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## MINING 

Commodity export volumes in FY2014 were as follows: 

<img src='content_image/276240.jpg'>

The ramp-up of production at the Phil’s Creek mine and the Spinifex Ridge minegate operation, together with an increase in production from the Carina mine, have contributed to an 88% growth in export tonnes. Poondano, the third operation in the Pilbara program, ended production in the year and entered into its rehabilitation phase. 

Achieved selling prices for iron ore reflected the decline in global iron ore prices denominated in US dollars and the strengthening of the US currency against the Australian dollar. The achieved selling price of iron ore in the second half was 21% less than that in the first, reflecting the fall in global iron ore price exaggerated by a widening of the discount to Platts Index being offered by producers towards the end of FY2014. 

The Company continues to be of the view that iron ore offers a stable platform for growth. Both services and mining divisions have significant opportunities in the iron ore markets and expect that the sector will provide increasing opportunities that suit the MRL business model. 

