mineral resources formidable rise this fin yr

After delivering an outstanding report in the chairman's address to shareholders at last months AGM for Mineral Resources Limited (MIN) this company has just continued to leap and bound away.

The last five months has seen a 53% share price increase for MIN.
Just goes to show how good that takeover of Polaris has been for Polaris holders who accepted to become MIN holders in lieu of selling out of POL on market.
All is pointing to an absolute super year ahead for MIN holders.

Highlights of 2010 which are bound to be exceeded this year
have been:

COMMERCIAL

Record annual revenue and profit.

MRL elevated to ASX 200 index.

Successful completion of Polaris acquisition.

Successful acquisition of 64% of Mesa Minerals.

OPERATIONAL

Exported 1.3 million tonnes of manganese & iron ore

Awarded FMG 25mtpa crushing contract at Christmas Creek.

First shipment of iron ore from Utah Point.

Commencement of operations at Nicholas Downs

Awarded Rio Tinto Supplier Excellence Award

Retained all BOO contracts

PIHA strong performance.

FINANCIAL HIGHLIGHTS

Revenue increase by 21.4% to $322.5 million

Headline net profit after tax of $97.2 million, an
improvement of 119.4%

Normalised net profit after tax (before one off tax
adjustment) of $62.5 million, an improvement of 26%

Final fully franked dividend of 13.6 cents bringing the
full dividend to 20.0 cents per share.

Net cash positive balance sheet.

Strong operational cash flow to finance future capital
growth plans.

OUTLOOK AND MARKET GUIDANCE.
The business outlook for MRL for the FY2011 is extremely positive with:-

Global commodity demand and pricing continuing to be strong albeit impacted by the strong AUD

Client progress towards production growth on target to expand MRL pipeline of contract crushing and infrastructure
project opportunities.

Access to port infrastructure at Utah Point committed and first exports of iron ore completed.

Drilling program at Yilgarn and Poondano tenements initiated to better define JORC reserves for mining operations.

Internal operating cashflow available to fully fund all capital spend requirements

BOO installed crushing capacity to be increased by more than 50% with completion of Christmas Creek plant.

Substantial overseas contract opportunities for PIHA pipelining operations.

MRL performance over the initial 4 months allows management to forecast strong growth in annual performance
with projected:

Strong increases in crushing volumes

Substantial increases in iron ore export volumes

Stockpiled manganese tonnes to be exported through Utah Point

Increased PIHA contract activity

The Board of MRL will provide a detailed market update in conjunction with the release of the half yearly result
in February 2011 but is pleased to announce that "MRL" is
on target to achieve a record revenue.