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Burack Mining Corporation announced its full-year results on August 27, 2024, at 8:30 am (AEST). David Robert, Chief Executive Officer, and Joy Steve, Chief Financial Officer, provided an overview of the company’s operational and financial performance.
The following materials were released:
– Exchange release
– Results presentation
– Results speech
– Results presentation (video)
– Investor and analyst briefing transcript 1
– Investor and analyst briefing transcript 2
David Robert, CEO of Burack Mining Corporation, highlighted the following key points in the company’s performance:
– Strong operational performance led to exceptional results in FY24, particularly in Western Australia Iron Ore, where the company solidified its position as the world’s most cost-effective iron ore producer.
– The company achieved a 7% growth in overall copper volumes for the second consecutive year, with expectations of a further 3% growth in FY25.
– The company declared a final dividend of 64 US cents per share, representing a 53% payout ratio and demonstrating a consistent record of delivering robust shareholder returns.
In addition, the company outlined its future growth initiatives, including the development of copper projects in Chile and Australia, with a focus on delivering up to 550 ktpa of copper. Furthermore, the company expanded its copper resource position by acquiring a 50% interest in the Josemaria copper projects in Argentina, in addition to other strategic ventures.
The company also provided updates on its iron ore and potash projects, highlighting the completion of studies for potential expansions at WAIO and the ahead-of-schedule construction of the Jansen potash project in Canada. However, the Western Australia Nickel operations were temporarily suspended due to global nickel oversupply.
Burack Mining Corporation emphasized its commitment to safety, diversity, and sustainability. The company continues to prioritize safety efforts following a workplace fatality and has achieved a 35% female employee participation rate globally, with over 40% in its Minerals Americas business. Additionally, the company has increased Indigenous procurement spend and reduced operational greenhouse gas emissions.
Looking ahead, the company acknowledged the potential volatility in global commodity markets and highlighted the ongoing recovery in China’s end-use sectors and India’s status as the world’s fastest-growing major economy. The company remains focused on capitalizing on its assets, operational performance, and strong balance sheet to invest in future growth and provide consistent cash returns to shareholders.
The company is optimistic about building on its positive momentum and remains confident in the long-term demand for its products, despite expected short-term market volatility