 4E
Preliminary final report
1. Company details
Name of entity: Mineral Resources Limited

ABN: 33 118 549 910
Reporting period: For the year ended 30 June 2021
Previous period: For the year ended 30 June 2020
2. Results for announcement to the market
$m
Revenues from ordinary activities up 75.7% to 3,733.6
Profit from ordinary activities after tax attributable to the owners of Mineral Resources
Limited up 26.5% to 1,269.7
Profit for the year attributable to the owners of Mineral Resources Limited up 26.5% to 1,269.7
Comments
A commentary on the results for the period is contained within the Financial Report as well as the Media Release that
accompanies this announcement.
3. Net tangible assets
Reporting Previous
period period
Cents Cents
Net tangible assets per ordinary security 16.55 11.78
4. Dividends
Cents Franked % $m
2021 Financial Year final dividend – declared 11 August 2021 175.00 100% 329.4
2021 Financial Year interim dividend – paid 10 February 2021 100.00 100% 188.6
2020 Financial Year final dividend – paid 15 September 2020 77.00 100% 144.6
2020 Financial Year interim dividend – paid 26 March 2020 23.00 100% 43.4
Record date for determining entitlements to the 2021 final dividend 18 August 2021
Payment date for the 2021 final dividend 7 September 2021
1
Appendix 4E
Preliminary final report
5. Dividend reinvestment plans
The following dividend or distribution plans are in operation:
Shareholders are able to elect to participate in the following Dividend Reinvestment Plan (DRP) for the final dividend:
Date of final dividend declaration 11 August 2021
Record date for determining entitlements to the final dividend 18 August 2021
Closing date for election to participate in the DRP 23 August 2021
Closing date for calculation of DRP share issue price, based on the Volume 25 August 2021
Weighted Average Price (VWAP) for Mineral Resources Limited shares
sold on the ASX in the five business days following record date (rounded to
the nearest whole cent)
DRP discount to be applied None
DRP to be underwritten No
Payment date for final dividend/issue of shares under the DRP 7 September 2021
DRP share ranking with existing Mineral Resources Limited shares Equally in all respects
Date by which DRP participant’s holdings will be updated with additional 7 September 2021
shares issued under the DRP
7. Audit qualification or review
The financial statements have been audited and an unmodified opinion has been issued.
2
Corporate directory
30 June 2021
Directors Peter Wade

Chris Ellison
James McClements
Kelvin Flynn
Susan Corlett (appointed 4 January 2021)
Xi Xi
Company secretaries Mark Wilson

Derek Oelofse
Registered office 1 Sleat Road

Applecross WA 6153
P: + 61 8 9329 3600
F: + 61 8 9329 3601
Postal address: Locked Bag 3, Canning Bridge, Applecross WA 6153
Principal place of business 1 Sleat Road

Applecross WA 6153
Share register Computershare Investor Services Pty Limited

Level 11, 172 St Georges Terrace
Perth WA 6000
P: + 61 8 9323 2000
F: + 61 8 9322 2033
www.computershare.com/au
Auditor RSM Australia Partners

Level 32 Exchange Tower
2 The Esplanade
Perth WA 6000
P: + 61 8 9261 9100
F: + 61 8 9261 9111
www.rsm.com.au
Bankers National Australia Bank

100 St Georges Terrace
Perth WA 6000
www.nab.com.au
Stock exchange listing Mineral Resources Limited shares are listed on the Australian Securities Exchange
(ASX: MIN)
Website www.mrl.com.au
3
Contents
30 June 2021
Directors’ report 5
Auditor's independence declaration 56
Income statement 57
Balance sheet 58
Statement of changes in equity 59
Statement of cash flows 60
Notes to the financial statements 61
Directors' declaration 116
Independent auditor's report to the members of Mineral Resources Limited 117
General information
The financial statements cover Mineral Resources Limited as a group consisting of Mineral Resources Limited (the
'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year (the 'Group'). The financial
statements are presented in Australian dollars, which is the Group's functional and presentation currency.
Mineral Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its
registered office and principal place of business is:
1 Sleat Road
Applecross WA 6153
A description of the nature of the Group's operations and its principal activities are included in the notes to the financial
statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 11 August 2021.
4
Directors' report
30 June 2021
The directors present their report, together with the financial statements, for the year ended 30 June 2021.
Directors
The following persons were Directors of Mineral Resources Limited during the whole of the financial year and up to the
date of this report, unless otherwise stated:
Peter Wade
Chris Ellison
James McClements
Kelvin Flynn
Susan Corlett (appointed 4 January 2021)
Xi Xi
Principal activities
During the financial year, the principal continuing activities of the Group consisted of the integrated supply of goods and
services to the resources sector.
Dividends
Cents Franked % $m
2021 Financial Year final dividend – declared 11 August 2021 175.00 100% 329.4
2021 Financial Year interim dividend – paid 10 February 2021 100.00 100% 188.6
2020 Financial Year final dividend – paid 15 September 2020 77.00 100% 144.6
2020 Financial Year interim dividend – paid 26 March 2020 23.00 100% 43.4
Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Group during the financial year.
Review of operations
Financial performance
The Group generated underlying earnings before interest, tax, depreciation and amortisation (EBITDA)1 of $1,901 million
for the financial year ended 30 June 2021 (FY21). Underlying EBITDA was up $1,135 million (148%) on the prior
corresponding period (pcp), underpinned by continued growth in the Mining Services segment and record iron ore sales
volumes and prices.
Underlying net profit after tax (NPAT) was $1,103 million, up $769 million (230%) on pcp. Statutory NPAT was $1,268
million, which was up $265 million (26%) on pcp and includes a net post-tax fair value unrealised gain of $161 million on
listed investments, a net post-tax $36 million unrealised foreign exchange gain on the Group’s US$ denominated notes and
cash holdings, and ($33) million of post-tax impairment charges in relation to intangibles, plant and equipment and
inventory.
Group revenue for FY21 was $3,734 million, up $1,609 million (76%) on pcp. This strong performance was driven by
continued growth in our Mining Services business with volumes up 20%, iron ore exports growing by 23% as well as
spodumene exports increasing by 23%.
Volatility in commodity prices saw iron ore prices continuing to climb during the year with the Platts Iron Ore 62% Fines
Index (Platts) strengthening 66% to average US$155 per dry metric tonne, whilst the average realised lithium spodumene
price for the year came to $535 per dry metric tonne, a reduction of $82 per dry metric tonne (13%) on pcp.
1
In order to provide additional insight into the performance of the business, the Group uses non-IFRS measures such as underlying EBITDA.
Reconciliations to IFRS measures are provided in Note 3 of the financial statements.
5
Directors' report
30 June 2021
The Directors have resolved to distribute a fully franked final dividend of $1.75 per ordinary share; declared on 11 August
2021 for shareholders as at 18 August 2021 to be paid on 7 September 2021. Inclusive of the fully franked interim dividend
of $1.00 per ordinary share paid in February 2021, total dividends declared in respect of FY21 amount to a record $2.75
per ordinary share, an increase of 175% on pcp.
Operational performance
Mining Services
Mining Services EBITDA of $464 million was $105 million (29%) higher than pcp, and Mining Services revenue (internal
and external) of $1,750 million was $475 million (37%) higher than pcp.2
Growth in Mining Services revenue and EBITDA was primarily driven by continued growth in operations at the Yilgarn and
Utah Point hubs, along with new external contracts. Mining Services achieved a margin of 27%, slightly down from 28% in
pcp, impacted by higher costs amidst labour pressures in the market.
Commodities
Commodities in FY21 performed strongly, with record export tonnes and strong iron ore prices.
The Group’s commodity export volumes in the period were as follows:
Commodity exports 1H20 2H20 FY20 1H21 2H21 FY21
IRON ORE ('000 wet metric tonnes)

Utah Point Hub 3,590 3,106 6,696 2,934 3,835 6,769
Yilgarn Hub 3,158 4,221 7,378 4,979 5,526 10,505
Total Iron Ore 6,748 7,327 14,074 7,913 9,361 17,274
SPODUMENE ('000 dry metric tonnes)

Mt Marion1 188 206 394 203 282 485
1
Volumes presented as 100% for the Mt Marion Lithium Project. MRL operates 100% of the project, in which it owns a 50% interest.
Iron Ore
The Group operates two iron ore hubs being the Utah Point Hub and the Yilgarn Hub, both in Western Australia.
Iron Ore produced an EBITDA of $1,537 million, $1,058 million higher than pcp, reflecting higher prices and increased
tonnes shipped following strong market conditions, partially offset by increased royalties and haulage costs due to labour
constraints in the market.
Iron Ore revenue of $3,057 million was $1,504 million (97%) higher than pcp. Record iron ore exports achieved in FY21 of
17.3 million wet metric tonnes were 23% higher than pcp as a result of the growth in the Yilgarn Hub as well as the Utah
Point Hub with Wonmunna commencing exports in 2H21.
The Group’s average iron ore price achieved for FY21 was $177 per wet metric tonne (US$142 per dry metric tonne), an
increase of 60% on the pcp, driven by strong Platts pricing during the year.
Mt Marion Spodumene
The Mt Marion Lithium Project is operated by the Group under a life-of-mine Mining Services contract and is a joint project
between the Group (50%) and one of the world’s largest lithium producers, Jiangxi Ganfeng Lithium Co. Ltd. (Ganfeng) (50%).
Mt Marion produced an EBITDA of $7 million for the Group, compared to $16 million pcp, which reflected a reduction in sales
prices due to market conditions. This has been offset by an improvement in yields, with costs decreasing by 6% on pcp and
export volumes increasing to a record 485 thousand wet metric tonnes in FY21, 23% up on pcp.
2
Mining Services less Construction underlying EBITDA is $457 million (pcp: $371 million).
6
Directors' report
30 June 2021
MARBL JV
MARBL JV is an unincorporated joint venture between the Group (40%) and Albemarle Corporation (Albemarle) (60%)
through which the Group holds an interest in the Wodgina Lithium Project and two trains of the Kemerton Lithium
Hydroxide Plant.
The Wodgina Lithium Project, located in the Pilbara, remained on care and maintenance during FY21. The MARBL JV
regularly reviews market conditions with a view to resuming spodumene concentrate production as and when required and
as driven by market demand.
Construction by Albemarle of the 50ktpa Kemerton Lithium Hydroxide Plant, near Bunbury in the South West, continued
during the year and is expected to be producing first samples of battery grade lithium hydroxide by the end of calendar
year 2021.
Cash and capital management

At 30 June 2021, the Group continues to maintain a strong balance sheet and held cash and cash equivalents of $1,542
million (30 June 2020: $1,522 million). In addition to its 30 June 2021 cash holdings, the Group has access to substantial
undrawn debt facilities to support business development activities ($331million as at 30 June 2021).
Net cash from operating activities before interest and tax of $1,970 million in FY21 was up $1,175 million on pcp, reflecting
a strong underlying EBITDA during the year. Tax paid of $584 million includes $333 million for tax on the Wodgina
transaction, paid as part of the Group’s FY20 tax return instalment.
Net cash used in investing activities of $816 million in FY21 represented an increase of $1,660 million on pcp, which
included cash proceeds from completion of the sale of a 60% interest in Wodgina to Albemarle.
FY21 was a year of significant investment in growth, with capital expenditure of $745 million including:
 Development of Wonmunna for Utah Point Hub
 Increasing Yilgarn Hub production
 New external Mining Services plants constructed to support new contracts
 Investment in a new head office for the Group
7
Directors' report
30 June 2021
Matters subsequent to the end of the financial year

The following significant events have arisen since the end of the financial year.
Dividend
On 11 August 2021, the directors declared a final fully franked dividend for the year ended 30 June 2021 of $1.75 per
share to be paid on 07 September 2021, a total estimated distribution of $329.4 million based on the number of ordinary
shares on issue as at 18 August 2021.
COVID-19 pandemic
During FY21 the Group continued with its proactive implementation of a range of measures and adaptations to its
operations in response to the COVID-19 pandemic. However, border closures and lockdowns following COVID-19
outbreaks around Australia continue to impact MRL operations, primarily through the forced curtailment of staff movements
from inter-state and overseas. This impacts the Group’s ability to transport iron ore from its operations as the shortage of
road train drivers constrains the movement of materials.
During FY21 MRL continued COVID-19 testing checks as part of the fit-for-work regime for all Fly In Fly Out (FIFO)
workers as and when required. In addition, the Group maintains its ability, through MinRes Health, to rapidly re-activate
these testing services, thereby benefitting the Group and the wider Resources Industry and general community in Western
Australia. Importantly, MinRes Health testing facilities are able to be re-commissioned within approximately 12 hours of a
public health notification of a positive COVID-19 case in Western Australia. Despite these measures, the challenges
presented by COVID-19 are fluid and continue to change; it is therefore not practical to estimate the potential impact of
COVID-19 after the reporting date. The Group will continue to assess its response to the COVID-19 pandemic on an
ongoing basis.
Red Hill Iron Limited

On 30 July 2021 the Company reached agreement with Red Hill Iron Limited (ASX: RHI; Red Hill Iron) to acquire RHI’s
40% participating interest in the Red Hill Iron Ore Joint Venture (RHIOJV) in the West Pilbara region of Western Australia.
(ASX: MIN 30/07/2021). The proposed acquisition of the RHIOJV interest aligns with MRL’s strategy to expand its mineral
resources around the Ashburton Hub to underpin a long-term, sustainable iron ore export business. The transaction is
conditional on RHI obtaining shareholder approval. MRL will pay RHI $200m, out of existing cash resources, on completion
of the acquisition of the RHIOJV interest and a further $200m in cash when the first commercial shipment of iron ore
extracted from the RHIOJV tenements departs port. In addition, MRL will pay RHI a royalty of 0.75% of “Free on Board”
(FOB) revenue on all iron ore that is extracted and sold from the RHIOJV tenements and from MRL’s Bungaroo South
tenement, provided Bungaroo South is developed in association with the development of the RHIOJV tenements. MRL
expects the acquisition of the RHIOJV interest to complete around early September 2021.
No other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Likely developments and expected results of operations

Information on likely developments in the operations of the Group and the expected results of operations have not been
included in this report as the Directors believe it would be likely to result in unreasonable prejudice to the Group.
Environmental regulation
The Group is subject to environmental regulation of its operations, including exploration and mining activities. The Directors
are not aware of any significant known breaches of environmental regulations to which the Group is subject.
The Group is registered under the National Greenhouse and Energy Reporting Act 2007, under which it is required to
report annual energy consumption and greenhouse gas emissions for its Australian facilities. The Group has systems and
processes in place for the collection and calculation of data. Further information on the reporting and results under the Act
can be found on the Group’s website.
8
Directors' report
30 June 2021
Information on Directors
Name: Peter Wade

Title: Non-Executive Chair
Appointment: 27 February 2006
Qualifications: BE (Hons), LGE
Experience and expertise: Peter has over 46 years of experience in engineering, construction, project
management, mining and infrastructure services. He started his career with the NSW
Public Service managing the construction of significant infrastructure projects in NSW
including the Port Kembla coal loader and the grain terminals at Newcastle and
Wollongong and was also the Deputy Director for the Darling Harbour Redevelopment
construction project.
Following his period of employment with the NSW Public Service, Peter joined the
executive team of the Transfield Group. Throughout the 1980s and 1990s he was
General Manager of Sabemo Pty Ltd, Transfield Construction Pty Ltd, and Transfield
Power Technologies and subsequently became Transfield Chief Operations Officer
(Southern). During this period Peter was responsible for significant build, own, operate
projects including the Melbourne City Link, the Airport Link, the Northside Storage
Tunnel and the Collinsville and Smithfield Power Plants.
Peter became Managing Director of Crushing Services International Pty Ltd and PIHA
Pty Ltd in 1999, and subsequently Process Minerals International Pty Ltd in 2002 (now
wholly owned subsidiaries of Mineral Resources Limited). He managed the companies
through a sustained period of growth and development prior to the formation and listing
of Mineral Resources Limited in 2006 at which time he was appointed Managing
Director of the Group. He was subsequently appointed Executive Chair in 2008 and
Non-Executive Chair in 2012.
Other current directorships: None
Former directorships (last 3 years): SRG Global Limited (ASX: SRG) (resigned 26 November 2019)
Special responsibilities: Chair of Board of Directors
Interests in shares: 348,498
Interests in options: None
Name: Chris Ellison

Title: Managing Director
Appointment: 27 February 2006
Experience and expertise: Chris is the founding shareholder of each of the three original subsidiary companies
of Mineral Resources Limited (Crushing Services International Pty Ltd, PIHA Pty Ltd
and Process Minerals International Pty Ltd). He has over 40 years of experience in
the mining contracting, engineering and resource processing industries within
Australia.
Since 2013, Chris has also served as Honorary Consul for New Zealand within Western
Australia.
Former directorships (last 3 years): None
Special responsibilities: Managing Director
Interests in shares: 22,922,980
9
Directors' report
30 June 2021
Name: James McClements

Title: Lead Independent Non-Executive Director
Appointment: 29 May 2015
Qualifications: B Econ (Hons)
Experience and expertise: James has 35 years of experience in the mining industry as a banker and fund manager
financing projects globally. He was raised and educated in the Pilbara region of
Western Australia and began his professional career with BHP Limited before joining
Standard Chartered Bank in Perth and N.M. Rothschild & Sons in Sydney then Denver.
James also spent 11 years in the USA and co-founded Resource Capital Funds during
that time.
James is currently the Managing Partner of RCF and has extensive Board experience
having served as a Director of 12 RCF portfolio companies.
Special responsibilities: Chair of Remuneration Committee
Member of the Audit and Risk Committee (May 2015 to January 2021)
Member of Nomination Committee

Name: Kelvin Flynn

Title: Independent Non-Executive Director
Appointment: 22 March 2010
Qualifications: B Com, CA
Experience and expertise: Kelvin is a qualified Chartered Accountant with over 30 years of experience in
investment banking and corporate advisory roles, including private equity and special
situations investments in the mining and resources sector. He has held various
leadership positions in Australia and Asia, having previously held the position of
Executive Director/Vice President with Goldman Sachs and Managing Director of
Alvarez & Marsal in Asia. He has worked in complex financial workouts, turnaround
advisory and interim management.
Kelvin is the Managing Director of the specialist alternative funds manager Harvis,
which focuses on investments in the real estate and real assets sectors. Kelvin is
currently a Non-Executive Director of Silver Lake Resources Limited.
Other current directorships: Silver Lake Resources Limited (ASX: SLR)
Special responsibilities: Chair of Audit and Risk Committee
Member of Nomination Committee
Member of Remuneration Committee
10
Directors' report
30 June 2021
Name: Susan Corlett

Appointment: 4 January 2021
Qualifications: BSc (Geo, Hons), FAusIMM, GAICD
Experience and expertise: Susie Corlett is a professional non-executive director following a 25 year executive
career spanning mine operations, investment banking and private equity. Susie is
currently non-executive director of Mineral Resources Ltd, Iluka Resources Ltd,
Aurelia Metals Limited, a director of The Foundation for National Parks and Wildlife
and a Trustee of the Australian Institute of Mining and Metallurgy (AusIMM) Education
Endowment Fund.
Originally a geologist, Susie has a background in mining operations and mineral
exploration. During her executive career, she was an Investment Director for global
mining private equity fund and worked in mining credit risk management and project
finance for Standard Bank Limited, Deutsche Bank and Macquarie Bank.
Susie has a track record of delivering significant value to stakeholders through the
deployment of growth strategies, oversight of capital allocation, project execution and
operational excellence. Her career success has been underpinned by sound
commercial judgement, strong risk management skills and a long standing
commitment to diversity, inclusion, shared values and sustainability.
Susie’s qualifications include a Bachelor of Science (Hons. Geology) from the
University of Melbourne. Susie is a Graduate of the Australian Institute of Company
Directors and Fellow of the AusIMM. Susie is a member of Chief Executive Women.
Susie is an active mentor to female leaders in the natural resources industry through
AusIMM Women in Mining and to disadvantaged youth through the David Burgess
Foundation.
Other current directorships: Iluka Resources Limited (ASX: ILU)
Aurelia Metals Limited (ASX: AMI)
Special responsibilities: Member of Audit and Risk Committee
Member of the Nominations Committee
Member of Remuneration Committee
Name: Xi Xi
Appointment: 11 September 2017
Qualifications MA in International Relations (China Studies & International Finance) from Johns
Hopkins University, and holds a double BS in Chemical Engineering & Petroleum
Refining, as well as Economics, from the Colorado School of Mines
Experience and expertise: Xi Xi has over 20 years of experience in the global natural resources sector having
served as a director of Sailing Capital, a US$2 billion private equity fund founded by
the Shanghai International Group in 2012. She has worked with numerous Chinese
state owned and privately owned enterprises, advising on international acquisitions and
investments overseas. Xi Xi has previously served as an analyst and portfolio manager
for the Tigris Financial Group (Electrum) in New York, focused in the oil and gas and
mining sector. Xi Xi currently serves as a non-executive director of Zeta Resources, a
closed-end investment company with a broad portfolio of oil and gas, as well as mining
assets.
Former directorships (last 3 years): Galaxy Resources Limited (ASX: GXY) (ceased 11 September 2017)
Special responsibilities: Chair of Nomination Committee
Member of the Audit and Risk Committee (joined January 2021)
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
11
Directors' report
30 June 2021
'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities and
excludes directorships of all other types of entities, unless otherwise stated.
'Interest in shares' quoted above are as at the date of this report.
Company secretaries
Mark Wilson joined Mineral Resources Limited as Chief Financial Officer in August 2018, and was subsequently
appointed as Company Secretary on 19 October 2018. Mark is an experienced senior executive with a strong track record
in development and implementation of business strategy, balance sheet management, organisational design, project
management, and transaction execution. Mark has held senior positions in a number of Australian and international
companies, including Laing O’Rourke, Multiplex and Brookfield Multiplex. Mark holds a Bachelor of Commerce (Finance)
and Bachelor of Laws from the University of New South Wales, and has a Graduate Diploma in Applied Finance and
Investment from the Securities Institute of Australia (FINSIA).
Derek Oelofse has over 35 years financial and commercial management experience in large private, governmental and
listed entities based within Australia, South Africa and the United Kingdom. Derek has a Bachelor of Accounting and
Bachelor of Commerce degree from the University of the Witwatersrand in South Africa, a Master of Business
Administration from Henley Management College in the United Kingdom, and is a Fellow of the Institute of Chartered
Accountants Australia and New Zealand. Derek joined Mineral Resources Limited in 2012 as Group Financial Controller
and was appointed joint Company Secretary on 4 October 2018.
Meetings of directors
The number of meetings of the Company's Board of Directors (the Board) and of each Board committee held during the
year ended 30 June 2021, and the number of meetings attended by each director while they were a member of the
Board/committee were:
Audit & Risk

Full Board Committee Remuneration Committee Nomination Committee
Attended Held Attended Held Attended Held Attended Held
Peter Wade1 13 13 2 4 1 4 2 2
Chris Ellison 13 13 n/a n/a n/a n/a n/a n/a
James 13 13 2 4 4 4 2 2
McClements2
Kelvin Flynn 13 13 4 4 4 4 2 2
Susan Corlett3 7 7 2 2 2 2 1 1
Xi Xi 13 13 2 4 n/a n/a 2 2
1
Peter Wade served as an interim member of the Audit and Risk Committee and Remuneration Committee from July
2020 through to January 2021; prior to the appointment of Susie Corlett as a Committee member.
2
Rotated off of the Audit and Risk Committee in January 2021.
3
Joined Audit and Risk Committee and Remuneration Committee in January 2021.
All Non-Executive Directors are members of the Nominations Committee.
12
Directors' report
30 June 2021
Remuneration report (audited)

Letter from the Remuneration Committee Chair
Dear Shareholder,
I am pleased to present the 2021 Financial Year (FY21) Remuneration Report (Remuneration Report) for Mineral
Resources Limited (MRL, the Group or the Company) on behalf of the Remuneration Committee (the Committee).
Significant engagement has been undertaken with investors and Proxy Advisors in recent years as we developed a new
remuneration framework suited to the Group’s strategy. The Committee has been pleased with shareholder support for the
Company’s remuneration strategy and structures following the substantial changes to remuneration structures first
announced in the 2019 Remuneration Report and effective from the 2020 Financial Year (FY20).
FY21 has again been a very successful year for the Company with considerable operational success achieved, despite
COVID-19 constraints. The year saw record iron ore shipments, coupled with an expansion of operations in our Utah Hub
with the successful acquisition, development and commissioning of the new Wonmunna Iron Ore Mine. Our Yilgarn Hub
was also expanded through the development of new mining regions that will ensure greater operational flexibility. Mining
Services volumes increased, in part through the installation and commissioning of the first instance of our new second
generation Next Gen crushing plants. Lithium production at Mount Marion was maintained, whilst costs were contained in a
challenging economic environment for lithium. Construction by Albemarle Corporation (NYSE: ALB) (Albemarle) of the
50ktpa Kemerton Lithium Hydroxide Plant continued in the year, and mechanical completion of the first 25ktpa train is due
by the end of this calendar year.
FY21 remuneration outcomes were driven by the significant growth in the business. Mining Services activity increased by
20% and the Commodities business delivered a pleasing growth in shipped tonnes of 23%. These increases combined with
a high iron ore price to generate a record underlying profit after tax of $1.1 billion, up 230% on the prior year. During FY21,
the Company’s market capitalisation increased by 155%, net assets increased by 41% and revenue from normal operations
increased by 76%. The Company was included in the ASX 100 index on 21 December 2020. Most notably, the Company
has continued both to lead the industry in its response to operational challenges created by the COVID-19 pandemic and to
improve its industry-leading safety performance, despite its workforce growing by 39% in FY21.
The Company’s strong focus on sustainability continued in FY21, with the adoption of a commitment to achieve net zero
carbon emissions by 2050. To achieve this, the Company needs to establish an effective transition pathway from the
consumption of diesel fuel, currently a key source of energy for its operations. Natural gas has a critical role to play in this
transition, and the Company is progressing its search for gas resources in the Perth Basin and Northern Carnarvon Basin.
Likewise, the Company’s focus on innovation continued unabated in FY21, with the development of carbon fibre screening
trays that will both reduce energy consumption and increase longevity of critical screening components.
The changes implemented in FY20 to the remuneration strategy and structures have assisted to ensure retention of the
Company’s senior leadership group. During a period of considerable change within the mining and mining services
industries, this stability has enabled positive cultural change to be effected, with an increased focus on mental and physical
health and wellbeing. This change, in turn, has provided a platform to attract outstanding talent to strengthen the
Company’s capability, and this is essential to the foundation of our business to support the substantial growth ahead of us
in a highly competitive market.
Given both this success and continued shareholder support for the remuneration strategy and structures that became
effective in FY20, there have been no changes to our overall executive remuneration structure in FY21.
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Remuneration report (audited) (continued)
Changes to Executive remuneration
No changes were made to the remuneration in FY21 of the Managing Director, Chief Financial Officer or Chief Executive,
Mining Services. The Fixed Annual Remuneration (FAR) for the Chief Executive – Commodities was revised in FY21, to
align with the Chief Executive – Mining Services.
Following the Company’s substantial growth in recent years, the Remuneration Committee updated the group of
Comparator Businesses used to benchmark the Company’s remuneration structures. Details of the revised Comparator
Businesses are included in the body of the Remuneration Report (see Section 3.3).
The Managing Director’s FAR is now around the 25th percentile of the Comparator Businesses, with more remuneration ‘at
risk’ and able to be earned only through performance. On target total remuneration sits around the 63rd percentile.
Changes to Non-Executive Director remuneration

Following approval by members at the November 2020 Annual General Meeting for a Director Fee Pool increase, the Board
recommended a change to the Non-Executive Director (NED) fee structure. These changes represent the first change to
this structure since FY15, and include the introduction of board committee fees to recognise the significant workload
inherent in service on these committees, and an increase in base fees for the Chair and Board members. The changes
reflect the Company’s increasing scale and scope with additional responsibilities incumbent on the Board as areas of
governance risk (such as sustainability) become more complex and have a greater impact on company perception and
market performance. In addition, as the Board renews and expands over the coming years, these changes maintain the
Company’s ability to attract suitably qualified and experienced directors.
FY21 outcomes and alignment

FY21 has been an exceptional year for the Company, with a record operating result for shareholders. The result was
delivered despite intense labour shortages that resulted from the State and Federal Government’s COVID-19 border
restrictions. Not only was the Company able to expand operations as outlined above, over the period, MinRes Health
facilitated over 89,000 COVID-19 tests of the Group’s employees along with employees of 60 other companies operating in
the Western Australian resources and extractive industries. This unique capability played a key role in ensuring continued
production and delivery to end-customers over the year, while also supporting the wellbeing of the broader industry.
In such circumstances, the Committee is pleased that the incentive programmes in place have assisted in delivering
outstanding results for Shareholders, and short-term incentives have been awarded ranging from 84% of maximum for the
Managing Director, to 93% for the remaining Key Management Personnel (KMP).
Consistent with the design of the Short Term Incentive (STI) programme, a significant portion of rewards will be deferred for
up to two years and settled in equity, to further align management and shareholder interests. Further detail of these
outcomes can be found in Section 5 of the Remuneration Report.
Under the current LTI programme the Long Term Incentive (LTI) of each KMP executive will be paid in full only if the four-
year average ROIC exceeds 18%, with FY21 being the first of those four years. In other words, the LTI programme will
make significant rewards to KMP only if the strong performance persists, irrespective of commodity cycles.
FY21 saw LTI grants made in FY18 under an earlier LTI scheme vest and become unrestricted based on the Company’s
38.6% ROIC performance, which was well over the 12% threshold required for vesting under the FY18 LTI plan.
In conclusion, we are satisfied that the FY21 remuneration outcomes reflect and support the Company’s strategic and
financial performance.
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Our Chair Peter Wade, our Head of Investor Relations James Bruce, and I once again met with a number of Institutional
Investors and Proxy Advisors over the last few months. It was pleasing to note the high level of continued support at these
sessions for the Group’s remuneration arrangements. This feedback is sincerely appreciated, and we continue to value any
further feedback you may have in this regard.
I invite you to review the full report laid out over the following pages, and thank you for your interest in our Company.
Yours faithfully
James McClements
Lead Independent Non-Executive Director
Chair, Remuneration Committee
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Remuneration report contents

This Remuneration Report forms part of the Directors’ Report for the year ended 30 June 2021 and has been audited in
accordance with section 300A of the Corporations Act 2001.
The report addresses the following key areas:
1. Key Management Personnel
2. Remuneration governance
3. Remuneration strategy
4. Remuneration framework for FY21
5. Remuneration outcomes for FY21
6. Key changes to remuneration for FY22
7. Summary of KMP employment conditions
8. KMP statutory remuneration schedules
9. Share rights granted, vested and potential future vesting
10. Equity instruments held by KMP
11. Transactions with related parties
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1. Key Management Personnel
Key Management Personnel (KMP) comprise those persons that have responsibility, authority and accountability for
planning, directing and controlling the activities of the entity, directly or indirectly, including any director of that entity. In this
report, a reference to an “Executive" or "Executives” is a reference to a KMP, including the Managing Director.
The following table outlines the KMP of the Group during the whole of FY21 and up to the date of this report, unless
otherwise stated:
Executive KMP
Current
Chris Ellison Managing Director
Paul Brown Chief Executive – Commodities
Mike Grey Chief Executive – Mining Services
Mark Wilson Chief Financial Officer and Company Secretary
Non-Executive KMP
Current
Peter Wade Non-Executive Chair
Kelvin Flynn Non-Executive Director
James McClements Lead Independent Non-Executive Director
Xi Xi Non-Executive Director
Susan Corlett Non-Executive Director (appointed on 4 January 2021)
2. Remuneration governance
2.1 Remuneration Committee Independence

The Remuneration Committee continued to be comprised solely of independent Non-Executive Directors (NED):
 James McClements, Committee Chair
 Kelvin Flynn, Committee Member
 Susan Corlett, Committee Member (appointed 4 January 2021)
The third position on the Remuneration Committee, vacant in FY20 has since been replaced by Susan Corlett. Peter Wade
assisted in this role for the first half of FY21.
2.2 Role of the Remuneration Committee

The Remuneration Committee advises the Board on KMP remuneration by performing the following functions:
 making recommendations to the Board on remuneration structure, practices, policy and quantum for the Managing
Director (MD), KMP, and NEDs
 determining the eligibility, award and vesting of Short Term Incentives (STI) and Long Term Incentives (LTI); and
 providing oversight of company diversity and gender pay equity and recommendations to the Board on appropriate
targets.
The Remuneration Committee convened regularly throughout FY21 and invited senior management and external
consultants’ input as required. In addition, our Chair, Head of Investor Relations, and the Chair of the Remuneration
Committee conducted a number of engagements with Proxy Advisors and Institutional Investors in FY21 to assess
feedback and obtain comments on their views relating to the remuneration levels and current structures.
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2.3 External and independent advice

As with previous years, the Remuneration Committee engaged the services of independent external consultants to provide
insights on KMP remuneration trends, regulatory and governance updates and market data.
No remuneration recommendations as defined in Section 9B of the Corporations Act 2001 were obtained during FY21.
3 Remuneration strategy
3.1 The context in which we set our remuneration strategy
The remuneration framework is designed to support the Company’s vision to be recognised as a great Australian company
that:
 is a leading provider of innovative and sustainable mining services;
 provides innovative and low-cost solutions across the mining infrastructure supply chain;
 operates with integrity and respect; and
 works in partnership with our clients, our customers, our people and our community to achieve these objectives.
To create wealth for shareholders, we task our management team with employing the capital entrusted to them to sustain
attractive rates of return, that is, exceeding the long-term returns that could be achieved elsewhere at comparable levels of
risk.
The Board has approved a strategy to deliver on this objective comprising:
 a core business as a mining services contractor;
 an owner and operator of mining-related infrastructure;
 an acquirer of significant profit share stakes in mineral projects with rights to operate the associated mines, for
longer-term sustainability, higher capital efficiency and lower risk including from diversification;
 recycling of capital; and
 a flexible balance sheet to fund organic growth for mining services and mining infrastructure businesses, while
retaining a level of agility for opportunistic growth opportunities as they arise.
The ability to execute this strategy innovatively, sustainably and in a way that creates attractive returns for shareholders is
highly dependent on the quality of the Company’s culture, management and workforce.
The difficulty of attracting and retaining executives of the necessary calibre to realise the above vision and strategy varies
depending on the current phase of Australia’s resources industry. Presently, industry demand for executive talent is strong.
This requires the Company to have adequate and effective retention mechanisms in place (such as the STI deferral
arrangements introduced in FY20) to ensure the company retains experienced and competent employees who are capable
of innovating to promote growth, ultimately leading to attractive long-term rates of return. The Company’s requirement that
each of its KMP be an outperformer in terms of innovation and agile thinking is reflected in the low ratio between the
Managing Director and direct report fixed remuneration, also reducing succession risk.
Long-term sustainable growth of the Company is promoted within the framework by the delivery of a significant portion of
remuneration in equity, and equity holdings of the equivalent of at least one year’s FAR for KMP, assisting in aligning the
senior leadership team’s interest with shareholders’ interests.
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3.2 Remuneration principles

The following principles guide the Company’s KMP remuneration decisions:
 fairness and impartiality;
 transparency;
 promotion of a direct link between reward and performance;
 encouraging retention of key personnel over the longer term;
 alignment of employee, customer and shareholder interests;
 incentivising behaviour that optimises return on shareholder capital;
 flexibility to optimise returns via changes in investment strategy; and
 prioritisation of the Company culture and behaviours that continue to promote safety, social and environmental
responsibility, innovation and risk management.
3.3 Market position for remuneration

The Company again conducted a review of its market position for KMP remuneration that included examination of common
practice within comparable businesses, external advice and input from investors and their advisors. Changes introduced
from FY20 resulted in fixed remuneration for the Managing Director targeted at the 50th percentile of comparable roles in
Comparator Businesses (see below) while total remuneration, inclusive of fixed and at-risk remuneration, is targeted at the
75th percentile of Comparator Businesses.
Comparator Businesses
The Company’s business model is not typical of peers in the resource sector due to its dual-pronged business operations –
first in providing mining services to resources companies and secondly in the ownership and management of resource
tenements. It is also unusual in the level of cash reserves it retains, along with undrawn debt facilities, which can be quickly
called on to support strategic investments that improve shareholder returns and provide long-term sustainable returns.
Therefore, in determining the amount and mix of remuneration to offer, the Board considers remuneration from a broad
group of ASX-listed companies of a comparable size in terms of enterprise value and revenue, with a particular focus on
those in the commercial services and mining sectors (Comparator Businesses). Enterprise value provides a more complete
valuation of a company than market capitalisation alone.
The list of Comparator Businesses was reviewed in FY21 to ensure it remains relevant, given the growth in operating
activity, revenue and enterprise value. As a result of this review, six companies were removed from the FY20 Comparator
Businesses list; Iluka, Maca, Regis Resources, Resolute Mining, St Barbara and Whitehaven Coal. Saracen Mineral
Holdings was removed due to its merger with Northern Star in February 2021. The following seven entities were added:
CIMIC Group, Aurizon Holdings, Beach Energy, Cleanaway Waste Management, Orica, South 32 and Seven Group
Holdings. The current Comparator Businesses therefore comprise:
ALS Limited Aurizon Holdings Limited Beach Energy Limited

CIMIC Group Limited Cleanaway Waste Mgt Limited Downer EDI Limited
Evolution Mining Limited IGO Limited New Hope Corporation Limited
Northern Star Resources Limited NRW Holdings Ltd Orica Limited
OZ Minerals Limited Perenti Global Limited Qube Holdings Ltd
Seven Group Holdings Limited Sims Limited South32 Limited
Washington H. Soul Pattinson Worley Limited
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4 Remuneration framework for FY21
4.1 Remuneration framework

The table below outlines the remuneration framework that applied in FY21.
Fixed remuneration At-risk remuneration
Element Salary, Short-Term Incentive (STI) Long-Term Incentive (LTI)
superannuation and
other fixed benefits
Delivery Cash Share rights
format Up to 40% of FAR Portion of award over 40% of Rights will vest, subject to performance
(50% for MD) paid FAR (50% for MD) deferred hurdles, ongoing service and clawback
in cash after the and awarded as Share provisions, 4 years after the grant date
financial year Rights – the first half of
which vest 12 months, and
the second half 24 months
after grant date, subject to
ongoing service and claw-
back provisions
Performance Targets in the areas of Safety, Governance and Return on Invested Capital (ROIC)
Sustainability; Strategic Growth; Financial Measures;
measures and Organisational Culture
Vesting subject to four-year average

Performance One year ROIC performance over the
period performance period (Starting 1 July in
the financial year of grant)
Link to MRL Serves to attract high-calibre people and motivate them to deliver on the Company’s Recognises that MRL is a capital
immediate business objectives over a 12-month period intensive business and management
strategy and shareholder wealth are created
through achieving superior returns on
capital deployed
The timeline below illustrates the timing of rewards under the FY21 remuneration arrangements for KMP. Details for each
component are set out in section 4.3.
FY21 FY22 FY23 FY24 FY25
FAR Paid throughout the

(Salary, superannuation year
and fixed benefits)
Performance period
(12 months)
Half of deferred Half of deferred
portion vests Aug. portion vests Aug
2022, subject to 2023, subject to
STI up to 40% of FAR
ongoing service and ongoing service and
(50% for MD) paid Aug
claw-back claw-back
STI 2021. Any portion of
provisions. Number provisions. Number
award over 40% of FAR
of shares awarded of shares awarded
(50% for MD) deferred
based on value of based on value of
to Aug. 2022 and Aug.
award divided by the award divided by the
2023
five-day VWAP up to five-day VWAP up to
and including 30 and including 30
June 2021 June 2021
Total Performance Period (4 years)
LTI rights granted Aug 2024: Portion of

July 2020. Number LTI rights vest, subject
LTI
of shares awarded to 4 year average
based on value of ROIC, continuous
award divided by the service and clawback
five-day VWAP up to provisions
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and including 30
June 2020
4.2 Remuneration mix

The mix of KMP fixed, short and long-term remuneration reflects the Company’s remuneration strategy of:
 having substantial amounts of pay subject to service and performance so that remuneration can be maximised
only by sustained high levels of performance over rolling 4 year periods; and
 paying a significant portion in equity, to reduce cash remuneration costs, align executive and shareholder interests,
and enable the enactment of malus provisions if Mineral Resources’ values of integrity and respect are not upheld.
The table below summarises the ‘on-target’ remuneration mix, with ‘on target’ being two thirds of maximum entitlement,
applicable in FY21 for KMP.
Remuneration Mix
120%
100%
80% 40% 38% 33% 40%

47% 45%
60%
22% 25%
25% 24% 26%
40% 26%
20% 35% 40% 42%

27% 32% 34%
0%
On target Max On target Max On target Max
MD CFO Chief Executives
FAR* STI LTI
*FAR for the purpose of the Remuneration Mix comprises base FAR and other long-term benefits, and excludes one-off
benefits such as relocation allowances (refer to the Remuneration tables in section 8 for these details).
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4.3 Key components of remuneration

The tables below summarise the key components of KMP remuneration for FY21.
Fixed Annual Reward

Composition FAR comprises salary, superannuation and other fixed elements of remuneration such as
vehicle allowances.
Determination Fixed remuneration is determined based on market comparisons for similar positions, taking
account of the experience and skills of the manager involved.
Review FAR is determined on appointment and reviewed annually.
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Short-Term Incentive
The key elements of the FY21 STI plan are as follows:
Purpose Focus participants on delivery of business objectives over a 12-month period.

Participation All KMP
The current maximum STI opportunity is 100% of FAR for the MD and 80% for other KMP.
Opportunity
Performance period Performance is measured per financial year (1 July to 30 June).
Exercise of discretion The Board has discretion, after considering recommendations from the Remuneration
Committee, to adjust overall STI awards or an individual’s final STI award. This discretion
will be exercised in the case of extraordinary events, exceptional circumstances/business
performance and/or individuals’ scorecard outcomes.
Awards made under the STI plan to KMP that exceed 50% of FAR for the Managing
Payment
Director or 40% of FAR for other KMP, are deferred in the form of rights to Company
shares (Rights) that vest in two equal instalments; one year and two years following grant
of the Rights. Vesting is subject to continued service and the application of clawback
provisions. The quantity of Rights provided for each deferred portion is based on the
deferred value for each financial year divided by the Volume Weighted Average Price for
the five trading days up to and including the last day of the financial year immediately
preceding the award year.
Rights on termination To be eligible for payment, a participant in the STI must be employed by the Company on
the date of payment and on the date at which Rights vest, subject to the application of the
clawback provisions mentioned below.
KMP whose employment is terminated before the date of payment/grant of Rights are not
eligible for any STI payment/grant of Rights. Rights that have not yet vested will be
cancelled where a KMP’s employment is terminated prior to the vesting date.
Clawback and malus The Board may, at its discretion, reduce or rescind any awards made under the STI for a
policy period of up to two years following cash payment/grant of Rights in the event that it
determines that the cash payment/grant of Rights has been made inappropriately,
including in the instance of fraud, dishonesty, breach of duties, misstatement or
manipulation of financial information.
Performance Category, Weighting and Measure3:
Safety Performance; Total Reportable Injury Frequency Rate (TRIFR)

Safety, Governance
and Sustainability –
weighting 20%
Market and investor relationships including external perception study
Diversity targets
Sustainability performance (emissions intensity, strategy development and implementation)

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Strategic Growth - Growth in iron ore tonnes and resources

weighting 25%
Develop additional downstream capacity for lithium spodumene, additional to Kemerton
Deliver growth in Mining Services activities (tonnes of material moved)
Expand natural gas strategy
Financial Measures – EBITDA performance against Target

Weighting 40%
Balance sheet management
Cashflow performance
Cost discipline against Target
Organisational Culture Senior staff retention metrics

- weighting 15%
Cultural development and brand repositioning
Long-Term Incentive
The key elements of the FY21 LTI plan are as follows:
Purpose To focus KMP on:

 achieving a high and sustained ROIC over the longer term, being a total of four years,
including the current financial year (Grant Year);
 encouraging agility and entrepreneurialism to seize opportunities for higher returns,
contingent on rapid capital deployment within relatively short timeframes; and
 alignment with shareholders’ interests through share rights that do not vest until
completion of a four-year period.
Payment vehicle LTI grants provide rights to Company shares (Rights) with Rights granted with effect from
the first day of the Grant Year (Grant Date). Subject to the Performance Measures
mentioned below, Rights vest in the fourth financial year after the Grant Year.
Participants have up until the fifteenth anniversary of the Grant Date (Expiry Date) to
exercise Rights (convert Rights to Company Shares) with no exercise price being payable.
Any vested Rights not previously exercised are automatically exercised at the Expiry Date.
Opportunity The maximum LTI grant opportunity for the Managing Director is equal to 180% of FAR and
up to 150% of FAR for other KMP.
LTI grant value An amount equal to the maximum LTI opportunity is granted to each LTI participant
annually; being the Grant Year (e.g. FY21). Rights vest in the fourth financial year after the
Grant Year (e.g. following the end of FY24 for the FY21 award) subject to the Performance
measure mentioned below.
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The number of Rights to be issued is determined using the following formula:

LTI Rights issued = (FAR x Maximum LTI Opportunity)/VWAP
where ‘VWAP’ is the five-day Volume Weighted Average Price to the Grant Date (in the
case of the FY21 LTIP, up to and including 30 June 2020).
Performance Period Performance is measured over four consecutive years, being the Grant Year and the
following three financial years. For grants made in FY21, the Performance Period is FY21
to FY24 inclusive, with Rights vesting in FY25.
Performance measure The number of Rights that vest is subject to the four-year average ROIC achieved by the
Company over the Performance Period.
Further discussion of the calculation of ROIC is included in Section 4.4
Vesting hurdle The amount of Rights that vest at the end of the Performance Period is determined by
reference to the following hurdles:
4 year average ROIC % of maximum
achievement LTI opportunity
Less than 12% Nil
Between 12% and 18% Pro-rata between 67% & 100%
18%+ 100%
The selection of 12% ROIC, being an after tax measure, as the threshold below which the
LTI is zero, was made as a 12% return is materially above the Company’s nominal post-tax
Weighted Average Cost of Capital and ensures that value-destroying performance is not
rewarded – i.e. that KMP are focused on achieving returns for shareholders in excess of
the Company’s cost of capital.
Vesting period All Rights vest, subject to performance and continued service, four years after the Grant
Year.
Holding lock No holding lock applies to Rights that vest under the FY21 LTI plan, as Rights vest only at
the end of the Performance Period, provided the Performance Measure has been
achieved.
Dividends No dividends are received by KMP on any Rights.

To ensure alignment between shareholder and KMP interests, each Right entitles KMP to
one MRL share, plus an additional number of MRL shares equal in value to the dividends
paid on an MRL share over the period from the Grant Date of the Rights to the date of
exercise (Exercise Date) (Dividend Rights). Without this entitlement, KMP might be
motivated to seek growth over dividend payments. If any Rights are forfeited, their
associated Dividend Rights are likewise forfeited.
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Clawback and malus The Board has the discretion to lapse Rights that are on foot, or claw back previously
Policy vested LTI awards, in the event that the Board concludes that Rights should not vest or
should not have vested due to:
(a) fraud, dishonesty or fundamental breach of duties (including misstatement or
manipulation of financial information) of any person; or
(b) the intentional or inadvertent conduct of any person that the Board determines resulted
in an unfair benefit being obtained by a participant.
Hedging Hedging, or the use of derivatives such as collars, caps or similar products in relation to
MRL securities, including vested shares or unvested Rights, allocated under Company
incentive schemes,are strictly prohibited, as is the KMP providing share entitlements/Rights
as security for loans that may result in margin calls.
Cessation of Cessation of employment prior to the Vesting date will result in automatic forfeiture of all
employment unvested Rights unless the Board exercises its discretion (e.g. for health reasons or
Change of Control as set out below).
Change of Control / In the event of a change of control, resignation or retirement due to ill health, the Board
Resignation / Retirement may exercise its discretion to determine whether to vest granted but unvested Rights.
in the event of ill health
Board discretion The Board retains the discretion to amend, vary, terminate or suspend the LTI plan at any
time. Any such variation, amendment, termination or suspension is not to adversely affect
or prejudice rights of LTI participants holding Company shares or Rights at that time.
3
Refer section 5.2 for FY21 outcomes.
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4.4 LTI performance measures
Calculating Return on Invested Capital (ROIC)

ROIC is measured at a Group consolidated level, on the following basis:
ROIC = NOPAT/Invested Capital
Where:
Net Operating Profit After Tax (NOPAT) is calculated as the Company’s statutory Earnings Before Interest and
Taxes (EBIT) for the year, after applying the prevailing corporate tax rate. The earnings amount is adjusted to
remove the impact of changes to accounting policies and fair value adjustments for listed investments, whether
favourable or unfavourable.
Profits, arising on the monetisation of investments such as on the formation of joint ventures or the divestment of
portion of the Group’s operations, are a standard part of the Group’s strategy and are therefore included in
NOPAT.
Invested Capital is calculated as the sum of Net Assets less Strategic cash, and Net Interest Bearing Debt at
balance date less, adjusted for accumulative accounting policy adjustments and accumulated fair value
adjustments for listed investments.
Treatment of cash balances for the purposes of calculating ROIC

Strategic cash is defined as cash, over and above normal operational requirements, retained for future opportunities.
The Board nominated strategic cash holdings ($100 million) that is excluded from the calculation of Invested Capital on
the basis that retention of a strong cash balance, and available borrowing facilities, are required to enable strategic
growth and investment. As retention of strategic cash holdings is a Board decision that senior executives and KMP are
unable to influence, the Board has determined it is reasonable not to require KMP to earn a return on these facilities.
The quantum of the strategic cash holding will be reviewed in FY22 given both the substantial growth in scale of
operations over recent years, and the strategic growth plans for the business.
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Why ROIC has been chosen as the sole measure to determine LTI awards
The Remuneration Committee continues to be of the view that:
(a) ROIC remains the most appropriate measure for evaluating entitlement to an LTI award, as:
(i) it provides a clear and unambiguous link between Company performance and the creation of shareholder
value;
(ii) it is the key value driver considered when management decides when and how to invest capital; and
(iii) the financial return earned on capital deployed is a true measure of value creation and a long-term
representation of Company value.
(b) MRL continues to be a highly capital intensive business. As such, it is vital that KMP ensure that maximum
returns are generated on invested capital, which again supports utilisation of ROIC as the most appropriate
measure for assessing KMPs’ entitlement to LTI.
(c) Any additional measure would dilute KMP’s focus on what is viewed by the Board as the Company’s key
objective – i.e. the effective deployment of capital to ensure creation of long-term wealth.
(d) Management already has a strong alignment with Total Shareholder Return (TSR), given their exposure to the
Company’s share price performance and dividends through the incentive structures and associated Rights.
(e) ROIC is a measure that is directly controlled by KMP and is not influenced by market sentiment which can result
in alternate measures, such as TSR, delivering volatile outcomes.
The use of ROIC and the base target of 12%, materially above the Company’s post-tax Weighted Average Cost of
Capital, are designed to encourage strong longer-term performance of the Company.
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30 June 2021
The following table sets out the components used to calculate ROIC for each of the last five financial years, and shows
that with the exception of FY19, where the capital base increased significantly due to the development of the Wodgina
project, ROIC has exceeded the 12% hurdle in each of these years.
$ millions FY17 FY18 FY19 FY20 FY21
Actual Actual Actual Actual Actual
NOPAT:
EBITDA 473.5 575.2 385.9 2,006.1 2,182.9

(a)
Normalised
- (68.5) 46.8 35.4 (230.3)
EBITDA for ROIC 473.5 506.7 432.7 2,041.5 1,952.6
Less impairments (16.7) (65.4) (9.8) (285.8) (46.5)
Less depreciation and amortisation (160.2) (112.9) (108.6) (193.6) (258.0)
Net Operating Profit Before Tax 296.5 328.4 314.3 1,562.1 1,648.1
Less tax at 30% (89.0) (98.5) (94.3) (468.7) (494.4)
NOPAT 207.6 229.9 220.0 1,093.4 1,153.7
Invested Capital:
Net assets (per balance sheet) 1,132.1 1,304.6 1,380.2 2,295.6 3,246.1
Normalised (cumulative, net of tax) (a) - (47.9) (14.8) 6.9 (154.3)

Net Assets for ROIC 1,132.1 1,256.6 1,365.4 2,302.5 3,091.8
Net Debt - 98.9 997.1 - -
Total invested capital 1,132.1 1,355.5 2,362.5 2,302.5 3,091.8
Strategic cash holding (100.0) (100.0) (100.0) (100.0) (100.0)
Net Invested Capital 1,032.1 1,255.5 2,262.5 2,202.5 2,991.8
ROIC % 20.1% 18.3% 9.7% 49.6% 38.6%

(a) Normalised for the impact of matters outside of the control of management, such as gains/losses on strategic investments where such investments
are held at the discretion of the Board. Adjustments are also made to operating profits for the effect of new/revised accounting standards, where
these adjustments are outside of management’s day-to-day operational control.
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The Company’s focus on disciplined investment has, since listing, delivered outstanding returns on the capital invested
in it, and in turn delivered outstanding returns for its shareholders.
ROIC since listing (%)

60%
50%
40%
30%
20%
Max Target 18%
Target 12%
10%
0%
-10%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
4-yr Rolling Ave ROIC Annual ROIC Target Max Target
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30 June 2021
5 Remuneration outcomes for FY21
5.1 Summary of performance
Despite the significant challenges created by COVID-19, FY21 has been an outstanding year for the Group, driven by
growth in both the Mining Services and Commodities Divisions. The Company continued to lead the industry in its
response to mitigating the risk of COVID-19 on our workforce, production and our communities, thereby maintaining the
reliability of services and production to our customers. The Company conducted over 89,000 Covid tests over FY21,
both for Group employees and their families, as well as for 60 other organisations in the Western Australian resources
and extractive industries sector.
The Group invested $815.9 million in Investment Capital Expenditure during FY21 and inclusive of this Capital
Expenditure, achieved a ROIC of 38.6%. Operating cashflow increased 120% allowing the company to maintain a
conservatively geared balance sheet and increase fully franked dividends to a record $2.75 per share. The Group’s
performance was recognised by the investment market with a 154% increase in share price over the year.
Notable achievements in FY21 include:

 industry leading safety, with Total Recordable Injury Frequency Rate (TRIFR) statistics improving, despite a
substantial increase in employee numbers;
 a focus on the mental health of employees, with the appointment of an in-house psychologist during the
year, providing internal psychological consultation/intervention support services as well as capacity-oriented
counselling sessions focused on optimal functioning for individuals and the Company;
 considerable operational success despite COVID-19-imposed constraints. Highlights were:
o expansion of Mining Services output and the commissioning of Next Gen plants;
o the successful expansion of production output for the Commodities business (e.g. Wonmunna and
Koolyanobbing); and
o maintenance of output from Mt Marion and containment of costs.
 strong progress with sustainability such as;
o commitment to Net Zero Emissions pathway by 2050, with the development of a road-map to
achieve this goal and commencement of associated supporting actions and activities;
o decarbonisation initiatives and projects in Energy including:
 Deloitte Decarbonisation Initiative
 Net Zero Australia Project
 LNG and Hydrogen Futures Facility
 decarbonisation of haul trucks;
o construction of Platinum Wellness Rated1 Corporate Headquarters in Osborne Park, Western
Australia;
o publication of the Group’s Indigenous populations’ Reconciliation Action Plan (RAP), with an
associated ramp-up of actions and activities to support the goals and objectives outlined in the
RAP;
o progressing preparation for exploration activities to source natural gas resources that are able to be
used to substitute the use of diesel fuel;
o continued review and update of policies and procedures to ensure they remain relevant and
appropriate, including:
 update to Anti-Bribery and Corruption policy
 update of sustainable reporting guidelines
 establishment of a Community Grievance Mechanism;
o active participation in the community with $5.1 million in community contributions;
 achieved above target increase in female workforce participation with;
o the workforce now comprising 17.0% females, from 15.3% in FY20
o improved diversity ratios through a number of actions such as a focus on recruiting female truck
drivers for our mine sites.
1
WELL is an optional energy rating that demonstrates industry excellence, showing a building has met sustainability goals, attempting to drastically
reduce a buildings carbon footprint as well as attempting to improve the health and wellbeing of its occupants. There are three levels of WELL
certification, those being silver, gold and platinum increasing in achievement respectively.
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30 June 2021
 continued progress across multiple growth opportunities with the aim of ensuring the business has multiple
future income streams, such as the development of;
o the Ashburton Hub, targeting the shipping of 30Mtpa out of Onslow;
o the Utah Point Hub, which will include the existing Iron Valley operation, the new Wonmunna operation,
and Lamb Creek; and
o the South West Creek Hub, which will include the Marillana and Ophthalmia projects.
Other highlights included:
5.1.1 Safety, Governance and Sustainability

The Company continued to drive safety improvements throughout the business. Regrettably, during June 2021, the
Company incurred its first Lost Time Injury (LTI) since August 2018; however, the business remains industry leading in
relation to its injury performance. It also made significant progress through the year with its sustainability agenda:
 TRIFR of 2.31 as compared to 3.29 in the prior year, representing an improvement in safety performance of
30% year-on-year.
 Lost Time Injury Frequency Rate (LTIFR) of 0.12 – a slight increase on 0.00 in prior year.
 Development of a Sustainability Policy, Human Rights Policy, Anti-Bribery and Corruption Policy and Supplier
Code of Conduct.
 Establishment of a cross-functional Sustainability Working Group to support and advise the business with the
management and monitoring of key sustainability topics.
 Rollout of the Code of Conduct and Business Integrity e-learning training programme across the business.
 Completion of a climate-related risk and opportunity identification and assessment exercise based on the
Recommendations of the Taskforce on Climate Related Financial Disclosures (TCFD).
 Development of a sustainable procurement and modern slavery screening programme to meet the requirements
of the Modern Slavery Act, 2018 (Cth).
 Community contributions increased by 104% from prior year to $5.1 million.
5.1.2 Strategic growth
The Group continued to focus on growing our mining services capability in FY21 to build, own and operate crushing
screening and processing plants and providing infrastructure solutions to the mining industry, predominantly in Western
Australia. Mining services volumes grew by 20% due to new contracts both internally and externally including the
development, deployment and first production of the inaugural 15Mtpa NextGen 2 crusher at the Whaleback Mine. Iron
Ore production and exports also increased with the Yilgarn Hub shipping 10.4Mt and Utah Point Hub increasing its
capacity via the acquisition, development and first production from the 5Mtpa Wonmunna Mine. Iron ore shipments
increased by 23% to a record 17.3Mt, allowing the business to benefit from the high iron ore price environment.
Development of the Kemerton Lithium Hydroxide plant continued during the year, with commissioning anticipated in the
2022 calendar year. The Group acquired significant additional exploration resources in the highly prospective Perth
Basin, as well as the onshore Northern Carnarvon Basin, to expand the Energy Division.
The Group continued to explore and develop innovative solutions for the mining industry with the development and
deployment of its first carbon fibre screen as well as the 320t Jumbo Road Trains which dramatically lower operating
costs and emissions for bulk ore haulage. Plans for the expansion of the Ashburton Hub and South West Creek were
announced during the financial year.
5.1.3 Financial management and performance

The Company achieved a number of record financial milestones during the financial year, including:
 Revenue of $3.7 billion, up 76% year-on-year
 EBITDA of $2.2 billion
 Underlying EBITDA of $1.9 billion, up 148% year-on-year
 Cash at bank $1.5 billion, with net cash on hand of $275 million
 ROIC of 38.6%
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30 June 2021
5.1.4 Organisational culture and development

The Company made significant progress in the important area of organisational culture and development:
 A key element of employee attraction and retention is workplace culture; the Company continues to embrace
the “we are different” expression to express its ‘can do’ attitude.
 The Company is invested in creating and maintaining an inclusive, inspiring and high-performing workplace
enabled by a supportive culture. Employees are invited to drive their own development in an environment that
provides access to opportunities for career growth through a mix of formal training, on the job learning and
mentoring opportunities.
 The Group has experienced an increase in female workforce participation rate, rising from 15.31% in June 2020
to 16.99% in June 2021. The increase puts the Group above the target level of 16.1% set in mid-2020. The
increase in female participation has been predominantly driven by a focus on introducing female entry-level
talent to the business, via a graduate programme, apprenticeships and entry level operator programmes. These
initiatives have allowed the Group to increase female numbers in work areas and occupations that are
traditionally male dominated; an important step in creating a truly more gender diverse and inclusive workforce.
 The Group’s commitment to the introduction and development of apprentices, graduates and vacation students
continues to grow and evolve into a strong pipeline for future talent.
 The Group has focused on attraction of new industry talent via operational industry entry pathways in the
Commodities and Mining Services divisions, allowing entry pathways for a diverse pool of talent.
 The Company places great focus on the quality of leadership, knowing that leaders act as the primary
influencers of culture, with bespoke development programmes and initiatives to support development of leaders.
A summary of the Group’s financial performance over the past five years is set out in the tables below. The relationship
between the Group’s financial performance, return to shareholders and KMP remuneration reflects the direct correlation
between financial performance, shareholder value creation and executive remuneration.
Financial Summary
($millions unless otherwise stated) FY17 FY18 FY19 FY20 FY21
Earnings
Revenue 1,458 1,624 1,512 2,125 3,734
EBITDA 473 575 386 2,006 2,183
NPAT 201 272 165 1002 1,268
Return on Revenue 14% 17% 11% 47% 34%
Return on Equity 18% 21% 12% 44% 39%
ROIC 20.1% 18.3% 9.7% 49.6% 38.6%
Diluted EPS (cents/share) 107.66 145.30 87.09 532.96 673.18
Financial Year Ended 30 June FY17 FY18 FY19 FY20 FY21
Final dividend for the preceding financial year 0.2100 0.3300 0.4000 0.3100 0.7700
Interim dividend for the current financial year 0.2100 0.2500 0.1300 0.2300 1.0000
Total dividend paid 0.4200 0.5800 0.5300 0.5400 1.7700
Share price 10.85 16.00 14.98 21.17 53.73

Total Shareholder Return (TSR) (cumulative) 13.34 19.07 18.58 25.31 59.64
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30 June 2021
MRL Share Price Performance

Total Shareholder Returns
5 Years to 30 June 2021
900
800
700
600
500
400
300
200
100
0
Apr 2019
Jul 2016
Oct 2016
Apr 2017
Jul 2017
Oct 2017
Apr 2018
Jul 2018
Oct 2018
Jul 2019
Oct 2019
Apr 2020
Jul 2020
Oct 2020
Apr 2021
Jan 2017
Jan 2018
Jan 2019
Jan 2020
Jan 2021
ASX 300 Resources ASX 300 MRL
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Directors' report
30 June 2021
5.2 STI performance outcomes
The Executive Key Management Personnel work very closely together as a leadership group to direct and manage
the affairs of the Group. This approach has been important in the development and strengthening of the Group’s
culture, particularly during the challenges experienced during FY21 as a result of the global pandemic. For that
reason, for the year ended 30 June 2021 the performance of the Executive KMP has been assessed on a
common, consistent basis.
Safety, Governance and Sustainability – weighting 20%
Performance Outcomes Commentary

measures
Safety Performance Improved our already industry-best safety Delivered these results despite a 39%
Total Reportable performance, resulting in a TRIFR of 2.31, increase in the size of the Company's
Injury Frequency compared to 3.29 in FY20. workforce.
Rate (TRIFR) The Company experienced its first Lost The Company mitigated the risk of
Time Injury in three years with a finger COVID-19 on our workforce and
injury at one of its sites. Our employee is production, our communities and our
expected to make a full recovery. industry, by conducting over 89,000
The Company continued to work closely COVID tests over FY21 using MRL’s own
with key contractors to align expectations gold-standard PCR tests. These tests
of safety, and this will remain a priority in were provided to Group employees and
the short to medium term. their families, as well as to sixty other
organisations in the Western Australian
resources and extractive industries sector.
On multiple occasions, the Company also
made available to members of the public
its collection facilities and testing
equipment at the request of health
officials, in the interests of public health.
Market and investor Independent external perception survey External perception survey noted strong
relationships indicated communication and positive feedback received from a range
including external transparency has improved in reporting of stakeholders.
perception study and presentations.
Diversity targets Established successful entry-level There has been a strong focus on
programmes for blue collar female introducing women into the business,
operators. particularly in areas such as dump truck
Increased female workforce participation drivers that have been traditionally male
from 15.31% in June 2020 to 16.99% in dominated.
June 2021.
Implemented 15 new indigenous business
partnerships across our business.
Published the Group’s Indigenous
populations’ Reconciliation Action Plan
(RAP) in FY21, with an associated ramp-
up of actions and activities to support the
goals and objectives outlined in the RAP.
Sustainability Improved emissions intensity from 2.9 to Emissions intensity is now included as a
performance 2.3 tC02e/TMM; third-party ESG ratings factor in project evaluation.
(emissions have improved.
intensity, strategy Committed to Net Zero by 2050, and well
development and progressed with development of roadmap
implementation) to achieve this goal for inclusion in FY21
Sustainability Report.
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30 June 2021
FY21 Discretionary adjustments:

Board determination reached, following consideration of above and other factors, that no discretionary
adjustments impacting payment outcomes are required.
FY21 Outcome:
85%
Strategic Growth - weighting 25%

measures
Growth in iron ore Identified, acquired and developed a new The Group’s progress in strengthening
tonnes and 5Mtpa iron ore project, Wonmunna, with and diversifying its iron ore operations is
resources first ore delivered within five months of important in improving its longer terms
acquisition. This acquisition added 98Mt earnings outlook.
of mineral resources.
Substantial progress made in positioning
the Group for significant future growth
across major iron ore projects. This
progress included new arrangements
reached with the Group’s joint venture
partner in relation to the Marillana project,
while adding the nearby Opthalmia project
to the joint venture.
In addition, the development of the
Ashburton project has progressed, with
planning, project design and project
approvals each well advanced. However,
the Company had expectations of being
further progressed as it has worked to
evaluate a range of alternative structures
that enhance the project, and this has
impacted the STIP outcome for the
Managing Director during FY21.
Develop additional Developed a roadmap to enable down- Down-streaming of lithium repositions the
downstream streaming of 100% of the Group's Group’s exposure to this critical mineral.
capacity for lithium spodumene production. Again, the
spodumene, Company had expected to be further
additional to progressed on this topic.
Kemerton
Deliver growth in Overall growth in volumes of 20% Innovation within Mining Services remains
Mining Services achieved. Successful installation and at the core of the Company. Continued to
activities (tonnes of commissioning of a number of plants drive a programme of innovation resulting
material moved) including the Next Gen 2 crushing plant, in delivery of first carbon fibre screen,
and the plant and facilities at Wonmunna. along with the establishment of a Marine
division and significant advances in our
bulk haulage capabilities.
Expand natural gas Secured additional gas exploration Natural gas offers an important transition
strategy territory of over 9,000 square kilometres, path as the Group reduces its reliance on
and finalised preparations for drilling of diesel. It also offers a future Mining
existing target in early FY22. Services opportunity.
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Directors' report
30 June 2021

adjustments are required to this measure.
FY21 Outcome:
Managing Director: 60%

Other Key Management Personnel: 96%
Financial Measures – weighting 40%

measures
EBITDA Underlying EBITDA increased 148% year- The FY21 performance was achieved
performance on-year. Excluding the impact of against the backdrop of an operating
against Target increased iron ore prices, underlying environment made challenging by the
profitability improved 18% year on year, continued impact of the global pandemic.
exceeding the Company’s internal target. This included unexpected labour
Overall shipments were up by 23%, shortages with workers unable to enter
although guidance tonnes were missed on Western Australia, impacting haulage
more than one occasion due to rates.
operational challenges in part arising out
of COVID-19 restrictions
Balance sheet Strengthened liquidity risk management Preparatory work undertaken to position
management processes. Increased access to asset the Group in advance of significant
finance through increased limits. expansion capital investment expected
Tightened capital investment processes during the short to medium term.
and reporting. Working capital
performance strong despite substantial
growth across the business.
Cashflow Cash performance was very strong, with The Group continued to make significant
performance operating cashflow of $1.6 billion1 investment in capital projects during FY21
sufficient to self-fund sustaining capex in support of its expansion plans and
investment after paying taxes, interest achieved a ROIC of 38.6%.
costs and dividends.
The Group remains in a net cash position
as it prepares for what are expected to be
large investments in coming years.
Operating cashflow increased 143%
allowing the company to maintain a
conservatively geared balance sheet and
increase fully franked dividends in respect
of the year to $2.75/share.
Cost discipline Controllable costs increased as a result of Controllable costs remain an important
against Target a conscious decision to target volume in a factor and the Company will continue to
price-rich environment. retain the ability to adapt quickly to
changing market circumstances.
adjustments that impact payment outcomes are required.
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Directors' report
30 June 2021
FY21 Outcome:
92.5%
Organisational Culture - weighting 15%

measures
Senior staff Senior staff retention rates have been Changes made to the Remuneration
retention metrics very high with no turnover of KMP and Structures, initially foreshadowed in FY19
regretted leavers of senior management and implemented in FY20, have created a
at less than 3%. framework that has helped to ensure
retention of the KMP as well as senior
leadership group; this outcome has been
delivered despite intense competition for
skills in the Western Australian resources
sector. This stability in turn has enabled
consistent of message regarding the
desired culture, providing a platform to
continue to attract outstanding talent, and
strengthen capabilities throughout the
organisation.
Cultural Began the process of repositioning the Increased focus during the year on
development and Group's brand, which in turn underpinned wellbeing of employees, supported by the
brand repositioning the successful recruitment of 970 appointment of an in-house psychologist
additional employees during the year during the year.
within a very tight labour market. COVID-19 border closures have reduced
Considerable progress made over the the number of applicants to roles
year with strengthened engagement on significantly, making recruitment of
employee wellbeing including mental required talent much more difficult than
health topics. pre-Covid-19.
Commenced development of new head
office that will deliver on the Company’s
goal of being one of the best workplaces
in the country for staff wellbeing.
Developed a commitment to adopt best-
in-country wellness principle for future
camp developments.

adjustments that impact payment outcomes are required.
FY21 Outcome:
100%
1
During the year the Company also paid $0.3 billion in tax on the prior year partial disposal of the Wodgina mine, resulting in
Net Cash from Operations for FY21 of $1.3 billion.
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30 June 2021
Outcomes across all measures noted above
After consideration of the above factors, the Remuneration Committee recommended, and the Board
accepted, the following outcomes for the Executive KMP for FY21. These resulted in an overall outcome of
84% of maximum for the Managing Director and 93% of maximum for the remaining KMP:
FY21 Short Term Incentive outcomes

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Safety, Governance and ESG 85%

85%
Strategic Growth Targets 96%

60%
Financial management performance 93%

93%
Organisational culture 100%

100%
Overall 93%
84%
Executive KMP excl Managing Director Managing Director
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Directors' report
30 June 2021
5.3 LTI performance outcomes: FY21 grant

Consistent with the redesigned LTI programme, a grant equal to the maximum LTI opportunity has been made to FY21
plan participants. The LTI awards will vest in early FY25 with the amount vesting dependent on the Company’s average
ROIC performance over the four year period FY21 to FY24.
Where average ROIC is less than 12% no LTI award will vest. Where average annual ROIC is between 12% and 18%
over the four year period the LTI will vest pro-rata from 67% to 100% of the LTI grant. Where average annual ROIC is
greater than 18%, 100% of the LTI grant will vest.
5.4 LTI performance outcomes: earlier grants on-foot

 FY17 Grant
As FY20’s ROIC exceeded 12%, the final tranche of the FY17 LTI Plan vested in August 2020, and all three
tranches were released from holding lock.
 FY18 Grant
As FY21’s ROIC exceeded 12% actual of 38.6%, Tranche 3 will vest on 11th August 2021, and the holding lock
on Tranche 1 and Tranche 2 shares will be lifted on 12th August 2021, making these shares available to KMP.
 FY19 Grant
As noted above, due to a period of substantial investment, ROIC in FY19 was 9.7%. Under the LTI plan rules in
place at that time, there was no LTI grant for FY19 nor was there any opportunity to retest this in subsequent
years despite that investment generating substantial returns for the Group.
 FY20 Grant
A grant equal to the maximum LTI opportunity was made available to FY20 plan participants on 1 July 2019. The
LTI awards will vest in early FY24 with the amount vesting dependent on the Company’s average ROIC
performance over the four year period FY20 to FY23.
Where average ROIC is less than 12% no LTI award will vest. Where average annual ROIC is between 12% and
18% over the four year period the LTI will vest pro-rata from 67% to 100% of the LTI grant. Where average
annual ROIC is greater than 18%, 100% of the LTI grant will vest.
FY20’s ROIC exceeded 12% (actual 49.6%) and FY21’s ROIC is 38.6%, therefore contributing to a favourable
average ROIC over the first and second years of the KMP’s FY20 LTIP award. This programme is therefore half-
way through its four-year life, with average ROIC over the four years needing to meet a minimum of 12%. Final
vesting is due August 2023.
 FY21 Grant
As per the FY20 grant, a grant equal to the maximum LTI opportunity was made available to FY21 plan
participants on 1 July 2020. The LTI awards will vest in early FY25 with the amount vesting dependent on the
Company’s average ROIC performance over the four year period FY20 to FY23.
Where average ROIC is less than 12% no LTI award will vest. Where average annual ROIC is between 12% and
18% over the four year period the LTI will vest pro-rata from 67% to 100% of the LTI grant. Where average
annual ROIC is greater than 18%, 100% of the LTI grant will vest.
FY21’s ROIC is 38.6%. This programme is a quarter through its four-year life, with average ROIC over the four
years needing to meet a minimum of 12%. Final vesting is due August 2024.
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30 June 2021
5.5 Remuneration outcomes schedules
The following tables provide a summary of remuneration received by KMP during the year, which may be useful in
understanding current year pay and alignment with performance. These remuneration outcomes tables differ from the
statutory remuneration tables in Section 8 which are prepared in accordance with Australian Accounting Standards.
Total
LTI vesting including
FAR STI cash LTI NED fees Other share price share price
FY21 (cash)2 bonus3 vesting4 (shares)5 benefits6 Total growth7 growth
$ $ $ $ $ $ $ $
Non-Executive Directors
Peter Wade 135,000 - - 135,000 21,694 291,694 - 291,694
Susan Corlett1 46,708 - - 46,708 8,875 102,291 - 102,291
Kelvin Flynn 86,250 - - 86,250 16,388 188,888 - 188,888
James McClements 87,500 - - 87,500 16,625 191,625 - 191,625
Xi Xi 90,338 - - 82,500 - 172,838 - 172,838
Executive Director
Chris Ellison 1,200,000 600,000 2,933,350 - 51,865 4,785,215 2,605,893 7,391,108
Other Executives
Paul Brown 850,000 280,000 435,918 - 101,694 1,667,612 382,496 2,050,108
Michael Grey 850,000 340,000 - - 102,069 1,292,069 - 1,292,069

Mark Wilson 950,000 380,000 - - 143,448 1,473,448 - 1,473,448
Total 4,295,796 1,600,000 3,369,268 437,958 462,658 10,165,680 2,988,389 13,154,069
1 Susan Corlett commenced on 4 January 2021.

2 FAR is excluding superannuation contributions, which is reported within 'Other Benefits'.
3 40% of the FY21 STI plan to KMP is paid in cash (50% for the Managing Director) and relates to the performance during FY20, paid in
FY21.
4 FY17 and FY18 LTI share awards that have vested during FY21, calculated as the number of shares vested multiplied by the face
value at grant date. FY17 LTI shares were freed of trading restrictions on 20 August 2020, while FY18 LTI shares (Tranche 1 and 2) that
vested on 20 August 2020 retain their trading restrictions and clawback provisions until 12 August 2021.
5 Equity component of Non-Executive Directors' (NED) remuneration. NED fees continue to be paid 50% in cash and 50% in MRL
shares. Remuneration disclosed relates to the performance during FY21.

6 Other Benefits relate to non-monetary benefits and superannuation benefits that are awarded for performance during FY21. Paul
Brown, Michael Grey and Mark Wilson each received $80,000 in Resource Development Group Ltd (RDG) share options during FY21
as remuneration for their RDG NED remuneration. RDG is 65.77% owned by the Group.
7 The ‘share price growth’ amount is equal to the number of rights vested multiplied by the increase in the Company share price over the
period from grant date to vesting date.
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Directors' report
30 June 2021
LTI
NED vesting Total
fees share including
STI cash LTI (shares) Other price share price
FY20 FAR (cash)4 bonus5 vesting6 7
benefits8 Total growth9 growth
$ $ $ $ $ $ $ $
Peter Wade 125,000 - - 125,000 23,750 273,750 - 273,750
Kelvin Flynn 70,000 - - 70,000 13,300 153,300 - 153,300
James McClements 70,000 - - 70,000 13,300 153,300 - 153,300
Xi Xi 83,300 - - 70,000 - 153,300 - 153,300
Executive Director
Chris Ellison 1,200,000 600,000 1,762,738 - 52,583 3,615,321 77,015 3,692,336
Other Executives
Current1
Paul Brown2 350,000 140,000 - - 22,753 512,753 - 512,753
Michael Grey 824,038 340,000 - - 68,409 1,232,447 - 1,232,447
Mark Wilson 937,019 380,000 - - 140,809 1,457,828 - 1,457,828
Former
Rohan O'Grady3 148,077 - - - 24,931 173,008 - 173,008
Total 3,807,434 1,460,000 1,762,738 335,000 359,835 7,725,007 77,015 7,802,022
Current KMP subtotal 3,659,357 1,460,000 1,762,738 335,000 334,904 7,551,999 77,015 7,629,014
Former KMP subtotal 148,077 - - - 24,931 173,008 - 173,008
Total 3,807,434 1,460,000 1,762,738 335,000 359,835 7,725,007 77,015 7,802,022
1 Current as at the date of the 30 June 2020 Remuneration Report.

2 Paul Brown regarded as KMP with effect from 1 January 2020. Remuneration disclosed is for the period 1 January 2020 to 30
June 2020.
3 Rohan O'Grady resigned as Chief Operating Officer - Construction & Development on 13 September 2019. Remuneration
disclosed is for the period 1 July 2019 to 13 September 2019.

4 FAR is excluding superannuation contributions, which is reported within 'Other Benefits'
5
40% of the FY20 STI plan to KMP is paid in cash (50% for the Managing Director) and relates to the performance during
FY19, paid in FY20.
6 LTI awards that have vested during FY20, calculated as the number of rights vested multiplied by the face value at grant date.
Vested shares may still be subject to trading restrictions and clawback provisions.
7 Equity component of Non-Executive Directors' (NED) remuneration. NED fees continue to be paid 50% in cash and 50% in
Company shares. Remuneration disclosed relates to the performance during FY20.

8 Other Benefits relate to non-monetary benefits, superannuation and termination benefits that are awarded for performance
during FY20 or have vested during FY20.

9 The ‘share price growth’ amount is equal to the number of rights vested multiplied by the increase in the Company share price
over the period from grant date to vesting date.
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Directors' report
30 June 2021
7 Summary of KMP employment conditions

7.1 Executives
The table below summarises the employment agreements in place with Executive KMP as at the date of this report.
KMP Term of FAR Notice period: Termination entitlements1

agreement KMP and MRL
Chris Ellison (Managing Full time – $1,200,000 12 months Notice period per contract
Director) permanent
Paul Brown (Chief Full time – $850,000 12 months Notice period per contract
Executive - Commodities) permanent
Michael Grey (Chief Full time – $850,000 12 months Notice period per contract
Executive – Mining permanent
Services)
Mark Wilson (Chief Full time – $950,000 12 months Notice period per contract
Financial Officer and permanent
Company Secretary)
1
Should this amount be a value that requires shareholder approval then it can be reduced to maximum permissible
amount without shareholder agreement.
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30 June 2021
7.2 Non-Executive Directors

Non-Executive Director (NED) receive fees to recognise their contribution to the work of the Board and the additional time
and effort associated with chairing and/or participating in Board sub-committees on which they serve.
NED remuneration is reviewed annually by the Remuneration Committee. The most recent review concluded that Mineral
Resources director fees were significantly under market, having not changed since mid-2017. The absence of sub-
committee fees for committee service was identified as a key cause of the below-market fee structure. The workload on
committees has become increasingly more onerous as the accountability has increased.
In response to this review, the decision was made to increase base committee fees for Chair and members by 16% and
21% respectively, and to introduce committee fees for participation on subcommittees.
The following table outlines the Non-Executive Director fees, exclusive of superannuation, effective from 1 January 2021
for the Board and associated Committees.
NED remuneration is not linked to Company performance, although in order to create alignment with shareholders, NED
fees continue to be paid 50% in cash and 50% in Company shares. NEDs are encouraged to hold at least one year's
worth of fees in Company shares and NEDs are subject to the Company’s Security Trading Policy.
Chair Member
FY21 Board/Committee Fees (per annum)
$ $
Board 290,000 170,000
Board - Lead Independent Director 20,000
Audit and Risk Committee 25,000 10,000
Remuneration Committee 20,000 10,000
Nominations Committee 10,000 -
A resolution was passed at the 2020 AGM to approve an increase in the maximum pool to $2,000,000 to facilitate
sufficient headroom in the pool to allow for the appointment of additional NEDs, an allocation of entitlements for
participation in Board Sub-committees, and for an increase in NED fees should this be recommended by the
Remuneration Committee. The fee pool was previously at $1,000,000 per annum, which had not been increased since
the 2015 Financial Year. The changes in NED fees took effect from 1 January 2021.
FY20 Board/Committee Fees (per annum)

FY20 Board fees were as follows:
Chair $250,000 plus statutory superannuation

Non-Executive Director $140,000 plus statutory superannuation
Committee members did not receive any additional remuneration for chairing/participation in Committees in FY20.
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Directors' report
30 June 2021
8. KMP statutory remuneration schedules

The following tables detail the statutory remuneration disclosures prepared in accordance with Australian Accounting Standards. These tables differ from the remuneration
outcomes tables in section 5.5, due to the accounting treatment of share-based payments.
Post-
Employment
Short-Term Benefits Benefits Share-based payments
Cash salary STI cash Non- STI equity LTI equity NED Performance
and fees Other4 value2 Monetary Superannuation value value remuneration3 Total related
FY21 $ $ $ $ $ $ $ $ $ %
Peter Wade 135,000 - - 21,694 - - 135,000 291,694 -
Susan Corlett1 46,708 - - 8,875 - - 46,708 102,291 -
Kelvin Flynn 86,250 - - 16,388 - - 86,250 188,888 -
James McClements 87,500 - - 16,625 - - 87,500 191,625 -
Xi Xi 90,338 - - - - - 82,500 172,838 -
Executive Director
Chris Ellison 1,200,000 600,000 30,172 21,694 175,087 1,454,710 - 3,481,663 64%
Other Executives
Paul Brown 850,000 80,000 340,000 - 21,694 125,485 545,625 - 1,962,804 52%
Michael Grey 850,000 80,000 340,000 375 21,694 125,485 510,622 - 1,928,176 51%
Mark Wilson 950,000 80,000 380,000 41,754 21,694 140,226 713,366 - 2,327,040 53%
Total 4,295,796 240,000 1,660,000 72,301 150,358 566,283 3,224,323 437,958 10,647,019
1
Susan Corlett commenced on 4 January 2021.
2
40% of the FY21 STI plan to KMP is paid in cash (50% for the Managing Director) and relates to the performance during FY21.
3
Equity component of Non-Executive Directors' (NED) remuneration. NED Remuneration is not linked to Company performance, however to create alignment with shareholders, Non-Executive Director fees continue to
be paid 50% in cash and 50% in MRL shares.
4
Paul Brown, Michael Grey and Mark Wilson each received $80,000 in Resource Development Group Ltd (RDG) share options during FY21 as remuneration for their RDG NED remuneration. RDG forms part of the
Group.
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Directors' report
30 June 2021
Post-
Employment
FY20 $ $ $ $ $ $ $ $ $ %
Peter Wade 125,000 - - - 23,750 - 125,000 273,750 -
Kelvin Flynn 70,000 - - - 13,300 - 70,000 153,300 -
James McClements 70,000 - - - 13,300 - 70,000 153,300 -
Xi Xi 83,300 - - - - - 70,000 153,300 -
Executive Director
Chris Ellison 1,200,000 - 600,000 31,581 21,003 222,876 2,260,533 - 4,335,993 71%
Other Executives
Paul Brown1 350,000 - 140,000 - 22,753 59,095 139,080 - 710,928 48%
Michael Grey 824,038 - 340,000 47,406 21,003 143,515 253,322 - 1,629,284 45%
Mark Wilson 937,019 79,408 380,000 40,398 21,003 160,398 353,905 - 1,972,131 45%
Former
Rohan O'Grady2 148,077 19,681 - - 5,251 - - - 173,009 0%
Total 3,807,434 99,089 1,460,000 119,385 141,363 585,884 3,006,840 335,000 9,554,995
Current KMP subtotal 3,659,357 79,408 1,460,000 119,385 136,112 585,884 3,006,840 335,000 9,381,986
Former KMP subtotal 148,077 19,681 - - 5,251 - - - 173,009
Total 3,807,434 99,089 1,460,000 119,385 141,363 585,884 3,006,840 335,000 9,554,995
1 Paul Brown regarded as KMP with effect from 1 January 2020. Remuneration disclosed is for the period 1 January 2020 to 30 June 2020.
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Directors' report
30 June 2021
Post-
Employment
FY20 $ $ $ $ $ $ $ $ $ %
2 Rohan O'Grady resigned as Chief Operating Officer - Construction & Development on 13 September 2019. Remuneration disclosed is for the period 1 July 2019 to 13 September 2019.
3 Annual leave payout on termination of Rohan O'Grady and relocation allowance for Mark Wilson.
4
40% of the FY20 STI plan to KMP is paid in cash (50% for the Managing Director) and relates to the performance during FY20.
5
Equity component of Non-Executive Directors' (NED) remuneration. NED Remuneration is not linked to Company performance, however to create alignment with shareholders, Non-Executive
Director fees continue to be paid 50% in cash and 50% in Company shares.
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Directors' report
30 June 2021
9. Share rights granted, vested and potential future vesting
Total Rights to shares:

Value per
No. of value of No. Remaining,
share Financial No. of
Performance share share Vested during forfeited % forfeited in subject to Maximum
KMP Plan Grant Date1 right Year in which shares
Periods rights rights the year during during the year vesting value yet
granted at share rights which may
granted granted at the year conditions to vest
grant10 may vest vest
grant date
$/right $ % % $
Chris Ellison FY17 LTI2 16/08/2017 FY17 to FY20 269,730 13.96 3,765,431 89,910 33% - - - - - -
FY18 LTI3 15/08/2018 FY18 to FY21 168,157 14.97 2,517,310 112,105 67% - - 56,052 FY22 56,052 839,103
FY19 LTI4 22/08/2019 FY19 to FY22 - - - - 0% - - - N/A - -
FY20 LTI5 01/07/2019 FY20 to FY23 142,577 15.05 2,145,784 - 0% - - 142,577 FY24 142,577 2,145,784
6
FY20 DER 01/07/2019 FY20 to FY23 13,001 26.40 343,285 - 0% - - 13,001 FY24 13,001 343,285
FY20 STI7 01/07/2020 FY20 to FY22 25,267 21.17 534,902 - 0% - - 25,267 FY22 12,634 267,451
FY23 12,634 267,451
FY21 LTI8 01/07/2020 FY21 to FY24 102,950 21.17 2,179,452 - 0% - - 102,950 FY25 102,950 2,179,452
6
FY21 DER 01/07/2020 FY21 to FY24 5,387 34.33 184,929 - 0% - - 5,387 FY25 5,387 184,929
FY21 STI9 01/07/2021 FY21 to FY23 7,875 53.36 420,210 - 0% - - 7,875 FY23 3,938 210,105
FY24 3,938 210,105
Paul Brown FY20 LTI5 01/07/2019 FY20 to FY23 55,447 15.05 834,477 - 0% - - 55,447 FY24 55,447 834,477
FY20 DER6 01/07/2019 FY20 to FY23 5,056 26.40 133,493 - 0% - - 5,056 FY24 5,056 133,493
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Directors' report
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Value per
grant date
$/right $ % % $
FY20 STI7 01/07/2020 FY20 to FY22 13,399 21.17 283,657 - 0% - - 13,399 FY22 6,700 141,828
FY23 6,700 141,828
FY21 LTI8 01/07/2020 FY21 to FY24 48,616 21.17 1,029,201 - 0% - - 48,616 FY25 48,616 1,029,201
FY21 DER6 01/07/2020 FY21 to FY24 2,544 34.33 87,330 - 0% - - 2,544 FY25 2,544 87,330
FY21 STI9 01/07/2021 FY21 to FY23 5,644 53.36 301,164 - 0% - - 5,644 FY23 2,822 150,582
FY24 2,822 150,582
Michael
FY19 LTI4 22/08/2019 FY19 to FY22 - - - - 0% - - - N/A - -
Grey
FY20 LTI5 01/07/2019 FY20 to FY23 67,328 15.05 1,013,286 - 0% - - 67,328 FY24 67,328 1,013,286
6
FY20 DER 01/07/2019 FY20 to FY23 6,140 26.40 162,123 - 0% - - 6,140 FY24 6,140 162,123
FY20 STI7 01/07/2020 FY20 to FY22 16,270 21.17 344,436 - 0% - - 16,270 FY22 8,135 172,218
FY23 8,135 172,218
FY21 LTI8 01/07/2020 FY21 to FY24 48,616 21.17 1,029,201 - 0% - - 48,616 FY25 48,616 1,029,201
6
FY21 DER 01/07/2020 FY21 to FY24 2,544 34.33 87,330 - 0% - - 2,544 FY25 2,544 87,330
FY21 STI9 01/07/2021 FY21 to FY23 5,644 53.36 301,164 - 0% - - 5,644 FY23 2,822 150,582
FY24 2,822 150,582
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Directors' report
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Value per
grant date
$/right $ % % $
4
Mark Wilson FY19 LTI 22/08/2019 FY19 to FY22 - - - - 0% - - - N/A - -
FY20 LTI5 01/07/2019 FY20 to FY23 94,061 15.05 1,415,618 - 0% - - 94,061 FY24 94,061 1,415,618
6
FY20 DER 01/07/2019 FY20 to FY23 8,577 26.40 226,457 - 0% - - 8,577 FY24 8,577 226,457
FY20 STI7 01/07/2020 FY20 to FY22 18,184 21.17 384,955 - 0% - - 18,184 FY22 9,092 192,478
FY23 9,092 192,478
FY21 LTI8 01/07/2020 FY21 to FY24 67,919 21.17 1,437,845 - 0% - - 67,919 FY25 67,919 1,437,845
FY21 DER6 01/07/2020 FY21 to FY24 3,554 34.33 122,007 - 0% - - 3,554 FY25 3,554 122,007
FY21 STI6 01/07/2021 FY21 to FY23 6,307 53.36 336,542 - 0% - - 6,307 FY23 3,154 168,271
FY24 3,154 168,271
1
Grant date is determined in accordance with AASB 2 Share Based Payments.
2
FY17 was the Award Year for the LTI Plan (ROIC exceeded 12%). Each tranche of the FY17 LTI Plan vests in favour of participants provided participants remain employed with the Company over each of the subsequent
Performance Years (FY18 to FY20) and ROIC for each subsequent Performance Years (FY18 to FY20) equals or exceeds 12%. As the average ROIC for FY18 and FY19 exceeded 12%, Tranche 2 of the FY17 LTI Plan
vested in favour of participants who remained employed for all of FY20, and as FY20’s ROIC exceeded 12% Tranche 3 of the FY17 LTI Plan vested on 20 August 2020. Trading restrictions on all three FY17 LTI Plan
Tranches were lifted as at that date, subject to clawback provisions.
3
FY18 was the Award Year for the LTI Plan (ROIC for FY18 exceeded 12%). Each tranche of the FY18 LTI Plan vests in favour of participants provided participants remain employed with the Company over each of the
subsequent Performance Years (FY19 to FY21) and ROIC for each subsequent Performance Years (FY19 to FY21) equals or exceeds 12%. As ROIC for FY19 was less than 12%, Tranche 1 of the FY18 LTI Plan became a
Suspended Tranche. As average ROIC for FY19 and FY20 exceeded 12% Tranche 1 and Tranche 2 of the FY18 LTI Plan vested on 20 August 2020, subject to trading restrictions.
4
FY19 was the Award Year for the FY19 LTI Plan. As ROIC for FY19 is less than 12% there is no LTI award for FY19.
5
FY20 was the Award Year for the FY20 LTI Plan.
6
Dividend equivalent rights that attach to the FY20 and FY21 LTIP grants. These rights have an automatic vesting / exercise upon exercise of the underlying LTIP share right.
7
FY20 was the Award Year for the FY20 STI Plan. The number of share rights granted was calculated using the value of the award divided by the VWAP for the 5 days up to and including 30 June 2020. The value reflected in
the table above is the quantity of shares calculated via this method, multiplied by the share price on the 1 July 2020 as required by Australian Accounting Standards. The share rights vest equally in August 2021 (FY22) and
August 2022 (FY23).
8
FY21 was the Award Year for the FY21 LTI Plan. The number of share rights granted was calculated using the value of the award divided by the share price on 1 July 2020. The value reflected in the table above is the
quantity of shares calculated via this method, multiplied by the share price on the 1 July 2020.
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Directors' report
30 June 2021

Value per
grant date
$/right $ % % $
9
FY21 was the Award Year for the FY21 STI Plan. The number of share rights granted was calculated using the value of the award divided by the VWAP for the 5 days up to and including 30 June 2021. The value reflected in
the table above is the quantity of shares calculated via this method, multiplied by the share price on the 1 July 2021 as required by Australian Accounting Standards. The share rights vest equally in August 2022 (FY23) and
August 2023 (FY24).
10
Value per share right granted at grant refers to share price used for expense purposes under AASB 2 Share Based Payments, being the date when the entity and the counterparty has a mutual understanding to the terms
and conditions of the arrangement. For the LTI and STI plans this is the first day of the financial year.
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Directors' report
30 June 2021
10. Equity instruments held by KMP
10.1 Rights awarded under incentive plans

The following table details share rights awarded under incentive plans that are subject to service conditions and
performance hurdles that are yet to be tested and vested rights that have not yet been exercised and converted into
shares. Non-Executive Directors do not participate in incentive plans and do not hold unvested share rights.
Exercised Notional
Balance at Balance at Balance
and dividends
Number of rights the start of Granted the end of vested and
converted to attaching in
the year the year exercisable
shares year1
Executive Director
Chris Ellison 425,910 110,825 (202,014) 18,388 353,109 -
Other KMP
Paul Brown 108,222 54,260 (29,847) 7,600 140,235 -
Michael Grey 83,598 54,260 - 8,684 146,542 -
Mark Wilson 112,245 74,226 - 12,131 198,602 -
Total 729,975 293,571 (231,861) 46,803 838,488 -
1
Dividend equivalent rights that attach to the FY20 and FY21 LTIP grants. These rights have an automatic vesting / exercise upon exercise of the
underlying LTIP share right.
10.2 KMP shareholdings

The number of MRL shares held during FY21 by each Director and Other Executive of the Company, including their related
parties, is set out below:
Balance at Issued as part

Other Balance at the
Number of Shares the start of of Disposals/other
Additions2 end of the year
the year remuneration
Peter Wade 336,815 11,683 - - 348,498
Susan Corlett - 1,071 - - 1,071
Kelvin Flynn1 11,566 6,788 - - 18,354
James
11,566 6,817 - 18,383
McClements1 -
Xi Xi1 10,186 6,701 - - 16,887
Executive Director
Chris Ellison 22,191,729 202,014 32,002 - 22,425,745
Other KMP
Current
Paul Brown 10,789 29,847 - (21,578) 19,058
Michael Grey - - - - -
Mark Wilson 25,109 - 1,313 - 26,422
Total 22,597,760 264,921 33,315 (21,578) 22,874,418
1
Shares paid to Non-Executive Directors disclosed in this table were part of their FY21 remuneration package. Shares for their FY20
remuneration package were issued in the current financial year. The quantity of shares granted is based on the proportion of fees payable
divided by the Volume Weighted Average price for the five trading days to the end of each quarter of the financial year
2
Other additions include shares received as part of the Company’s Dividend Re-investment Programme.
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Directors' report
30 June 2021
11. Transactions with related parties
The following transactions occurred with related parties:
2021 2020
$ $
Key Management Personnel / directors’ interests:
Properties from which some of the Group’s operations are performed are (2,215,091) (2,118,828)
rented from parties related to Chris Ellison and Peter Wade.
Occupation of these premises date back prior to the Company’s listing in 2006. The ongoing need for occupation of
these premises, as well as rental arrangements, are assessed periodically. The Group has a Related Party Transaction
Policy that requires the review and approval of Related Party Transactions by the Audit and Risk Committee (the
Committee).
This concludes the Remuneration Report, which has been audited.
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Directors' report
30 June 2021
Indemnity and insurance of officers

The Company has indemnified the Directors and executives of the Company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and Executives of
the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor

The Company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the Company or
any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking
responsibility on behalf of the Company for all or part of those proceedings.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor
are outlined in note 35 to the financial statements.
The Directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another
person or firm on the auditor's behalf) is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001.
The Directors are of the opinion that the services as disclosed in note 35 to the financial statements do not compromise the
external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
● all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
● none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company,
acting as advocate for the Company or jointly sharing economic risks and rewards.
Officers of the Company who are former partners of RSM Australia Partners
There are no officers of the Company who are former partners of RSM Australia Partners.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest million dollars, unless otherwise stated.
Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' Report.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
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Directors' report
30 June 2021
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act
2001.
On behalf of the Directors
Chris Ellison
Managing Director
11 August 2021
Perth
55
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Mineral Resources Limited for the year ended 30 June
2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA TUTU PHONG

Dated: 11 August 2021 Partner
THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation

Income statement
For the year ended 30 June 2021
Group
Note 2021 2020
$m $m
Revenue 4 3,733.6 2,124.7
Other income 5 245.3 1,311.9
Expenses from operations

Changes in closing stock 118.9 130.3
Raw materials and consumables (344.4) (218.2)
Equipment costs (191.2) (113.9)
Subcontractors (188.5) (180.2)
Employee benefits expense (504.1) (383.1)
Transport and freight (597.6) (482.7)
Depreciation and amortisation 6 (258.0) (193.6)
Impairment charges 6 (46.5) (285.8)
Other expenses 6 (89.0) (182.7)
Profit from operations 1,878.5 1,526.7
Finance income 10.0 14.4

Finance costs 6 (95.8) (104.9)
Net finance costs (85.8) (90.5)
Profit before tax 1,792.7 1,436.2
Income tax expense 7 (525.0) (434.0)
Profit after tax for the year 1,267.7 1,002.2
Other comprehensive income
Items that may be reclassified subsequently to profit or loss

Net gain/(loss) on cash flow hedges 4.0 (9.3)
Other comprehensive income for the year, net of tax 4.0 (9.3)
Total comprehensive income for the year 1,271.7 992.9
Profit for the year is attributable to:

Non-controlling interest (2.0) (1.5)
Owners of Mineral Resources Limited 1,269.7 1,003.7
1,267.7 1,002.2
Total comprehensive income for the year is attributable to:

Non-controlling interest - (1.5)
Owners of Mineral Resources Limited 1,271.7 994.4
1,271.7 992.9
Cents Cents
Basic earnings per share 8 673.18 532.96

Diluted earnings per share 8 673.18 532.96
The above income statement should be read in conjunction with the accompanying notes
57
Balance sheet
As at 30 June 2021
Group
Note 2021 2020
$m $m
Assets
Current assets
Cash and cash equivalents 9 1,542.1 1,521.8
Trade and other receivables 10 331.3 177.5
Inventories 11 122.6 155.6
Other assets 12 37.3 38.8
Total current assets 2,033.3 1,893.7
Non-current assets
Trade and other receivables 10 653.4 649.6
Inventories 11 62.4 35.3
Investments accounted for using the equity method 30 92.1 -
Financial assets 13 296.1 42.3
Property, plant and equipment 14 1,824.6 1,365.9
Intangibles 15 36.7 47.9
Exploration and mine development 16 725.8 476.4
Deferred tax 7 128.5 119.8
Total non-current assets 3,819.6 2,737.2
Total assets 5,852.9 4,630.9
Liabilities
Current liabilities
Trade and other payables 18 581.8 319.1
Borrowings 19 157.3 100.5
Income tax 166.7 415.9
Employee benefits 20 69.4 53.4
Provisions 21 9.2 29.5
Other - 5.9
Total current liabilities 984.4 924.3
Non-current liabilities
Borrowings 19 1,104.6 1,190.2
Deferred tax 7 322.7 122.5
Provisions 21 195.1 98.3
Total non-current liabilities 1,622.4 1,411.0
Total liabilities 2,606.8 2,335.3
Net assets 3,246.1 2,295.6
Equity
Issued capital 22 514.5 516.3
Reserves 15.7 10.1
Retained profits 2,673.3 1,738.4
Equity attributable to the owners of Mineral Resources Limited 3,203.5 2,264.8
Non-controlling interest 42.6 30.8
Total equity 3,246.1 2,295.6
The above balance sheet should be read in conjunction with the accompanying notes
58
Statement of changes in equity
Non-
Issued Retained controlling
capital Reserves profits interest Total equity
Group $m $m $m $m $m
Balance at 1 July 2019 507.9 16.1 836.2 19.0 1,379.2
Profit/(loss) after tax for the year - - 1,003.7 (1.5) 1,002.2

Other comprehensive loss for the year, net of
tax - (9.3) - - (9.3)
Total comprehensive income for the year - (9.3) 1,003.7 (1.5) 992.9
Transactions with owners in their capacity as

owners:
Shares issued under Dividend Reinvestment
Plan (note 22) 5.4 - - - 5.4
Equity settled share-based payments - 6.0 - - 6.0
Employee share awards issued (note 22) 3.0 (2.7) - - 0.3
Acquisition of subsidiary - - - 13.3 13.3
Dividends paid (note 23) - - (101.5) - (101.5)
Balance at 30 June 2020 516.3 10.1 1,738.4 30.8 2,295.6
Non-
Issued Retained controlling
capital Reserves profits interest Total equity
Group $m $m $m $m $m
Balance at 1 July 2020 516.3 10.1 1,738.4 30.8 2,295.6
Profit/(loss) after tax for the year - - 1,269.7 (2.0) 1,267.7

Other comprehensive income for the year, net
of tax - 4.0 - - 4.0
Total comprehensive income for the year - 4.0 1,269.7 (2.0) 1,271.7
Transactions with owners in their capacity as

owners:
Shares issued under Dividend Reinvestment
Plan (note 22) 9.2 - - - 9.2
Equity settled share-based payments - 10.3 - - 10.3
Purchase of shares under employee share
plans (note 22) (20.2) (20.2)
Employee share awards issued (note 22) 9.2 (8.7) - - 0.5
Acquisition of subsidiary - - - 12.0 12.0
Acquisition of non-controlling interest - - (1.0) 1.8 0.8
Dividends paid (note 23) - - (333.8) - (333.8)
Balance at 30 June 2021 514.5 15.7 2,673.3 42.6 3,246.1
The above statement of changes in equity should be read in conjunction with the accompanying notes
59
Statement of cash flows
Group
Note 2021 2020
$m $m
Cash flows from operating activities

Receipts from customers 3,689.7 2,189.2
Payments to suppliers and employees (1,719.6) (1,394.7)
1,970.1 794.5
Interest received 10.0 14.3
Interest and other finance costs paid (86.4) (97.6)
Income taxes paid (584.3) (116.6)
Net cash from operating activities 9 1,309.4 594.6
Cash flows from investing activities

Payments for investments (50.1) (8.1)
Proceeds from disposal of investments 9.5 1.0
Payments for property, plant and equipment (517.2) (217.4)
Proceeds from disposal of property, plant and equipment 11.5 26.5
Payments for intangibles (16.4) (15.9)
Payments for exploration and evaluation (51.4) (52.3)
Payments for mine development expenditure (174.7) (105.3)
Acquisition of businesses and joint operations, net of cash - 9.5
Amounts advanced to joint operations (17.2) -
Amounts advanced to other parties (10.0) -
Proceeds from sale of disposal group - 1,206.1
Net cash (used in)/from investing activities (816.0) 844.1
Cash flows from financing activities

Dividends paid (324.6) (96.1)
Proceeds from borrowings 31.9 11.6
Repayment of borrowings (12.8) (11.5)
Payment of finance lease liabilities (109.8) (64.0)
Purchase of shares under employee share plans (20.2) -
Net cash used in financing activities (435.5) (160.0)
Net increase in cash and cash equivalents 57.9 1,278.7

Cash and cash equivalents at the beginning of the financial year 1,521.8 265.4
Effects of exchange rate changes on cash and cash equivalents (37.6) (22.3)
Cash and cash equivalents at the end of the financial year 9 1,542.1 1,521.8
The above statement of cash flows should be read in conjunction with the accompanying notes
60
Notes to the financial statements
30 June 2021
Basis of preparation
1. Significant accounting policies 62
2. Critical accounting judgements, estimates and assumptions 65
Financial performance
3. Operating segments 66
4. Revenue 69
5. Other income 72
6. Expenses 74
7. Income tax 75
8. Earnings per share 78
Key balance sheet items
9. Cash and cash equivalents 79
10. Trade and other receivables 80
11. Inventories 81
12. Other assets 82
13. Financial assets 82
14. Property, plant and equipment 83
15. Intangibles 86
16. Exploration and mine development 87
17. Impairment of non-financial assets 90
18. Trade and other payables 92
19. Borrowings 92
20. Employee benefits 93
21. Provisions 94
22. Issued capital 95
23. Dividends 96
24. Financial instruments 97
Unrecognised items
25. Contingent liabilities 104
26. Commitments 105
Other information
27. Parent entity information 105
28. Business combinations 106
29. Interests in subsidiaries 109
30. Interests in associates 110
31. Interests in joint operations 111
32. Related party transactions 111
33. Key Management Personnel disclosures 112
34. Share based payments 112
35. Remuneration of auditors 114
36. Events after the reporting period 115
61
30 June 2021
1. Significant accounting policies
1.1 Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board (IASB).
Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, certain classes of property, plant and
equipment and derivative financial instruments.
Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 2.
Foreign currency
The financial statements are presented in Australian dollars, which is Mineral Resources Limited's functional and
presentation currency.
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
1.2 Principles of consolidation

(a) Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at 30
June 2021 and the results of all subsidiaries for the year then ended.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity
attributable to the parent.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group
recognises the fair value of the consideration received and the fair value of any investment retained together with any gain
or loss in profit or loss.
62
30 June 2021
1. Significant accounting policies (continued)
(b) Associates
Associate is an entity over which the investor has significant influence and that is neither a subsidiary nor an interest in a
joint venture. Investments in associates are accounted for using the equity method. Under the equity method, the share of
the profits or losses of the associate is recognised in profit or loss and the share of the movements in equity is recognised
in other comprehensive income. Investments in associates are carried in the statement of financial position at cost plus
post-acquisition changes in the consolidated entity’s share of net assets of the associates. Dividends received or
receivable from associates reduce the carrying amount of the investment.
(c) Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. The Group has recognised its share of jointly held
assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements
under the appropriate classifications.
(d) Employee share trust

The Group has in place a trust to administer the Group's employee share and share rights schemes. This trust is
consolidated, as the substance of the relationship is that the trust is controlled by the consolidated entity. Shares held by
the Mineral Resources Employee Share Trust are disclosed as treasury shares and deducted from contributed equity.
1.3 Summary of significant accounting policies

This note provides a summary of the accounting policies that are considered significant and relevant to the preparation of
the financial statements, to the extent that they have not already been disclosed in other notes to the financial statements
throughout the report. These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. The adoption of these
Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of
the Group.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
(b) Current and non-current classification

Assets and liabilities are presented in the balance sheet based on current and non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in normal operating cycle, it is
held primarily for the purpose of trading, it is expected to be realised within 12 months after the reporting period, or the
asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.
A liability is current when it is expected to be settled in normal operating cycle, it is held primarily for the purpose of trading,
it is due to be settled within 12 months after the reporting period, or there is no unconditional right to defer the settlement of
the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(c) Goods and Services Tax (GST) and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part
of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the balance sheet.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
63
30 June 2021
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest million dollars, unless otherwise stated.
(d) New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2021. The Group's
assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group,
are set out below. There is currently no material impact from these new standards for the Group.
AASB 2020-1 Amendments to Australian Accounting Standards – Classifications of Liabilities as Current or Non-Current
The amendment applies to annual reporting periods beginning on or after 1 January 2023. This narrow-scope amendment
to AASB 101 Presentation of Financial Statements clarifies that liabilities are classified as either current or non-current
depending on the rights that exist at the end of the reporting period; and also clarifies the definition of settlement of a
liability.
Application date for the Group: 1 July 2023
AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current –
Deferral of Effective Date
The amendment applies to annual reporting periods beginning on or after 1 January 2023. AASB 2020-6 defers the
mandatory effective date of amendments that were originally made in AASB 2020-1 so that the amendments are required
to be applied for annual reporting periods beginning on or after 1 January 2023 instead of 1 January 2022.
AASB 2014 – 10 Sale or contribution of Assets between an Investor and its Associate or Joint Venture
AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB
128 AASB
2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and
Editorial Corrections
The amendment applies to annual reporting periods beginning on or after 1 January 2022. These amendments address an
acknowledged inconsistency between the requirements in AASB 10 and those in AASB 128 (2011), in dealing with the sale
or contribution of assets between an investor and its associate or joint venture.
As a consequence of the amendment:
- a full gain or loss on the sale or contribution of assets between an investor and investee is recognised when a
transaction involves a business (whether it is housed in a subsidiary or not);
- a partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if
these assets are housed in a subsidiary.
64
30 June 2021
AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments
The amendment applies to annual reporting periods beginning on or after 1 January 2022. This amending standard makes
narrow scope amendments to a number of standards:
- AASB 1: to simplify its application by a subsidiary that becomes a first-time adopter after its parent in relation to the
measurement of cumulative translation differences;
- AASB 3: updating the reference to the Conceptual Framework for Financial Reporting without changing the
accounting requirements for business combinations;
- AASB 9: clarifying which fees an entity includes when assessing whether the terms of a new or modified financial
liability are substantially different from the terms of the original financial liability;
- AASB 116: requiring an entity to recognise the sales proceeds from selling items produced while preparing
property, plant and equipment for its intended use, and the related cost, in profit or loss, instead of deducting the
amounts received from the cost of the asset;
- AASB 137: specifying the costs that an entity includes when assessing whether a contract will be loss-making; and
- AASB 141: removing the requirement to exclude cash flows from taxation when measuring fair value, thereby
aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting
Standards.
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition
of Accounting Estimates
The amendment applies to annual reporting periods beginning on or after 1 January 2023. This amending Standard
impacts a number of standards:
- AASB 7: clarifying that information about measurement bases for financial instruments is expected to be material
to an entity’s financial statements;
- AASB 101: requiring entities to disclose their material accounting policy information rather than their significant
accounting policies;
- AASB 108: clarifying how entities should distinguish changes in accounting policies and changes in accounting
estimates;
- AASB 134: identifying material accounting policy information as a component of a complete set of financial
statements; and
- AASB Practice Statement 2, providing guidance on how to apply the concept of materiality to accounting policy
disclosures.
2. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
65
30 June 2021
2. Critical accounting judgements, estimates and assumptions (continued)
COVID-19 pandemic
Judgement has been exercised in considering the impacts that the COVID-19 pandemic has had, or may have, on the
Group based on known information. This consideration extends to the nature of the products and services offered,
customers, supply chain, staffing and geographic regions in which the Group operates.
from inter-state and overseas. This impacts the Group’s ability to transport iron ore from its operations as the shortage of
road train drivers constrains the movement of materials.
During FY21 MRL continued COVID-19 testing checks as part of the fit-for-work regime for all FIFO workers as and when required. In
addition, the Group maintains its ability, through MinRes Health, to rapidly re-activate these testing services, thereby
benefitting the Group and the wider Resources Industry and general community in Western Australia. Importantly, MinRes
Health testing facilities are able to be re-commissioned within approximately 12 hours of a public health notification of a
positive COVID-19 case in Western Australia. Despite these measures the challenges presented by COVID-19 are fluid
and continue to change; it is therefore not practical to estimate the potential impact of COVID-19 after the reporting date.
The Group will continue to assess its response to the COVID-19 pandemic on an ongoing basis.
Other than as noted above, there does not currently appear to be either any significant impact upon the financial
statements or any significant uncertainties with respect to events or conditions which may impact the Group unfavourably
as at the reporting date.
Other key judgements, estimates and assumptions

Other key judgements, estimates and assumptions which are material to the financial report are found in the following
notes:
Note
Income tax 7
Recovery of deferred tax assets 7
Exploration and evaluation costs 16
Ore reserve and mineral resource estimates 16
Impairment of non-financial assets 17
Site rehabilitation provisions 21
Project closure 21
3. Operating segments
Business segment
The Group has identified its operating segments based on internal management reports that are reviewed by the Board
(the Chief Operating Decision Makers) in assessing performance and in determining the allocation of resources.
The Group continues to report its business results as three operating segments being Mining Services and Processing,
Commodities, and Central. All are operating within the Australian resources sector.
The measurement of segment results is in line with the basis of information presented to management for internal
management reporting purposes and the performance of each segment is measured based on EBITDA contribution.
The accounting policies applied for internal reporting purposes are consistent with those applied in the preparation of the
financial statements.
66
30 June 2021
3. Operating segments (continued)
Operating segment information
Mining Inter-
Services Commodities Central segment* Total
Group - 2021 $m $m $m $m $m
Revenue
External revenue 546.7 3,186.9 - - 3,733.6
Intersegment revenue 1,203.4 - - (1,203.4) -
Total Revenue 1,750.1 3,186.9 - (1,203.4) 3,733.6
Underlying EBITDA 464.2 1,517.4 (37.7) (43.2) 1,900.7

Depreciation and amortisation (155.5) (111.7) (9.5) 18.7 (258.0)
Underlying EBIT 308.7 1,405.7 (47.2) (24.5) 1,642.7
Items excluded from underlying earnings 235.8
Net finance costs (85.8)
Profit before tax 1,792.7
Assets
Segment assets 1,561.8 2,316.1 2,047.9 (72.9) 5,852.9
Liabilities 695.8 599.7 1,311.3 - 2,606.8

Segment liabilities
Segment net assets 866.0 1,716.4 736.6 (72.9) 3,246.1
* Represents elimination of internal profits that are temporarily unrealised to the Group
Mining Inter-
Services Commodities Central segment* Total
Group - 2020 $m $m $m $m $m
Revenue
External revenue 440.7 1,684.0 - - 2,124.7
Intersegment revenue 834.3 - - (834.3) -
Total Revenue 1,275.0 1,684.0 - (834.3) 2,124.7
Underlying EBITDA 359.2 457.0 (28.0) (23.0) 765.2

Depreciation and amortisation (125.4) (63.1) (9.9) 4.8 (193.6)
Underlying EBIT 233.8 393.9 (37.9) (18.2) 571.6
Items excluded from underlying earnings 955.1
Net finance costs (90.5)
Profit before tax 1,436.2
Assets
Segment assets 1,223.8 1,847.2 1,608.5 (48.6) 4,630.9
Liabilities
Segment liabilities 481.7 278.0 1,575.6 - 2,335.3
Segment net assets 742.1 1,569.2 32.9 (48.6) 2,295.6
67
30 June 2021
3. Operating segments (continued)
* Represents elimination of internal profits that are temporarily unrealised to the Group
Reconciliation of underlying earnings to net earnings
Pre-tax Taxation Net amount Pre-tax Net amount

2021 2021 2021 2020 2020
$m $m $m $m $m
Underlying earnings 1,556.8 (454.2) 1,102.6 481.1 333.6
Items excluded from underlying earnings

Impairment charges (note 17) (46.5) 14.0 (32.5) (285.8) (200.0)
Net gain on sale of disposal group (note 5) - - - 1,297.8 908.5
Gain on bargain purchase - - - 4.2 3.0
Net fair value gain on investments (note 5) 230.3 (69.1) 161.2 (39.8) (27.9)
Exchange gains / (losses) on net debt 52.1 (15.7) 36.4 (21.3) (15.0)
Total excluded from underlying earnings 235.9 (70.8) 165.1 955.1 668.6
Net earnings 1,792.7 (525.0) 1,267.7 1,436.2 1,002.2
Geographical information
Refer note 4 for segment revenue disaggregation based on the geographical locations of external customers.
All non-current assets of the Group exclusive of, where applicable, financial instruments and deferred tax assets, are
located in Australia.
Major customer information

During the year ended 30 June 2021, Commodities segment revenues from three customers amounted to $815.6 million,
$899.3 million and $859.2 million respectively, arising from the sale of commodities and related freight revenue. No other
single customer contributed 10% or more to the Group's revenue for the year.
During the year ended 30 June 2020, Commodities segment revenues from two customers amounted to $863.8 million and
$258.9 million respectively, arising from the sale of commodities and related freight revenue. No other single customer
contributed 10% or more to the Group's revenue for the year.
68
30 June 2021
4. Revenue
(a) Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:
Mining
Services Commodities Total
Group - 2021 $m $m $m
Type of goods or service

Sale of iron ore - 3,057.1 3,057.1
Sale of lithium - 129.8 129.8
Contract and operational revenue 437.8 - 437.8
Other 108.9 - 108.9
Total external revenue from contracts with customers 546.7 3,186.9 3,733.6
Geographical information (by location of customer)

Australia 546.7 - 546.7
China - 320.3 320.3
Singapore - 2,866.6 2,866.6
Mining
Services Commodities Total
Group - 2020 $m $m $m
Type of goods or service

Sale of iron ore - 1,552.7 1,552.7
Sale of lithium - 131.1 131.1
Contract and operational revenue 435.1 - 435.1
Other 5.5 0.3 5.8
Geographical information (by location of customer)

Australia 440.6 0.3 440.9
China - 292.8 292.8
Singapore - 1,391.0 1,391.0
(b) Contract balances
Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group
performs under the contact by transferring goods or services to a customer before the customer pays consideration or
before payment is due, a contract asset is recognised for the earned consideration that is conditional.
The Group does not have any material contract assets as at 30 June 2021, as performance and a right to consideration,
occurs within a short period of time and all rights to consideration are unconditional.
69
30 June 2021
4. Revenue (continued)
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time
is required before payment of the consideration is due). Refer to Note 10 for trade receivables.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group
transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is
due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
From time to time, the Group recognises contract liabilities in relation to:
 commodity sales which are sold under Cost and Freight (CFR) and Cost, Insurance and Freight (CIF) Incoterms,
whereby a portion of the cash may be received from the customer before the freight/insurance services are
provided,
 mining services revenue, including crushing services, whereby mobilisation charges may be received from the
customer but is to be allocated and recognised based on the actual tonnes crushed each period (each
performance obligation).
See Note 18 for further details of contract liabilities disclosed within Trade and Other Payables.
Accounting policy for revenue recognition

Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in
exchange for transferring goods or services to a customer. For each contract with a customer, the Group identifies the
contract with a customer, identifies the performance obligations in the contract, determines the transaction price which
takes into account estimates of variable consideration and the time value of money, allocates the transaction price to the
separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be
delivered, and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the
transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts,
rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates
are determined using either the “expected value” or “most likely amount” method. The measurement of variable
consideration is subject to a constraining principle whereby revenue will be recognised only to the extent that it is highly
probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement
constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts
received that are subject to the constraining principle are recognised as a refund liability.
(i) Sale of goods

The Group earns revenue by mining, processing, and subsequently selling commodity products (including iron ore and
lithium) by export to customers under a range of commercial terms.
Revenue from the sale of product is recognised at the point in time when control has been transferred to the customer, no
further work or processing is required by the Group, the quantity and quality of the goods has been determined with
reasonable accuracy, the price is fixed or determinable, and collectability is reasonably assured. This is generally when title
passes. The majority of the Group's sales agreements specify that title passes when the product is delivered to the
destination specified by the customer, which is typically the vessel on which the product will be shipped. In practical terms,
revenue is generally recognised on the bill of lading date, which is the date the commodity is delivered to the shipping
agent. Within each contract to sell commodity products, each unit of product shipped is a separate performance obligation.
Revenue is generally recognised at the contracted price at this reflects the stand-alone selling price.
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30 June 2021
4. Revenue (continued)
The Group’s sales agreements may provide for provisional pricing of sales with pricing subsequently adjusted to reflect
market prices over a quotation period stipulated in the sales contract, typically on or after the vessel’s arrival at the port of
discharge. The estimated consideration in relation to provisionally priced contracts is marked to market using the spot price
at the end of each reporting period with the impact of the price movements recorded as an adjustment to sales revenue.
These sales agreements also allow for an adjustment to the sales price based on a survey of the goods by the customer
(an assay for mineral content) therefore recognition of the sales revenue is based on the most recently determined
estimate of product specifications. The effect of variable consideration arising from these arrangements with customers is
included in revenue to the extent that it is highly probable that there will be no significant reversal of the cumulative amount
of revenue recognised when any pricing uncertainty is resolved.
The Group sells the majority its commodity products on CFR or CIF International Commercial Terms (Incoterms) which
means that the Group is responsible for providing freight services and, in CIF instances, insurance, after the date at which
title of the goods passes. The Group therefore has separate performance obligations for freight/insurance services
provided for sale of products under CFR and CIF Incoterms.
Freight/insurance revenue is allocated from the overall contract price at its standalone selling price (where observable) or
otherwise at its estimated cost plus margin. The recognition of freight/insurance revenue is deferred until the product is
delivered rather than when the product is shipped.
The Group does not disclose sales revenue from freight and insurance services separately as it does not consider that this
is necessary in order to understand the impact of economic factors on the Group; and the Group's Chief Operating
Decision Makers (as defined in the operating segments note 3) do not review information specifically relating to these
sources of revenue in order to evaluate the performance of business segments, neither is information on these sources of
revenue provided externally.
The Group applies the practical expedient in AASB 15 paragraph 121 for its freight/insurance services and does not
disclose information on the transaction price allocated to performance obligations that remain unsatisfied at the end of the
reporting period as the performance obligations arising under sales arrangement for its commodity products have an
original expected duration of one year or less.
(ii) Rendering of services

The Group’s Mining Services & Processing segment earns contract and operational revenue from the provision of a range
of mining services, including crushing services.
Revenue from mining services is recognised over time as the services are rendered. As mining services are invoiced on a
monthly basis based on the actual services provided or at cost plus margin incurred to date, the Group has used the
practical expedient available under AASB 15 to recognise revenue based on the right to invoice, on the basis that the
invoiced amount corresponds directly with the value to the customer of the Group’s performance completed to date.
For crushing service contracts specifically, each tonne of ore crushed represents a separate performance obligation.
Revenue from the rendering of crushing services is measured and recognised as each tonne is crushed based on a
schedule of rates that is invoiced to the customer, being the estimate of the price to which the Group expects to be entitled,
and a corresponding trade receivable is recognised. Mobilisation / demobilisation charges on crushing service contracts
constitute variable charges that will be associated and allocated to each tonne crushed (each performance obligation) and
therefore recognised based on the actual tonnes crushed each period, rather than when invoiced.
The Group applies the practical expedient in AASB 15 paragraph 121 for its mining services revenue and does not disclose
information on the transaction price allocated to performance obligations that remain unsatisfied at the end of the reporting
period as these are not material.
71
30 June 2021
5. Other income
Group
2021 2020
$m $m
Net fair value gain on investments held at fair value through profit or loss 230.3 -
Gain on bargain purchase - 4.2
Net (loss)/gain on disposal of property, plant and equipment (4.0) 5.4
Net gain on sale of disposal group (a)(ii) - 1,297.8
Other 19.0 4.5
Other income 245.3 1,311.9
(a) Sale of 60% interest in Wodgina Lithium Project in the prior year
On 1 November 2019, the Group completed a transaction to sell a 60% interest in certain tenements, assets and related
infrastructure, together comprising the Wodgina Lithium Project under a binding Asset Sale and Share Subscription
Agreement (Sale Agreement) with Albemarle Corporation (NYSE: ALB, Albemarle). The Group recognised a pre-tax gain
on disposal of $1,297.8 million (post-tax $908.5 million) in the year ended 30 June 2020.
(i) Current tax paid

Income Tax attributable to this transaction was comprised of an Income Tax payable amount of $411.2 million (included in
current tax liabilities at 30 June 2020 of $415.9 million) and an offsetting Deferred Tax benefit of $21.9 million.
A total of $78.9m of the $411.2m Income Tax Payable on the transaction was paid in FY20 and the balance of $332.3m
was paid in FY21, the impact of which is reflected in a reduction of the current tax liabilities balance on the consolidated
balance sheet (a reduction from $415.9 million at 30 June 2020 to $166.7 million at 30 June 2021) and is included in the
Income Taxes Paid total of $584.3 million in the consolidated statement of cash flows for the year ended 30 June 2021.
72
30 June 2021
5. Other income (continued)
(ii) Assets and liabilities of disposal group at date of disposal
Group
$m
Assets
Inventories 54.7
Property, plant and equipment 348.0
Exploration and mine development 128.4
Total assets disposed 531.1
Liabilities
Lease liability (13.5)
Provisions - site rehabilitation (16.5)
Total liabilities associated with assets disposed (30.0)
Net assets disposed 501.1
(iii) Gain on disposal
Group
30 June 2021 30 June 2020
$m $m
Proceeds - 1,826.3
Net of transaction costs and other items - (27.4)
Less carrying amount of net assets disposed - (501.1)
Gain on disposal before tax - 1,297.8
Income tax expense - (389.3)
Gain on disposal after tax - 908.5
73
30 June 2021
6. Expenses
Group
2021 2020
$m $m
Profit before tax includes the following specific expenses:
Depreciation and amortisation

Plant and equipment 183.1 161.7
Depreciation capitalised to assets (0.2) (0.7)
Total depreciation 182.9 161.0
Amortisation
Mine development 72.1 28.7
Other 3.0 3.9
Total amortisation 75.1 32.6
Total depreciation and amortisation 258.0 193.6
Impairment
Exploration and mine development (note 16) - 71.2
Intangibles (note 17) 24.1 50.0
Property, plant and equipment (note 17) 14.2 145.4
Trade receivables - 0.2
Inventory (note 17) 8.2 19.0
Total impairment 46.5 285.8
Finance costs
Interest on borrowings 83.6 94.2
Interest on lease liabilities 9.4 9.0
Other 2.8 1.7
Finance costs expensed 95.8 104.9
Other expenses:
Net foreign exchange (gain)/loss (51.3) 22.7
Fair value loss on equity instruments at fair value through profit or loss - 40.9
Short-term leases, low value leases and leases with variable payments 1.7 0.9
All other operating expenses 138.6 118.2
Total other expenses 89.0 182.7
74
30 June 2021
7. Income tax
(a) Income tax expense
Group
2021 2020
$m $m
Income tax expense

Current tax 368.4 563.1
Deferred tax - origination and reversal of temporary differences 157.4 (131.1)
Adjustment recognised for prior periods (0.8) 2.0
Aggregate income tax expense 525.0 434.0
Deferred tax included in income tax expense comprises:

Increase in deferred tax assets (17.4) (73.8)
Increase/(decrease) in deferred tax liabilities 174.8 (57.3)
Deferred tax - origination and reversal of temporary differences 157.4 (131.1)
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense 1,792.7 1,436.2
Tax at the statutory tax rate of 30% 537.8 430.9
Tax effect amounts which are not deductible in calculating taxable income:
Non allowable expenses 1.6 0.1
Research and Development concessions (13.6) -
525.8 431.0
Adjustment recognised for prior periods (0.8) 2.0
Current year tax losses not recognised - 1.0
Income tax expense 525.0 434.0
Group
2021 2020
$m $m
Amounts charged directly to equity

Deferred tax liabilities - 0.2
Tax losses not recognised

Unused tax losses for which no deferred tax asset has been recognised 33.5 30.0
Potential tax benefit @ 30% 10.0 9.0
The above potential tax benefit for tax losses has not been recognised in the balance sheet. These tax losses can only be
utilised (or transferred in upon joining the tax consolidated group) in the future if the continuity of ownership test is passed,
or failing that, the business continuity test is satisfied.
75
30 June 2021
7. Income tax (continued)
(b) Deferred tax asset

Group
2021 2020
$m $m
Deferred tax asset

Deferred tax asset comprises temporary differences attributable to:
Amounts recognised in profit or loss:

Allowance for expected credit losses 1.3 1.3
Contract liabilities 7.4 4.0
Employee benefits 15.4 16.1
Provisions 59.4 38.3
Accrued expenses 5.5 7.3
Unrealised foreign exchange (gain) / loss (0.4) 13.5
Financial assets at fair value through profit or loss - 22.6
Inventories 0.1 4.6
Development costs 30.9 10.7
Tax losses 5.2 1.4
Black-hole deductions 3.7 -
Deferred tax asset 128.5 119.8
Movements:
Opening balance 119.8 45.5
Credited to profit or loss 17.4 73.8
Additions through business combinations (note 28) - 0.3
(Over)/under provision from prior year (8.7) 0.2
Closing balance 128.5 119.8
(c) Deferred tax liability Group

2021 2020
$m $m
Deferred tax liability

Deferred tax liability comprises temporary differences attributable to:
Amounts recognised in profit or loss:

Trade and other receivables 16.0 (5.1)
Property, plant and equipment 195.0 91.8
Exploration and evaluation 17.7 16.6
Research and development 33.2 8.3
Prepayments 9.2 10.4
Financial assets 50.0 -
Other 1.6 0.5
Deferred tax liability 322.7 122.5
76
30 June 2021
Group
2021 2020
$m $m
Movements:
Opening balance 122.5 185.6
Debited / (Credited) to profit or loss 174.7 (57.3)
Charged to equity - 0.2
Additions through business combinations (note 28) - 0.9
(Over)/under provision from prior year 25.5 (6.9)
Closing balance 322.7 122.5
Accounting policy for income tax

The income tax expense for the period is the tax payable on that period's taxable income based on the applicable income
tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Key judgement: Income tax
The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in
determining the provision for income tax. There are many transactions and calculations undertaken during the
ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises the amount
of tax payable or recoverable based on management’s best estimate of the most likely outcome. Where the final tax
outcome of these matters is different from the carrying amounts, such differences will impact the current and
deferred tax provisions in the period in which such determination is made.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when
the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted,
except for:
● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
Key judgement: Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable
that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred
tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for
the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is
probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable
authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Mineral Resources Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax
group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to
account for their own current and deferred tax amounts. The tax group has applied the 'separate taxpayer within group'
approach in determining the appropriate amount of taxes to allocate to members of the tax group.
77
30 June 2021
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets)
and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax
group.
Assets or liabilities arising under tax funding agreements with the tax group are recognised as amounts receivable from or
payable to other entities in the tax group. The tax funding arrangement ensures that the intercompany charge equals the
current tax liability or benefit of each tax group member, resulting in neither a contribution by the head entity to the
subsidiaries nor a distribution by the subsidiaries to the head entity.
8. Earnings per share
Group
2021 2020
$m $m
Profit after tax 1,267.7 1,002.2

Non-controlling interest 2.0 1.5
Profit after income tax attributable to the owners of Mineral Resources Limited 1,269.7 1,003.7
Number Number
Weighted average number of ordinary shares used in calculating basic earnings per share 188,612,740 188,326,986
Weighted average number of ordinary shares used in calculating diluted earnings per share 188,612,740 188,326,986
Cents Cents
Basic earnings per share 673.18 532.96

Diluted earnings per share 673.18 532.96
Accounting policy for earnings per share
Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Mineral Resources Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
78
30 June 2021
9. Cash and cash equivalents
(a) Cash and cash equivalents Group

2021 2020
$m $m
Current
Cash at bank and on hand 1,327.6 1,184.9
Short-term deposits and other cash equivalents 214.5 336.9
1,542.1 1,521.8
Accounting policy for cash and cash equivalents

Cash and cash equivalents includes cash on hand, short-term deposits with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
(b) Cash flow information - Reconciliation of profit after tax to net cash from operating activities
Group
2021 2020
$m $m
Profit after income tax expense for the year 1,267.7 1,002.2
Adjustments for:
Depreciation and amortisation 258.0 193.6
Share-based payments 10.2 6.7
Foreign exchange differences (52.0) 44.9
Impairment loss 46.5 285.8
Net loss/(gain)on disposal of property, plant and equipment 4.0 (5.4)
Net gain on sale of disposal group - (1,297.8)
Fair value (gain)/ loss on investments held at fair value through profit or loss (230.3) 40.9
Other non-cash transactions (2.8) 1.1
Change in operating assets and liabilities:

Increase in trade and other receivables (123.6) (9.1)
Increase in inventories (12.7) (53.9)
Increase in deferred tax assets (10.4) (68.1)
Decrease/(increase) in other operating assets 1.1 (8.9)
Increase in trade and other payables 196.8 70.4
(Decrease)/ increase in provision for income tax (249.2) 470.4
Increase/(decrease) in deferred tax liabilities 200.2 (85.0)
Increase in provisions 5.9 6.8
Net cash from operating activities 1,309.4 594.6
Accounting policy for cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified as financial assets
held at amortised cost.
79
30 June 2021
9. Cash and cash equivalents (continued)
(c) Cash flow information – Changes in liabilities arising from financing activities
Senior
Lease unsecured Other
liability notes borrowings Total
Group $m $m $m $m
Balance at 1 July 2019 153.2 982.6 1.1 1,136.9

Net cash (used in)/ financing activities (64.1) - 0.1 (64.0)
Lease liabilities recognised on adoption of
AASB 16 11.7 - - 11.7
Acquisition of leases 183.7 - - 183.7
Exchange differences - 21.8 - 21.8
Other changes (1.7) 2.3 - 0.6
Balance at 30 June 2020 282.8 1,006.7 1.2 1,290.7

Net cash from/(used in) financing activities (109.8) - 25.2 (84.6)
Acquisition of leases 172.6 - - 172.6
Exchange differences - (88.9) - (88.9)
Other changes (30.4) 2.4 - (28.0)
Balance at 30 June 2021 315.2 920.2 26.4 1,261.8
10. Trade and other receivables
Group
2021 2020
$m $m
Current
Trade receivables 301.7 180.1
Less: Allowance for expected credit losses (4.3) (4.2)
297.4 175.9
Loan receivables 33.9 1.6
331.3 177.5
Non-current
Loan receivables 46.9 37.7
Less: Allowance for expected credit losses (0.5) (0.5)
46.4 37.2
Other receivables - 4.9

Security deposits 0.9 1.4
Deferred consideration receivable from sale of disposal group (note 24) 606.1 606.1
653.4 649.6
Expected credit losses on trade and other receivables are not material. Further information about the Group’s exposure to
credit and market risks, and impairment losses for trade receivables and contract assets is included in Note 24.
80
30 June 2021
10. Trade and other receivables (continued)
Accounting policy for trade and other receivables

Trade receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any allowance for impairment losses. Trade receivables are generally due for settlement within 30 days.
Refer note 24 for the Group’s credit risk management policies.
Impairment of trade receivables

Collectability of trade receivables is reviewed on an ongoing basis. Loss allowances for trade receivables are measured at an
amount equal to lifetime expected credit losses (ECLs). Lifetime ECLs are the ECLs that result from all possible default
events over the expected life of a financial instrument. Significant financial difficulties of the debtor, probability that the debtor
will enter bankruptcy or financial reorganisation and default or delinquency in payments are considered indicators that a
receivable is credit-impaired. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the
present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the
contract and the cash flows that the Group expects to receive). Cash flows relating to short-term receivables are not
discounted if the effect of discounting is immaterial.
Debts which are known to be uncollectable are written off by reducing the carrying amount directly. If an impairment
allowance has been recognised for a debt that then becomes uncollectable, the debt is written off against the allowance
account. If an amount is subsequently recovered, it is credited against profit or loss.
Loans and other receivables

Other receivables generally arise from transactions outside the usual operating activities of the Group. Loans and other
receivables are classified as financial assets held at amortised cost, less any allowance for impairment losses.
The Group’s other receivables do not contain impaired assets and are not past due. Based on the credit history, it is
expected that these other receivables will be received when due.
11. Inventories
Group
2021 2020
$m $m
Current
Raw materials and stores 52.4 48.5
Ore inventory stockpiles 67.3 91.7
Work in progress 2.9 15.4
122.6 155.6
Non-current
Ore inventory stockpiles 62.4 35.3
81
30 June 2021
11. Inventories (continued)
Accounting policy for inventories

Raw materials, work in progress and finished goods are stated at the lower of weighted average cost and net realisable
value. Cost comprises direct materials and delivery costs, direct labour, import duties and other taxes, an appropriate
proportion of variable and fixed overhead expenditure based on normal operating capacity, and, where applicable,
transfers from cash flow hedging reserves in equity. Costs of purchased inventory are determined after deducting rebates
and discounts received or receivable.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion
and the estimated costs necessary to make the sale.
12. Other assets
Group
2021 2020
$m $m
Current
Prepayments 37.6 38.8
Foreign exchange forward contracts (0.3) -
37.3 38.8
13. Financial assets
Group
2021 2020
$m $m
Non-current
Shares in listed corporations - at fair value through profit or loss 296.1 42.3
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous
financial year are set out below:
Opening fair value 42.3 75.1

Additions 40.2 8.1
Disposals (9.6) (1.1)
Transfer (note 30) (7.1) -
Revaluation 230.3 (39.8)
Closing fair value 296.1 42.3
Refer to note 24 for further information on fair value measurement.
82
30 June 2021
13. Financial assets (continued)
Accounting policy for investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the
initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured
at either amortised cost or fair value depending on their classification. Classification is determined based on both the
business model within which such assets are held and the contractual cash flow characteristics of the financial asset
unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Group has transferred substantially all the risks and rewards of ownership.
Financial assets at fair value through profit or loss

Financial assets not measured at amortised cost or at fair value through other comprehensive income (FVOCI) are
classified as financial assets at fair value through profit or loss (FVTPL). Typically, such financial assets will be either: (i)
held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or
a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in
profit or loss.
The Group’s investments in equity instruments that are not held for trading are measured at FVTPL. An irrevocable
election has not been made by management to measure any instruments at FVOCI. This election is made on an
investment by investment basis.
14. Property, plant and equipment
Group
2021 2020
$m $m
Non-current
Land - cost 25.4 14.4
Buildings - cost 241.7 95.4

Less: Accumulated depreciation (46.5) (41.0)
195.2 54.4
Right-of-use buildings - at cost 12.7 47.0

3.8 40.0
Right-of-use plant and equipment - cost 550.7 383.5

398.7 271.3
Plant and equipment - cost 1,743.1 1,434.8

1,201.5 985.8
1,824.6 1,365.9
83
30 June 2021
14. Property, plant and equipment (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Right-of-use
Right-of-use Plant and Plant and
Land Buildings Buildings equipment equipment Total
Group $m $m $m $m $m $m
Balance at 1 July 2019 14.4 10.4 - 159.1 1,116.7 1,300.6

Additions - - 47.0 135.5 218.1 400.6
Additions through business
combinations (note 28) - - - 0.1 9.2 9.3
Disposals - - - (10.1) (12.6) (22.7)
Impairment of assets - - - - (145.4) (145.4)
Transfers - 50.7 - 40.4 (106.6) (15.5)
Depreciation expense - (6.7) (7.0) (53.7) (93.6) (161.0)
Balance at 30 June 2020 14.4 54.4 40.0 271.3 985.8 1,365.9

Additions 9.5 142.1 1.7 183.7 365.6 702.6
Disposals - - (31.7) (8.8) (7.2) (47.7)
Impairment of assets - - - - (14.2) (14.2)
Transfers 1.5 4.2 0.1 11.6 (16.3) 1.1
Depreciation expense - (5.5) (6.3) (59.1) (112.2) (183.1)
Balance at 30 June 2021 25.4 195.2 3.8 398.7 1,201.5 1,824.6
Capitalised borrowing costs

The amount of borrowing costs capitalised during the year ended 30 June 2021 was not material. In the prior year ended
30 June 2020, the amount of borrowing costs capitalised was not material.
Assets in the course of construction

At 30 June 2021, there were no material amounts included in property, plant and equipment relating to assets in the course
of construction. In the prior year ended 30 June 2020, there were no material amounts included in property, plant and
equipment relating to assets in the course of construction.
Impairment testing
Refer to note 17 for details of impairment testing.
Accounting policy for property, plant and equipment

Owned assets
Items of plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of self-
constructed assets includes the cost of materials, direct labour and an appropriate portion of production overheads. The
cost of self-constructed and acquired assets includes (i) the initial estimate at the time of installation and during the period
of use, when relevant, of the costs of dismantling and removing the items and restoring the site on which they are located,
and (ii) changes in the measurement of existing liabilities recognised for these costs resulting from changes in the timing or
outflow of resources required to settle the obligation or from changes in the discount rate.
Where parts of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant
and equipment.
84
30 June 2021
14. Property, plant and equipment (continued)
Right-of-use assets
The Group has adopted AASB 16 Leases (AASB 16) from 1 July 2019. Except for short-term leases and leases of low-
value assets, right-of-use assets and corresponding lease liabilities are recognised in the balance sheet when a contract is,
or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration.
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in
the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset,
and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of
the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted
for any re-measurement of lease liabilities.
Depreciation
Depreciation is calculated either on the straight-line method to write off the net cost of each item of property, plant and
equipment over the shorter of the lease term (where applicable) and their expected useful lives, or units of production
method where the Group’s ore reserves are used to determine the units of production depreciation.
Buildings 40 years
Buildings at mine sites 10 years or usage basis
Right-of-use buildings Shorter of 40 years or the term of the lease
Right-of-use plant and equipment Shorter of 3 - 20 years or the term of the lease
Plant and equipment 1 - 10 years or usage basis
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting
date.
Subsequent costs
The Group recognises in the carrying amount of an item of plant and equipment the cost of replacing part of such an item
when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group
and the cost of the item can be measured reliably. All other costs are recognised in the income statement as an expense
as incurred.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a
substantial period of time to prepare for their intended use or sale are added to the cost of those assets, until such time as
the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
85
30 June 2021
15. Intangibles
Group
2021 2020
$m $m
Non-current
Goodwill - cost 1.4 1.4
Development - at cost - 21.8
Patents - cost - 1.7
Access rights - cost 56.7 56.7

Less: Accumulated amortisation and impairment (37.9) (35.6)
18.8 21.1
Others - cost 23.0 7.1

Less: Accumulated amortisation (6.5) (5.2)
16.5 1.9
36.7 47.9
Reconciliations
below:
Capitalised
development Access
Goodwill costs Patents rights Others Total
Balance at 1 July 2019 1.4 56.7 1.7 23.6 1.3 84.7

Additions - 15.1 - - 2.0 17.1
Impairment of assets - (50.0) - - - (50.0)
Amortisation expense - - - (2.5) (1.4) (3.9)
Balance at 30 June 2020 1.4 21.8 1.7 21.1 1.9 47.9

Additions - 0.6 - - 15.9 16.5
Impairment of assets - (22.4) (1.7) - - (24.1)
Amortisation expense - - - (2.3) (1.3) (3.6)
Balance at 30 June 2021 1.4 - - 18.8 16.5 36.7
Allocation of goodwill to cash-generating units

The following cash generating units have carrying amounts of goodwill:
Group
2021 2020
$m $m
Process Minerals International Pty Ltd 1.4 1.4
Impairment testing
Refer to note 17 for details of impairment testing
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30 June 2021
15. Intangibles (continued)
Accounting policy for intangible assets

Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value
at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible
assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are
subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss
arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the
carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually.
Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation
method or period.
Goodwill
Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for
impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at
cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not
subsequently reversed.
Research and development

Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is
probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or
sell the asset; the Group has sufficient resources; and intent to complete the development and its costs can be measured
reliably. Capitalised development costs are amortised when it is available for use in the manner intended by management
on a straight-line basis over the period of their expected benefit.
Patents and trademarks

Significant costs associated with patents and trademarks are deferred and amortised on a straight-line basis over the
period of their expected benefit.
Access rights
Access rights acquired as part of a business combination are recognised separately from goodwill. The rights are carried
at their fair value at the date of acquisition less accumulated amortisation and impairment losses. Amortisation is calculated
based on the timing of projected cash flows of the access rights over their estimated useful lives.
Other Intangibles
Other Intangible assets are carried at cost and amortisation is calculated based on their useful life.
16. Exploration and mine development
Group
2021 2020
$m $m
Non-current
Exploration and evaluation 163.5 132.0
Mine development 765.5 475.9

Less: Accumulated amortisation (203.2) (131.5)
562.3 344.4
725.8 476.4
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30 June 2021
16. Exploration and mine development (continued)
Reconciliations
below:
Exploration
and Mine
evaluation development Total
Group $m $m $m
Balance at 1 July 2019 163.4 245.1 408.5

Additions 47.9 118.1 166.0
Disposals - (10.2) (10.2)
Impairment of assets (53.7) (17.5) (71.2)
Reassessment of rehabilitation - 12.0 12.0
Transfers (25.6) 25.6 -
Amortisation expense - (28.7) (28.7)
Balance at 30 June 2020 132.0 344.4 476.4

Additions 66.9 190.7 257.6
Disposals (2.4) - (2.4)
Reassessment of rehabilitation - 65.9 65.9
Transfers (33.0) 33.0 -
Amortisation expense - (71.7) (71.7)
Balance at 30 June 2021 163.5 562.3 725.8
Accounting policy for exploration and mine development assets

Exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is
carried forward as an asset in the balance sheet where it is expected that the expenditure will be recovered through the
successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an
area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of
economically recoverable ore reserves.
Key judgement: Exploration and evaluation costs
Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly
related to these activities and allocating overheads between those that are expensed and capitalised. In addition,
costs are capitalised only if expected to be recovered either through successful development or sale of the relevant
mining interest. Factors that could impact the future commercial production at the mine include the level of ore
reserves and mineral resources, future technology changes, which could impact the cost of mining, future legal
changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable
in the future, the expenditure incurred in relation to the project or an area of interest will be written off in the period in
which this determination is made.
88
30 June 2021
Mine development
Development expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest in
which mineral resources have been identified. Such expenditure comprises cost directly attributable to the construction of a
mine and the related infrastructure.
Once a development decision has been taken, the carrying amount of the exploration and evaluation expenditure in
respect of the area of interest is aggregated with the development expenditure and classified under non-current assets as
development properties.
A development property is reclassified as a mining property at the end of the commissioning phase, when the mine is
capable of operating in the manner intended by management.
Depreciation is charged using the units-of-production method, with separate calculations being made for each area of
interest. The units-of-production basis results in a depreciation charge proportional to the depletion of estimated total ore to
be mined. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves
and estimates of future capital expenditure. The Group adopts a Run of Mine (ROM) tonnes of ore produced methodology.
Development properties are tested for impairment in accordance with the policy on impairment of assets.
Key estimate: Ore reserve and mineral resources
Ore reserves are estimates of the amount of product that can be economically and legally extracted from the Group's
current mining tenements. The Group estimates its ore reserves based on information compiled by appropriately
qualified persons able to interpret the geological data. The estimation of recoverable ore reserves is based on
factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production
costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body.
Changes in the ore reserve or mineral resource estimates may impact on the value of exploration and evaluation
assets, mine properties, property plant and equipment, provision for rehabilitation and depreciation and amortisation
charges.
Stripping (waste removal) costs

As part of its mining operations, the Group incurs stripping costs both during the development phase and production phase
of its operations.
Development stripping costs arise from the removal of overburden and other mine waste materials removed during the
development of a mine site in order to access the mineral deposit. Costs directly attributable to development stripping
activities, inclusive of an allocation of relevant overhead expenditure, are initially capitalised to exploration and evaluation
expenditure. Capitalisation of development stripping costs ceases at the time that saleable material begins to be extracted
from the mine. On completion of development, all capitalised development stripping included in exploration and evaluation
is transferred to mine development.
Production stripping commences at the time that saleable materials begin to be extracted from the mine and, under normal
circumstances, continue throughout the life of the mine. Costs of production stripping are charged to the profit or loss as
operating costs when the ratio of waste material to ore extracted for a "component" of the ore body is expected to be
constant throughout its estimated life. A "component" is a specific section of the orebody that is made more accessible by
the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic
life.
When the ratio of waste to ore is not expected to be constant, production stripping costs are accounted for as follows:
(i) All costs are initially charged to profit or loss and classified as operation costs
(ii) When the current ratio of waste to ore is greater than the estimated life-of-component strip ratio, a portion of the stripping
costs (inclusive of an allocation of relevant overhead expenditure) is capitalised to mine development as a stripping
activity asset
(iii) The amount of production stripping costs capitalised or charged in a financial year is determined so that the stripping
expense for the financial year reflects the estimated life-of-component strip ratio. The stripping activity asset is amortised
on a units-of-production method over the life of the component, unless another method is more appropriate.
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30 June 2021
Life-of-component strip ratios are based on estimates of ore reserves and mineral resources and the latest approved mine
plan; they are a function of the mine design and therefore changes to that design will generally result in changes to the
ratios. Changes to the estimated life-of-mine ratio are accounted for prospectively from the date of the change.
17. Impairment of non-financial assets
Pre-tax Taxation Net amount Pre-tax Taxation Net amount
2021 2021 2021 2020 2020 2020

Mining Services (14.4) 4.3 (10.1) (139.4) 41.8 (97.6)
Commodities (5.2) 1.6 (3.6) (109.1) 32.8 (76.3)
Central (26.9) 8.1 (18.8) (37.3) 11.2 (26.1)
Total impairment charge (46.5) 14.0 (32.5) (285.8) 85.8 (200.0)
Impairment testing
The Group tests non-financial assets for impairment:
● At least annually for indefinite life intangibles and goodwill; and
● Where there is an indication that the asset may be impaired
If the asset does not generate independent cash inflows and its value in use cannot be estimated to be close to its fair
value, the asset is tested for impairment as part of the cash generating unit (CGU) to which it belongs. The recoverable
amount of each CGU is determined based on the higher of an asset’s fair value less costs of disposal (FVLCD) and value-
in-use (VIU).
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount
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30 June 2021
17. Impairment of non-financial assets (continued)
Key assumptions: Assumptions used in the impairment assessments of non-financial assets
In determining the recoverable amount of assets, key assumptions and estimates are used that require significant
levels of judgement and are subject to risk and uncertainty that are beyond the control of the Group, including
political risk, climate risk, and other global uncertainty risks, such as the impact of COVID-19.
Key assumptions contained in the cash flow projections for FVLCD and VIU models include:
- Estimates of future production, operating costs, capital expenditure, and rehabilitation:
The estimation of the future production driving the cash flow projections is based on a detailed data analysis that
reflects current life of mine and long-term production plans. As each area of interest has specific economic
characteristics, the cash flows applied have been calculated using appropriate models and key assumptions
established by management;
- Future commodity prices:

Commodity prices are estimated with reference to externally sourced, forward consensus prices, adjusted for ore
properties;
- Future foreign exchange rates:

Exchange rates are estimated with reference to externally sourced forward consensus rates;
- Discount rates:
The cash flows are discounted using a real pre-tax discount rate of 8.3%, representing the target weighted average
cost of capital for the Group, with appropriate adjustments made to reflect the risks specific to the cash generating
unit;
- Terminal values:
The terminal value calculation used in VIU models incorporates a nominal growth rate of 2.0% based on industry
research and long-term inflation rates.
Recognised impairment – FY21

Assets are firstly assessed for impairment at the individual level. For the current financial year, this resulted in a pre-tax
total of $46.5 million of impairments recognised in relation to various classes of assets, being:
● $24.1 million of capitalised development costs and associated intellectual property were impaired to align carrying
values with future recovery expectations.
● $22.4 million of various idle plant and equipment and inventory were impaired to reflect a change in management’s
future operational plans which no longer required utilisation of these assets.
The Group considered assets which are assessed for impairment at the CGU level, with these assessments net of
impairments summarised above. There was no resulting impairment charge for the year ended 30 June 2021 at the CGU
level. There was no reversal of previous impairments recorded.
Previously recognised impairment - FY20

In the previous financial year, an impairment expense of $285.8 million represented the write-down of various classes of
assets, being:
● $71.2 million of capitalised exploration and mine development expenditure associated with the tenements in the Yilgarn
region. Following a reassessment during the year of the Group's future iron ore operating plans in the Yilgarn region,
the Group updated its Yilgarn Iron Ore Strategy which it announced to the ASX on 20 November 2019. The Yilgarn Iron
Ore Strategy no longer places dependency on the need to mine at several deposits in which the Group had previously
conducted significant exploration and development work. As a result, an impairment charge was recorded to fully write-
off associated accumulated exploration and mine development expenditure;
● $145.4 million of various idle plant and equipment was impaired to reflect a change in management's future operational
plans which no longer required utilisation of these assets; $22.5 million of this related to infrastructure associated with
the Yilgarn tenements noted above;
● $15.4 million of ore stockpiles and $3.6 million of other inventory impaired to net realisable value; and
● $50.0 million of capitalised development costs to align recovery expectations with current carrying values.
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30 June 2021
18. Trade and other payables
Group
2021 2020
$m $m
Current liabilities
Trade payables and accruals 557.3 305.9
Contract liabilities (note 4(b)) 24.5 13.2
581.8 319.1
Refer to note 24 for further information on financial instruments.
19. Borrowings
Group
2021 2020
$m $m
Current
Other borrowings 26.4 1.2
Lease liability 130.9 99.3
157.3 100.5
Non-current
Senior unsecured notes (i) 931.1 1,020.0
Less: capitalised transaction costs (10.9) (13.3)
1,104.6 1,190.2
(i) US$700 million senior unsecured notes offering due 2027, at an interest rate of 8.125% per annum.
Refer to note 24 for further information on financial instruments.
Accounting policy for borrowings

Loans and borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They
are subsequently measured at amortised cost using the effective interest method.
Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the
loans or borrowings are classified as non-current
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30 June 2021
19. Borrowings (continued)
Lease liability
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments are comprised of
fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option
is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend
on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use
asset is fully written down.
The lease liabilities are effectively secured as the rights to the leased assets, recognised in the balance sheet as right-of-
use assets and revert to the lessor in the event of default.
20. Employee benefits
Group
2021 2020
$m $m
Current
Employee benefits 69.4 53.4
Accounting policy for employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be
settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities
are settled.
The current provision includes amounts for vested long service leave for which the Group does not have an unconditional
right to defer settlement, regardless of when the actual settlement is expected to occur. However, based on past
experience, the Group does not expect all employees to take the full amount of accrued leave or require payment within
the next 12 months.
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30 June 2021
21. Provisions
Group
2021 2020
$m $m
Current
Project closure 7.1 10.8
Site rehabilitation 1.4 17.2
Other 0.7 1.5
9.2 29.5
Non-current
Project closure 15.2 9.3
Site rehabilitation 179.9 89.0
195.1 98.3
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set out below:
Project Site
Closure Rehabilitation Other
Group - 2021 $m $m $m
Carrying amount at the start of the year 20.0 106.3 1.5

Additional provisions recognised 9.0 74.8 0.2
Amounts used (3.7) (0.5) -
Unused provisions reversed (3.0) - (1.0)
Unwinding of discount - 0.7 -
Carrying amount at the end of the year 22.3 181.3 0.7
Accounting policy for provisions

Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is
probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value
of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the
provision resulting from the passage of time is recognised as a finance cost.
Key estimate: Site rehabilitation provisions
In accordance with the Group's legal requirements, provision is made for the anticipated costs of future restoration
and rehabilitation of areas from which natural resources have been extracted. The provision includes costs
associated with dismantling of assets, reclamation, plant closure, waste site closure, monitoring, demolition and
decontamination. The provision is based upon current costs and has been determined on a discounted basis with
reference to current legal requirements and current technology.
Each period the impact of unwinding of the discount is recognised in the income statement as a financing cost. Any
change in the restoration provision is recorded against the carrying value of the provision and the related asset, only
to the extent that it is probable that future economic benefits associated with the restoration expenditure will flow to
the entity, with the effect being recognised in the income statement on a prospective basis over the remaining life of
the relevant operation. The restoration provision is separated into current (estimated costs arising within 12 months)
and non-current components based on the expected timing of these cash flows.
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30 June 2021
21. Provisions (continued)
Key estimate: Project closure
At the completion of some projects the Group has a liability for redundancy and the cost of relocating crushing and
other mobile plant. An assessment is undertaken on the probability that such expenses will be incurred in the normal
course of business for contracting services and is provided for in the financial statements.
22. Issued capital
Group
2021 2020 2021 2020
Shares Shares $m $m
Ordinary shares 188,735,982 188,469,830 535.9 526.6

Less: Treasury Shares (Employee Share Plans) (534,582) (698,611) (21.4) (10.3)
188,201,400 187,771,219 514.5 516.3
Movements in issued capital

Less:
Ordinary Treasury
shares shares Total
Details Number Number Number
Balance at 1 July 2019 188,098,571 (795,359) 187,303,212

Shares issued under Dividend Reinvestment Plan 371,259 - 371,259
Employee share awards issued - 96,748 96,748
Balance at 30 June 2020 188,469,830 (698,611) 187,771,219

Shares issued under Dividend Reinvestment Plan 266,152 - 266,152
Purchase of shares under employee share plans - (449,293) (449,293)
Employee share awards issued - 613,322 613,322
Balance at 30 June 2021 188,735,982 (534,582) 188,201,400
Less:
Ordinary Treasury
shares shares Total
Details $m $m $m
Balance at 1 July 2019 519.6 (11.7) 507.9

Shares issued under Dividend Reinvestment Plan 5.4 - 5.4
Employee share awards issued 1.6 1.4 3.0
Balance at 30 June 2020 526.6 (10.3) 516.3

Shares issued under Dividend Reinvestment Plan 9.2 - 9.2
Purchase of shares under employee share plans - (20.2) (20.2)
Employee share awards issued 0.1 9.1 9.2
Balance at 30 June 2021 535.9 (21.4) 514.5
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
95
30 June 2021
22. Issued capital (continued)
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the
proceeds.
Treasury shares
Movements in treasury shares represent acquisition of the Company’s shares on market and allocation of shares to the
Company’s employees from the vesting of awards and exercise of rights under the employee share-based payment plans.
23. Dividends
Dividends
2021 2020
Dividend per Dividend per
share Total share Total
Cents $m Cents $m
Declared and paid during the year

Final franked dividend for the year ended 30 June 2020 (2019:
30 June 2019) 77.00 145.2 31.00 58.1
Interim franked dividend for the year ended 30 June 2021
(2020: 30 June 2020) 100.00 188.6 23.00 43.4
177.00 333.8 54.00 101.5
Proposed
Final franked dividend for the year ended 30 June 2021 (2020:
30 June 2020) 175.00 329.4 77.00 144.6
Franking credits
Group
2021 2020
$m $m
Franking credits available for subsequent financial years based on a tax rate of 30% 903.0 716.0
The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for franking
credits that will arise from the payment of the amount of the provision for income tax at the reporting date.
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30 June 2021
24. Financial instruments
(a) Capital risk management

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can
provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce
the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group may look to raise capital when an opportunity to invest in a business or company is seen as value adding
relative to the current Company's share price at the time of the investment. The Group is actively pursuing additional
investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.
The Group is subject to certain financing arrangement covenants and meeting these is given priority in all capital risk
management decisions. There have been no events of default on financing arrangement covenants during the financial
year.
The capital risk management policy remains unchanged from the prior year.
The gearing ratio at the reporting date was as follows:
Group
2021 2020
$m $m
Current liabilities - borrowings (note 19) 157.3 100.5

Non-current liabilities - borrowings (note 19) 1,104.6 1,190.2
Total borrowings 1,261.9 1,290.7
Current assets - cash and cash equivalents (note 9) (1,542.1) (1,521.8)
Cash and cash equivalents, net of debt (280.2) (231.1)
Total equity 3,246.1 2,295.6
Total capital 2,965.9 2,064.5
Gearing ratio (9%) (11%)
(b) Financial risk management objectives

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and
interest rate risk) credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability
of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group
uses derivative financial instruments such as forward foreign exchange contracts to hedge certain risk exposures.
Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. The Group uses
different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the
case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of
investment portfolios to determine market risk.
Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors
('the Board'). These policies include identification and analysis of the risk exposure of the Group and appropriate
procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the Group's operating
units. Finance reports to the Board on a monthly basis.
(c) Market risk
Foreign currency risk

The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk
through foreign exchange rate fluctuations.
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30 June 2021
24. Financial instruments (continued)
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and
cash flow forecasting.
The Group enters into forward exchange contracts to buy and sell specified amounts of foreign currencies in the future at
stipulated exchange rates. The objective in entering the forward exchange contracts is to protect the Group against
unfavourable exchange rate movements for both the contracted and anticipated future sales undertaken in foreign
currencies. Certain of these foreign exchange forward contracts are designated as hedging instruments, detailed in note
25(g).
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at the reporting
date were as follows:
Assets Liabilities
2021 2020 2021 2020
Group $m $m $m $m
USD denominated 681.7 654.2 1,211.2 1,038.4
The following table demonstrates the sensitivity of these foreign currency denominated financial assets and financial
liabilities to a weakening/strengthening in the Australian dollar, with all other variables held constant. The impact on the
Group’s profit before tax is due to changes in the fair value of monetary assets and liabilities including non-designated
foreign currency derivatives. The impact on the Group’s pre-tax equity is due to changes in the fair value of forward
exchange contracts designated as cash flow hedges.
Commodity price risk

The Group is exposed to commodity price risk which arises from the Group’s sale of iron ore, lithium direct ship ore (DSO)
and lithium spodumene concentrate at contracted and/or spot prices.
Equity price risk
The Group’s investment in listed equity securities are susceptible to market price risk arising from uncertainties about
future values of the investment securities. The Board reviews and approves all equity investment decisions.
At the reporting date, the Group’s exposure to listed equity securities at fair value was $296.1 million (2020: $42.3 million).
A decrease of 10% (2020: 10%) on the share prices could have an impact of approximately $29.6 million (2020: $4.2
million) on the profit or loss attributable to the Group.
Interest rate risk

The Group's exposure to the risk of changes in market interest rates relates primarily to the Group’s financial instruments
that have variable interest rates.
As at the reporting date, the Group is exposed to interest rate risk on its variable rate financial instruments as follows:
2021 2020
Weighted Weighted
average average
interest rate Balance interest rate Balance
Group % $m % $m
Cash at bank and on hand 0.210% 1,327.6 0.880% 1,184.9
Net exposure to cash flow interest rate risk 1,327.6 1,184.9
An analysis by remaining contractual maturities is shown in 'liquidity risk' note 24(e) below.
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30 June 2021
The Group has considered sensitivity relating to exposure to interest rate risk at reporting date. An official
increase/decrease in interest rate of 100 (2020: 100) basis points would have a favourable/adverse effect on the profit
before tax of $13.3 million (2020: $11.8 million) per annum.
(d) Credit risk

Nature of the risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group's exposure to financial position credit risk are as indicated by the carrying amounts of its financial
assets, primarily from customer receivables from operating activities and deposits with financial instruments from financing
activities. The Group does not have a significant exposure to any individual counterparty.
Credit risk management: trade receivables and contract assets

The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables
through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered
representative across all customers of the Group based on recent sales experience, historical collection rates and available
forward-looking information.
The Group has a strict policy for extending credit to customers, including obtaining agency credit information, confirming
references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk and
obtains letters of credit to mitigate credit risk for commodity sales. The maximum exposure to credit risk at the reporting
date to trade receivables and contract assets is the carrying amount, net of any allowances for credit losses, as disclosed
in the balance sheet and notes to the financial statements. The Group does not hold any collateral.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include
the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual
payments for a period greater than 1 year.
In monitoring customer credit risk, customers are grouped according to their credit characteristics and counterparty type,
including whether they arise from commodity sales, crushing and processing services or construction contracts, and the
existence of previous financial difficulties.
The Group's exposure to credit risk for trade receivables and contract assets by counterparty type as at the reporting date
was as follows.
Group
2021 2020
$m $m
Commodity sale customers 104.5 33.7

Crushing and processing services customers 73.0 51.5
Other mining services 55.7 47.7
Other 64.3 43.0
297.5 175.9
The Group uses an allowance matrix to measure the ECLs of trade receivables based on shared credit risk characteristics
and days past due. At 30 June 2021, the Group had $46.9 million (2020: $14.6 million) of trade receivables past due.
These past due receivables substantially relate to customers for whom there is no history of default. On this basis, the
resulting allowance for credit losses on trade receivables is not material.
At 30 June 2021, the carrying amount of receivables and contract assets for the Group's three major customers
(commodity sale customers) (2020: two commodity sale customers) totalled $152.2 million (2020: $4.3 million).
The Group has no customers who are credit-impaired at the reporting date.
Credit risk management: cash deposits and derivatives

The credit risk on liquid funds and derivative financial instruments is limited as the counterparties are Australian banks with
high credit-ratings assigned by international credit-rating agencies.
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30 June 2021
Credit risk management: loan receivables and other financial assets

Lending to external parties may be provided; secured by acceptable collateral as defined in the Group credit policy and
business unit procedures. The Group restricts its dealings to counterparties that have acceptable credit ratings. Should the
rating of a counterparty fall below certain levels, Group policy dictates that approval by the Board is required to maintain
the level of the counterparty exposure. Alternatively, management may consider closing out positions with the counterparty
or novating open positions to another counterparty with acceptable credit ratings.
Credit risk management: financial guarantees given to banks

There is also exposure to credit risk when the Group provides a guarantee to another party. The Group's maximum
exposure in this respect is the maximum amount the Group would have to pay if the guarantee is called upon. Details of
contingent liabilities are disclosed in note 25.
(e) Liquidity risk

Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash
equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously
monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
Financing arrangements
Unrestricted access was available at the reporting date to the following lines of credit:
Group
2021 2020
$m $m
Total facilities
Bank overdraft 4.0 4.0
Syndicated loan facility 250.0 250.0
Senior unsecured notes 931.1 1,020.0
Bank guarantee 40.0 40.0
1,596.1 1,585.0
Used at the reporting date

Bank overdraft - -
Syndicated loan facility - -
Senior unsecured notes 931.1 1,020.0
1,265.1 1,298.9
Unused at the reporting date

Bank overdraft 4.0 4.0
Syndicated loan facility 250.0 250.0
Senior unsecured notes - -
331.0 286.1
100
30 June 2021
The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice.
Remaining contractual maturities

The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the
financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the balance sheet.
Weighted Remaining
average 1 year or Between 1 Between 2 contractual
interest rate less and 2 years and 5 years Over 5 years maturities
Group - 2021 % $m $m $m $m $m
Non-derivatives
Non-interest bearing
Trade payables - 506.8 - - - 506.8
Interest-bearing - fixed rate

Senior unsecured notes 8.125% - - - 931.1 931.1
Lease liability 2.760% 130.9 95.4 88.9 0.1 315.3
Other 0.850% 1.3 - - - 1.3
Total non-derivatives 639.0 95.4 88.9 931.2 1,754.5
Weighted Remaining
average 1 year or Between 1 Between 2 contractual
interest rate less and 2 years and 5 years Over 5 years maturities
Group - 2020 % $m $m $m $m $m
Non-derivatives
Non-interest bearing
Trade payables - 319.1 - - - 319.1
Interest-bearing - fixed rate

Senior unsecured notes 8.125% - - - 1,020.0 1,020.0
Lease liability 3.616% 99.3 89.9 72.7 20.9 282.8
Other 1.030% 1.2 - - - 1.2
Total non-derivatives 419.6 89.9 72.7 1,040.9 1,623.1
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
101
30 June 2021
(f) Fair value of financial instruments
Fair value hierarchy

The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly
Level 3: Unobservable inputs for the asset or liability
Level 1 Level 2 Level 3 Total

Group - 2021 $m $m $m $m
Assets
Financial assets held at fair value through profit or loss:
- Shares in listed corporations 296.1 - - 296.1
- Deferred consideration receivable from sale of disposal
group - - 606.1 606.1
Total assets 296.1 - 606.1 902.2
Liabilities
Other liabilities: Foreign exchange forward contracts in cash
flow hedges (0.3) - - (0.3)
Total liabilities (0.3) - - (0.3)
Level 1 Level 2 Level 3 Total

Group - 2020 $m $m $m $m
Assets
Financial assets held at fair value through profit or loss:
- Shares in listed corporations 42.3 - - 42.3
- Deferred consideration receivable from sale of disposal
group - - 606.1 606.1
Total assets 42.3 - 606.1 648.4
Liabilities
Other liabilities: Foreign exchange forward contracts in cash
flow hedges (5.9) - - (5.9)
Total liabilities (5.9) - - (5.9)
Unless otherwise stated the carrying amount of financial instruments reflect their fair value.
The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair
values due to their short-term nature.
Valuation techniques for fair value measurements categorised within level 3

The basis of the valuation of deferred consideration receivable is fair value. The Group obtained an independent valuation
of the deferred consideration measured at fair value, arising from the sale of Wodgina on 1 November 2019. The main
level 3 inputs used in the independent valuation were derived and evaluated as follows:
 Discount rate, assumed fixed tolling charges per annum per feed tonne capacity, assumed variable tolling charges
per wet metric tonne feed.
 Considered against the value implied by the Wodgina sale consideration for the arms-length transaction that
completed on 1 November 2019.
The Group assessed that there were no material changes at the end of the reporting period since initial recognition.
102
30 June 2021
Accounting policy for fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the
fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the
principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its
highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair
value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either
not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge
and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an
analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison,
where applicable, with external sources of data.
103
30 June 2021
25. Contingent liabilities
Legal claim contingency

(a) Subiaco lease for corporate headquarters
In July 2020, the Group terminated the lease agreement for corporate headquarters in Subiaco. The parties have since
been in dispute over the validity of the termination. Both parties have alleged that they have incurred damages in
connection with the disputed lease and the termination.
The status of the dispute is still preliminary and any potential award of damages against the Group is only possible, not
probable, and cannot be reliably estimated as at the date of this report. Accordingly, no additional provision for liability has
been made in these financial statements.
(b) Validity of Wonmunna mining leases

Fortescue Metals Group (ASX: FMG) (FMG) commenced legal proceedings against the Minister for Mines and Petroleum,
the DMIRS Registrar and Wonmunna Iron Ore Pty Ltd (an MRL subsidiary), seeking declarations that the Wonmunna
mining leases (M47/1423, M47/1424, M47/1425) are invalid. In its claim, FMG alleges that the Minister did not have
jurisdiction to grant the mining leases in 2012 as the applications for the mining leases in 2008 were not accompanied by
mineralisation reports. Wonmunna Iron Ore Pty Ltd denies these claims and is defending the action.
The status of the matter is still preliminary and legal costs or potential claims are only possible, not probable, and cannot
be reliably estimated as at the date of this report. Accordingly, no provision for liability has been made in these financial
statements.
(c) Iron Valley haul road claim

On 25 November 2020, FMG commenced legal proceedings against the Group alleging that the access deed, executed
between FMG and MRL on 30 August 2012 for the road which is used to haul iron ore from the Group’s Iron Valley project
has expired. FMG alleges that Group must stop using the haul road and must remove the road and surrender its
miscellaneous licences over the area. The Group is defending the claim.
The status of the matter is still preliminary and legal costs or potential claims or impacts of these proceedings are only
possible, not probable, and cannot be reliably estimated as at the date of this report. Accordingly, no provision for liability
has been made in these financial statements.
(d) Claim for introduction of Reed Industrial Minerals Pty Ltd offtake partner and equity partner
Reed Industrial Minerals Pty Ltd (RIM) is a joint operation in which the Group has a 50% interest. During the period, an
individual and a related company (the Claimants) lodged a claim in the Supreme Court against RIM’s previous equity
owners Neometals Limited (Neometals) and RIM (as a second defendant). The Claimants allege that agreements were
reached in 2009 and 2015 which obliged Neometals to pay fees to one of the Claimants for having introduced Neometals
to RIM’s offtake partner and for introducing an equity partner. The Claimants allege that RIM is also liable to pay the fee
relating to the introduction of the offtake partner.
Based on the information provided by the Claimants to date, the Directors consider that it is not probable that material
damages will be awarded against RIM in respect of the claim. Accordingly, no provision for liability has been made in these
financial statements.
There has been no other material change to contingent liabilities since the last annual report.
Bank guarantees
The Group has provided guarantee to third parties in relation to performance of contracts and against warranty obligations
for a defects liability period after completion of the work. Defects liability periods are usually from 12 to 18 months duration.
Bank guarantees are issued as security for these obligations.
Group
2021 2020
$m $m
Bank guarantee facility 40.0 40.0

Amount utilised (21.6) (33.9)
Unused facility 18.4 6.1
104
30 June 2021
26. Commitments
Group
2021 2020
$m $m
Capital commitments
Commitments relating to the purchase of property, plant and equipment contracted for at
reporting date and not recognised as liabilities, payable:
- Within one year 215.8 167.4
- Later than 1 year but no later than five years 9.5 -
Capital commitments relating to the Group's interest in a joint operation contracted for at
reporting date and not recognised as liabilities, payable: - -
- Within one year - 27.4
- Within one to five years - 1.2
Total capital commitment 225.3 196.0
Lease commitments - finance

Committed at the reporting date and recognised as liabilities, payable:
Within one year 137.8 105.7
One to five years 189.7 167.7
More than five years 0.1 20.8
Total lease commitment 327.6 294.2

Less: Future finance charges (12.3) (11.4)
Net commitment recognised as liabilities 315.3 282.8
27. Parent entity information
Set out below is the supplementary information about the parent entity.
Income statement
Parent
2021 2020
$m $m
Profit after tax 2,060.3 49.7
Total comprehensive income 2,060.3 49.7
105
30 June 2021
27. Parent entity information (continued)
Balance sheet
Parent
2021 2020
$m $m
Total current assets 1,413.6 1,415.4
Total assets 10,975.7 4,724.9
Total current liabilities 332.6 514.8
Total liabilities 9,141.7 4,620.9
Net assets 1,834.0 104.0
Equity
Issued capital 514.6 516.4
Reserves 14.2 8.8
Retained profits/(accumulated losses) 1,305.2 (421.2)
Total equity 1,834.0 104.0
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2021 and 30 June 2020 other
than as obligor under its syndicated financing facilities.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2021 (2020: $nil).
Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment at as 30 June 2021 (2020: $nil).
Significant accounting policies

The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for the
following:
● Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity
● Investments in associates are accounted for at cost, less any impairment, in the parent entity
● Dividends received from subsidiaries are recognised as other income by the parent entity
28. Business combinations
Business Combinations in 2021

No business combination accounted for in 2021
106
30 June 2021
28. Business combinations (continued)
Business combinations in 2020
Acquisition of Resource Development Group Limited (RDG)

On 17 June 2020, the Group acquired 1,897,587,201 fully paid ordinary shares of Resource Development Group Limited
(ASX: RDG, RDG), which equated to 75% of RDG’s total issued capital on a fully diluted basis (the Acquisition). The
Acquisition was pursuant to an Asset Sale Agreement executed on 18 March 2020 for MRL to transfer a 100% interest in
the Ant Hill and Sunday Hill manganese tenements to RDG in return for MRL receiving RGD scrip, equivalent to a 75%
shareholding in RDG.
The Acquisition results in the restructure of MRL’s non-core manganese assets, which are more relevant in scale to a
company such as RDG that can provide the necessary strategic and financial support for the development of these assets,
allowing MRL’s core focus to increasingly be on assets that have significant scale and mine life and are able to deliver
value for all shareholders.
The Acquisition has been accounted for using the Acquisition Method set out in AASB 3 Business Combinations (AASB3).
In accordance with AASB 3, the acquirer is required to fair value all acquired assets and liabilities. The initial accounting for
the acquisition of RDG has been provisionally determined (as permitted by AASB3) due to the proximity of the acquisition
to the reporting date. The provisional determination will be reviewed and finalised within 12 months of the Acquisition, in
accordance with AASB 3, should any new information obtained affect the fair values at the date of acquisition.
Details of the business combination are as follows:
$m
Fair value of identifiable assets acquired and liabilities assumed

Assets
Cash 11.1
Receivables 5.9
Inventories 0.5
Current tax asset 0.1
Property, plant and equipment 9.3
Exploration and mine development 14.8
Deferred tax assets 0.3
Total assets 42.0
Liabilities
Payables (4.6)
Provisions (0.7)
Borrowings - lease liabilities (3.5)
Deferred tax liabilities (0.9)
Total liabilities (9.7)
Fair value of net identifiable assets acquired 32.3
Non-controlling interest in RDG measured at fair value (13.3)

Total consideration transferred (14.8)
Provisional gain on bargain purchase arising on acquisition 4.2
Consideration satisfied by:

- Manganese assets transferred 14.8
Total consideration transferred 14.8
107
30 June 2021
Consideration transferred relates to the manganese assets and is not recognised at fair value, in accordance with AASB 3,
as the manganese assets remain within the consolidated entity and MRL therefore retains control of the manganese
assets. As a result, the manganese assets continue to be measured at their carrying amount immediately before the
acquisition date and no gain or loss is recognised before and after the business combination.
A Gain on Bargain Purchase (as defined in AASB 3) arose in the business combination of RDG, as the fair value of the net
assets of RDG that MRL obtained control over, by virtue of a 75% shareholding in RDG, exceeds the fair value of the non-
controlling interest.
The gain on bargain purchase of $4.2 million has been recognised as Other Income in the income statement for the year
ended 30 June 2020.
The fair value of the 25% non-controlling interest in RDG has been estimated with reference to the quoted market price of
the shares at acquisition date.
$m
Analysis of cash flows on acquisition:

Net cash acquired with the subsidiary
(included in cash flows from investing activities) 11.1
Transaction costs relating to the acquisition were immaterial.
Given the proximity of the date of acquisition to the reporting date, RDG’s contributed revenue and profit to the combined
entity between the date of acquisition and the reporting date 30 June 2020 is immaterial.
If the acquisition of RDG had been completed on the first day of the financial year, Group revenues for the year would have
been $28.8 million and Group profit after income tax would have been $2.2 million higher.
Accounting policy for business combinations

The acquisition method of accounting is used to account for business combinations regardless of whether equity
instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments
issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest
in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value
or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to
profit or loss.
On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic conditions, the Group's operating or
accounting policies and other pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the Group remeasures its previously held equity interest in the
acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is
recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent
changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss.
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling
interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment
in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair
value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a
gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and
measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred
and the acquirer's previously held equity interest in the acquirer.
108
30 June 2021
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the
provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based
on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement
period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the
information possible to determine fair value.
29. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following material subsidiaries in
accordance with the accounting policy described in note 1:
Ownership interest
2021 2020
Name Country of incorporation % %
Crushing Services International Pty Ltd Australia 100.00% 100.00%

Mesa Minerals Limited Australia 59.40% 59.40%
PIHA Pty Ltd Australia 100.00% 100.00%
Polaris Metals Pty Ltd Australia 100.00% 100.00%
Process Minerals International Pty Ltd Australia 100.00% 100.00%
Auvex Resources Pty Ltd Australia 100.00% 100.00%
Mineral Resources (Equipment) Pty Ltd Australia 100.00% 100.00%
MRL Asset Management Pty Ltd Australia 100.00% 100.00%
MIS Carbonart Pty Ltd Australia 100.00% 60.00%
Mineral Resources Transport Pty Ltd Australia 100.00% 100.00%
Wodgina Lithium Pty Ltd Australia 100.00% 100.00%
Bulk Ore Shuttle Systems Pty Ltd Australia 50.00% 50.00%
Energy Resources Ltd New Zealand 100.00% 100.00%
Cattamarra Farms Pty Ltd Australia 90.00% 90.00%
Yilgarn Iron Pty Ltd Australia 100.00% 100.00%
Iron Resources Pty Ltd Australia 100.00% 100.00%
Kumina Iron Pty Ltd Australia 100.00% 100.00%
Mineral Resources Rail Pty Ltd Australia 100.00% 100.00%
MinRes Health Pty Ltd Australia 100.00% 100.00%
Bungaroo South Pty Ltd Australia 100.00% 100.00%
Buckland Minerals Transport Pty Ltd Australia 100.00% 100.00%
Cape Preston Logistics Pty Ltd Australia 100.00% 100.00%
Resource Development Group Limited* Australia 65.77% 75.00%
Wonmunna Iron Ore Pty Ltd*** Australia 100.00% -
MinRes Properties Pty Ltd** Australia 100.00% -
*On 1 February 2021, RDG issued shares resulting in a decrease in MRL's ownership interest to 65.77%
**Entity incorporated during the year
***Entity acquired during the year
109
30 June 2021
30. Interests in associates
Group
2021 2020
$m $m
Norwest Energy NL 7.1 -

Aquila Resources Limited 85.0 -
Interest in associates 92.1 -
Interests in associates are accounted for using the equity method of accounting. Information relating to associates that are
material to the Group are set out below:
Ownership interest
Principal place of business / 2021 2020
Norwest Energy NL Australia 19.90% -

Aquila Resources Limited* Australia 15.00% -
*Aquila Resources Limited is accounted for as an associated company as the Group has significant influence primarily
through representation on Aquila Resource Limited’s Board of Directors
Information relating to each of these entities is set out below:
Acquisition of 19.9% in Norwest Energy NL

On 29 April 2021 the Group increased its investment in Norwest Energy NL, which lead to a reclassification of the
investment in Norwest Energy NL of $7.1m from a Financial Asset, to an Investment in Associate.
The Acquisition has been accounted for using the Equity Method set out in AASB 128 Investments in Associates. In
accordance with AASB 128, the investment is initially recognised at cost and subsequently the carrying value is increased
or decreased to recognise the investor’s share of the investee’s profit or loss.
Due to the timing of the purchase, the Group’s share of profit after income tax was not material and hence not recognised
for the period ended 30 June 2021.
The details of the investment has not been disclosed since the Group’s holding is not material.
Acquisition of 15% in Aquila Resources Limited

On 26 May 2021, the Group acquired 61,750,076 fully paid ordinary shares of Aquila Resources Limited, which equates to
15% of Aquila's total issued capital (the Acquisition) from Aurizon Operations Limited (“Aurizon”).
The Acquisition has been accounted for using the Equity Method set out in AASB 128 Investments in Associates. In
accordance with AASB 128, the investment is initially recognised at cost and subsequently the carrying value is increased
or decreased to recognise the investor’s share of the investee’s profit or loss.
Due to the timing of the purchase, the Group’s share of profit after income tax was not material and hence not recognised
for the period ended 30 June 2021.
Details of the investment entity are as follows:
110
30 June 2021
30. Interests in associates (continued)
$m
31 December
2020
Summarised statement of financial position
Current assets 87.2
Non-current assets 618.4
Total assets 705.6
Current liabilities 23.8

Non-current liabilities 48.8
Total liabilities 72.6
Net assets 633.0
Summarised statement of profit or loss and other comprehensive income
Revenue 7.4
Expenses (76.9)
Loss before income tax (69.5)
Income tax benefit 19.0
Loss after income tax (50.5)
Other comprehensive loss (0.1)
Total comprehensive loss (50.6)
The results between 31 December 2020 disclosed audit results and 30 June 2021 is not expected to be material.
31. Interests in joint operations
The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These
have been incorporated in the financial statements under the appropriate classifications. Information relating to joint
operations that are material to the Group are set out below:
Ownership interest
Principal place of business / 2021 2020
Reed Industrial Minerals Pty Ltd Australia 50.00% 50.00%

MARBL Lithium Joint Venture Australia 40.00% 40.00%
Buru Energy Limited Australia 50.00% -
32. Related party transactions
Parent entity
Mineral Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 29.
Associates
Interests in associates are set out in note 30.
Joint operations
Interests in joint operations are set out in note 31.
Key Management Personnel

Disclosures relating to Key Management Personnel are set out in note 33 and the remuneration report included in the
Directors' Report.
111
30 June 2021
32. Related party transactions (continued)
Transactions with related parties

The value of transactions with related parties and outstanding balances in relation to transactions with related parties were
as follows:
Group
Transaction Transaction
values for values for Balances Balances
the year the year outstanding outstanding
ended 30 ended 30 as at 30 June as at 30 June
June 2021 June 2020 2021 2020
$m $m $m $m
Key Management Personnel:

Properties from which the Group's operations are performed
are rented from parties related to Chris Ellison and Peter
Wade (2.2) (2.1) - -
Occupation of these premises date back prior to the Company’s listing in 2006. The ongoing need for occupation of these
premises, as well as rental arrangements, are assessed periodically. The Group has a Related Party Transaction Policy
that requires the review and approval of Related Party Transactions by the Audit and Risk Committee (the Committee).
Terms and conditions

All transactions were made on normal commercial terms and conditions and at market rates.
33. Key Management Personnel disclosures
Compensation
The aggregate compensation made to Directors and other members of Key Management Personnel of the Group is set out
below:
Group
2021 2020
$m $m
Short-term employee benefits 6.3 5.5

Post-employment benefits 0.2 0.1
Share-based payments 4.2 3.9
10.7 9.5
Detailed information about the remuneration received by each KMP is provided in the Remuneration Report that is audited
and forms part of the Directors' Report.
34. Share based payments
Expense arising from share-based payment transactions

The expense recognised for employee services received during the year is shown in the following table:
Group
2021 2020
$m $m
Equity-settled share-based payment transactions 10.2 6.7
112
30 June 2021
34. Share based payments (continued)
Number and fair value of share awards granted during the period
Weighted
average fair
value Granted
$ Number
FY21 STI plan (for Key Executives) (Share Rights) 53.36 25,470
FY21 LTI plan (for Key Executives) (Share Rights) 21.17 268,101
FY21 LTI and One Off Rights plans (for (Share Rights)
Employees) 21.17 565,061
The weighted average fair value of the above equity instruments granted was determined with reference to the share price
on the date of grant.
Additional information on the award schemes granted in FY21 are as follows:
(i) FY21 Short Term Incentive Plan for Key Executives (FY21 STIP)
KMP are invited to participate in the FY21 STIP, under which awards made under the STIP that exceed 50% of the FAR
for the Managing Director or 40% of FAR for other KMP, will be settled in the form of MRL shares that vest progressively
over the two years following grant, subject to continued service and application of clawback provisions.
(ii) FY21 Long Term Incentive Plan for Key Executives (FY21 LTIP)
KMP are invited to participate in the FY21 LTIP, under which participants receive share rights in the Company, subject
to four years of continuing service and testing of the performance measure over a four-year performance period. The
performance measure is the four-year average ROIC enjoyed by the Company over the performance period compared
with hurdles set in advance by the Board. Further details on the FY21 LTIP are provided in the Remuneration Report.
(iii) FY21 Long Term and One-off Rights Plans for Employees (FY21 ORP)
Under the FY21 Annual Rights and One-off Rights Plans, eligible employees are invited to receive share rights in the
Company, subject to employees remaining in service for a period of three to five years from the date of grant. Share
Rights under the plan do not carry voting entitlements.
Equity-settled awards outstanding

Details of equity-settled share awards outstanding as at the reporting date are presented in the following table:
Outstanding Outstanding
Expected at 30 June at 30 June Vesting
Grant Date
Vesting Date 2021 2020 conditions
Number Number
FY17 LTIP (Share Rights) Aug-17 Aug-20 - 159,407 Non-market

FY18 LTIP (Share Rights) Aug-18 Aug-21 124,755 384,006 Non-market
FY20 STIP (for Key Executives) -
(Share Rights) July-20 Aug-21/22 73,120 73,120 Non-market
Deferred shares component
FY20 LTIP (for Key Executives) (Share Rights) Sep-19 Aug-23 359,413 359,413 Non-market
FY20 ARP & ORP (for
(Share Rights) Sep-19 July-22/Sep-24 1,320,724 1,317,856 Non-market
Employees)
FY21 STIP (for Key Executives) -
(Share Rights) July-21 Aug-22/23 25,470 - Non-market
Deferred shares component
FY21 LTIP (for Key Executives) (Share Rights) July-20 Aug-24 268,101 - Non-market
FY21 LTIP & ORP (for
(Share Rights) July-20 July-23/Sep-25 548,283 - Non-market
Employees)
113
30 June 2021
34. Share based payments (continued)
Outstanding balance in relation to Share Rights under the FY17 and FY18 LTI plans represent awards not yet vested nor
issued. Shares are issued upon vesting (no exercise required) and may be subject to trading restrictions.
Outstanding balance in relation to Share Rights under the FY20 and FY21 plans represent awards not yet exercised. No
awards have vested as at reporting date.
Accounting policy for share based payments

Certain employees may receive remuneration in the form of share-based compensation.
Equity-settled
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for
the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date and recognised as an expense with a
corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the
grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion
of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each
reporting date less amounts already recognised in previous periods.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a
cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting
period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
35. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the
auditor of the Company:
Group
2021 2020
$'000 $'000
Audit services - RSM Australia Partners

Audit or review of the financial statements 676.0 551
Other services - RSM Australia Partners & overseas network firms

Taxation services 61.0 64
Audit services – unrelated firms 66.4 -
803.4 615
114
30 June 2021
36. Events after the reporting period
Dividend
On 11 August 2021, the directors declared a final fully franked dividend for the year ended 30 June 2021 of $1.75 per
share to be paid on 07 September 2021, a total estimated distribution of $329.4 million based on the number of ordinary
shares on issue as at 18 August 2021.
COVID-19 pandemic
from inter-state and overseas. This impacts our ability to transport iron ore from our operations as the shortage of road
train drivers constrains movement of materials. During FY21 MRL continued COVID-19 testing checks as part of the fit-for-
work regime for all FIFO workers as and when required. In addition, the Group maintains its ability, through MinRes Health,
to rapidly re-activate these testing services, thereby benefitting the Group and the wider Resources Industry and general
community in Western Australia. Importantly, MinRes Health testing facilities are able to be re-commissioned within
approximately 12 hours of a public health notification of a positive COVID-19 case in Western Australia. Despite these
measures the challenges presented by COVID-19 are fluid and continue to change; it is therefore not practical to estimate
the potential impact of COVID-19 after the reporting date. The Group will continue to assess its response to the COVID-19
pandemic on an ongoing basis.
Red Hill Iron Limited

On 30 July 2021 the Company reached an agreement with Red Hill Iron Limited (ASX: RHI; Red Hill Iron) to acquire RHI’s
40% participating interest in the Red Hill Iron Ore Joint Venture (RHIOJV) in the West Pilbara region of Western Australia.
(ASX: MIN 30/07/2021). The proposed acquisition of the RHIOJV interest aligns with MRL’s strategy to expand its mineral
resource inventory around the Ashburton Hub to underpin a long-term, sustainable iron ore export business. The
transaction is conditional on RHI obtaining shareholder approval. MRL will pay RHI $200m, out of existing cash resources,
on completion of the acquisition of the RHIOJV interest and a further $200m in cash when the first commercial shipment of
iron ore extracted from the RHIOJV tenements departs port. In addition, MRL will pay RHI a royalty of 0.75% of FOB
revenue on all iron ore that is extracted and sold from the RHIOJV tenements and from MRL’s Bungaroo South tenement,
provided Bungaroo South is developed in association with the development of the RHIOJV tenements. MRL expects the
acquisition of the RHIOJV interest to complete around early September 2021.
No other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
115
Directors' declaration
30 June 2021
In the Directors' opinion:
● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
● the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
● the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June
2021 and of its performance for the financial year ended on that date; and
● there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
Chris Ellison
Managing Director
11 August 2021
Perth
116
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF
MINERAL RESOURCES LIMITED
Opinion
We have audited the financial report of Mineral Resources Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated balance sheet as at 30 June 2021, the consolidated income statement, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, and the directors'
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2021 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter How our audit addressed this matter

Revenue - Refer to Note 4 in the financial statements
Revenue was considered a key audit matter as it is the We performed the following audit procedures, amongst
most significant account balance in the income others, in relation to the recognition of revenue:
statement.
 Assessed whether the revenue recognition policies
The Group’s sale agreements provide for provisional are in compliance with Australian Accounting
pricing of sales with pricing subsequently adjusted to Standards;
reflect market pricing over a quotation period
stipulated in the sales contract, typically on or after the  Evaluated and tested the operating effectiveness of
vessel’s arrival at the port of discharge. For sales the Group’s controls related to revenue recognition;
where final settlement price is yet to be determined,
the value of this revenue is adjusted by considering  Sampled sales contracts with provisional pricing
tonnes subject to price finalisation at the end of the adjustments recorded at the reporting date, by
period. recalculating the recorded provisional pricing
adjustments to ensure it is comparable to relevant
external price indices;
 Sampled a selection of sales contracts and delivery

documentation to ensure that revenue has been
recognised in accordance with the Group’s
accounting policy; and
Reviewed sales transactions before and after the

reporting date to ensure that revenue is recognised
in the correct financial period.
Provision for Site Rehabilitation - Refer to Note 21 in the financial statements
As at 30 June 2021, the Group had provisions for site We performed the following audit procedures, amongst
rehabilitation of $181.3 million relating to the estimated others, in relation to the provision for site rehabilitation:
future cost of rehabilitation and restoration of areas
disturbed as a result of its mining operations.  Obtained an understanding of the process involved
in determining the provision;
The provision for site rehabilitation was considered a
key audit matter due to the materiality of the balance,  Obtained the calculations and the methodology used
the significant judgements and estimation uncertainty, to determine if the provision is in accordance with
and the complexity involved in the quantification of the Australian Accounting Standards;
liability.
 Considered the competence and objectivity of the
Group’s internal and external experts involved in
determining the cost estimates used in the
calculations;
 On a sample basis, agreed costs and inputs used in

the calculations to supporting documentation; and
 Benchmarked the key market related assumptions,

being inflation rates and discount rates, used in the
calculations against external market data.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2021, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2021.
In our opinion, the Remuneration Report of Mineral Resources Limited, for the year ended 30 June 2021, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Perth, WA TUTU PHONG

Dated: 11 August 2021 Partner

Mineraal Resourses Fy21

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FULL YEAR RESULTS

Highlights of FY21 include:

Mineral Resources Managing Director Chris Ellison said:

METRIC FY21 RESULTS COMPARISON TO PCP

Revenue $3.7bn Up 76%

Underlying EBITDA $1.9bn Up 148%

Underlying NPAT $1.1bn Up 230%

Diluted earnings per share (EPS) 673.18cps Up 26%

Dividends declared 275.00cps Up 175%

Operating cash flow3 $1.6bn Up 144%

Capex $745m Up 90%

Cash $1.5bn On par

Net assets $3.2bn Up 41%

Return on invested capital (ROIC) 4 38.6% Down from 49.6%

For further information please contact:

JAMES BRUCE PETER KLINGER

Name of entity: Mineral Resources Limited

2. Results for announcement to the market

Revenues from ordinary activities up 75.7% to 3,733.6

3. Net tangible assets

Net tangible assets per ordinary security 16.55 11.78

Payment date for the 2021 final dividend 7 September 2021

5. Dividend reinvestment plans

The following dividend or distribution plans are in operation:

Date of final dividend declaration 11 August 2021

Closing date for election to participate in the DRP 23 August 2021

DRP discount to be applied None

7. Audit qualification or review

Directors Peter Wade

Company secretaries Mark Wilson

Registered office 1 Sleat Road

Principal place of business 1 Sleat Road

Share register Computershare Investor Services Pty Limited

Auditor RSM Australia Partners

Bankers National Australia Bank

Significant changes in the state of affairs

The Group’s commodity export volumes in the period were as follows:

Commodity exports 1H20 2H20 FY20 1H21 2H21 FY21

IRON ORE ('000 wet metric tonnes)

SPODUMENE ('000 dry metric tonnes)

Cash and capital management

Matters subsequent to the end of the financial year

Red Hill Iron Limited

Likely developments and expected results of operations

Name: Peter Wade

Name: Chris Ellison

Name: James McClements

Interests in shares: 18,383

Name: Kelvin Flynn

Name: Susan Corlett

'Interest in shares' quoted above are as at the date of this report.

Audit & Risk

Remuneration report (audited)

Remuneration report (audited) (continued)

Changes to Executive remuneration

Changes to Non-Executive Director remuneration

FY21 outcomes and alignment

Remuneration report (audited) (continued)