Mineral Resources : 2022 Modern Slavery Statement

MINERAL RESOURCES LIMITED

2022 MODERN SLAVERY STATEMENT

CONTENTS

MINERAL RESOURCES LIMITED IS COMMITTED TO RECONCILIATION AND RECOGNISES AND RESPECTS THE SIGNIFICANCE OF ABORIGINAL AND TORRES STRAIT ISLANDER

PEOPLES' COMMUNITIES, CULTURES AND HISTORIES.

MINRES ACKNOWLEDGES ABORIGINAL AND TORRES STRAIT ISLANDER PEOPLE AS THE FIRST AND CONTINUING CUSTODIANS OF THE LAND AND WATERS AND IN DOING SO PAYS RESPECT TO THE ELDERS PAST AND PRESENT.

ABOUT THIS STATEMENT	1
OUR APPROACH	3
OUR OPERATIONS AND SUPPLY CHAIN	5
IDENTIFYING RISKS OF MODERN SLAVERY	14
ASSESSING AND ADDRESSING MODERN SLAVERY	20
ASSESSING THE EFFECTIVENESS OF OUR ACTIONS	32
CONSULTATION AND COLLABORATION	37
LOOKING FORWARD	39
APPENDICES	41
APPENDIX 1: MSA REPORTING CRITERIA INDEX	42
APPENDIX 2: SUBSIDIARY COMPANIES AND JOINT
ARRANGEMENTS	43
APPENDIX 3: TEN PRINCIPLES OF THE UNITED NATIONS
GLOBAL COMPACT	45
APPENDIX 4: MODERN SLAVERY PERFORMANCE DATA	46

ABOUT THIS STATEMENT

Mineral Resources Limited and its subsidiary entities, as identified in this joint statement (collectively termed 'MinRes'), are committed to preventing modern slavery across our business and our supply chain. This is the third joint statement that has been prepared to meet the reporting requirements under the Modern Slavery Act, 2018 (Cth) and constitutes our Modern Slavery Statement for the financial year ending 30 June 2022 (FY22).

Our previous joint Modern Slavery Statement can be viewed on our website. Refer to Appendix 2 for a list of subsidiary entities included in this joint statement.

All references to 'MinRes', 'the Company', 'the Group', 'we', 'us' and 'our' refer to Mineral Resources Limited (ABN 33 118 549 910) and the entities it controlled for FY22, unless otherwise stated.

PUBLISHED DATE

This report was published on 27 October 2022.

REPORTING PERIOD

This report covers the period from 1 July 2021 - 30 June 2022. References in this report to 'year' are to the financial year ended 30 June 2022 unless otherwise stated.

CURRENCY REFERENCES

All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated.

PERFORMANCE DATA

Figures in tables and in the text presented in this report may be rounded. Figures in text are generally rounded to one decimal place, whereas figures in tables are generally rounded to the nearest thousand. Discrepancies in tables between totals and sums of components are due to rounding.

FEEDBACK

We welcome your questions and feedback regarding

this Statement and any modern slavery related disclosures. Please direct your enquiries to [e-mail]

APPROVAL

This Statement was prepared in consultation with subject matter experts from supply and legal functions. It was endorsed by the Sustainability Committee and approved by MinRes' Board of Directors.

James McClements

Independent

Non-Executive Chair

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GROWING AN

AUSTRALIAN SUCCESS STORY

This year MinRes celebrates

30 years in business.

From humble beginnings as a two-person crushing contractor in 1992, we have built a reputation for delivering best-in-class mining services to the Western Australian mining sector.

Today we are an ASX 50 company with nearly 5,000 people in our team.

We're a recognised market leader in the delivery of mining services to some of the world's largest mining companies, and we're growing our own world-class portfolio of iron ore and lithium operations, with 20-to-50-year business horizons.

With a major gas discovery in the Perth Basin, our energy business is dedicated to finding cleaner ways to power our operations, including using gas and renewables to displace diesel.

The key to our success is our people and our can-do culture.

VISION

To be recognised as a great Australian company and a leading provider of innovative and sustainable mining services and mining operations.

PURPOSE

To provide innovative and low-cost solutions across the mining infrastructure supply chain by operating with integrity and respect, working in partnership with our clients, our customers, our people and our community.

OUR VALUES

AGILE

• You won't hear "I don't know" or "I can't" very often at MinRes. We employ the best in the business to keep us moving forward
• We act fast and seize opportunities
• We think differently.

FAMILY

• We show up for each other and have each other's backs
• We care for each other and the world around us
• We celebrate our differences because they make us stronger
• Above all else, we are family.

ACHIEVE

• Every person in our business contributes to our success
• We do challenging work and we achieve incredible things
• We have the courage to take on the impossible and the passion to make it happen.

OUR

APPROACH

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OUR APPROACH

MINRES SUPPORTS HUMAN RIGHTS1

AND IS COMMITTED TO CONTINUOUSLY

IMPROVING OUR

APPROACH AND

RESPONSE TO

IDENTIFY AND MITIGATE MODERN SLAVERY AND ETHICAL SOURCING RISKS.

FY22 HIGHLIGHTS

Modern slavery refers to situations where one person has taken away another person's freedom so that they can be exploited. This may include human trafficking, slavery, servitude, forced labour, debt bondage, worst forms of child labour2, deceptive recruiting for labour or services or forced marriage. Modern slavery affects an estimated 49.6 million people worldwide3 and is pervasive, complex and often disguised among the multiple tiers involved in global supply chains, business activities and relationships.

MinRes is opposed to modern slavery occurring within our operations and supply chain and expects that our employees, contractors, joint venture partners and suppliers will not tolerate any instances of adverse human rights impacts, including modern slavery. However we recognise that the prevalence of modern slavery is such, that every business is exposed to the potential risk of causing, contributing or being directly linked to modern slavery regardless of their operating jurisdiction. Identifying and managing the risks associated with modern slavery is a key part of our sustainability program and aligns with our Material Sustainability Topic of Responsible Supply Chains. Refer to our 2022 Sustainability Report for further detail.

MinRes is monitoring the proposed amendments to the Modern Slavery Act, 2018 and actively working to stay informed of these amendments and the development of the applicable legislative requirements.

OUR

OPERATIONS

During FY22, MinRes made meaningful advances in our modern slavery awareness, prevention and response. These include:

	• Establishing our Board level Sustainability	• Engaging third-party expertise to deliver
	Committee to increase oversight of how we	modern slavery awareness training across
	manage and respond to modern slavery risks	relevant departments
Governance	• Updating our Human Rights Policy and	• Developing and rolling out a communication
	Supplier Code of Conduct to increase the	plan to our workforce and external
	scope of our commitment to ethical and	stakeholders to raise awareness of the
	sustainable procurement practices	concepts and risk of modern slavery
	• Developing a modern slavery awareness and response roadmap
Strategies	• Regularly participating in key modern slavery information forums, sharing learnings across the
	business and building best practice approaches to human rights

AND SUPPLY

CHAIN

Risk Management

• Implementing an external third-party due diligence enterprise solution to screen new and existing suppliers for key risk categories, including human rights and related violations
• Strengthening our risk methodology to categorise high-risk countries and improve monitoring of high-risk suppliers in accordance with politically exposed persons (PEPs), sanctions, adverse media and commodity categories

• Requiring high-risk suppliers to complete modern slavery Self-Assessment Questionnaires (SAQs)
• Designing a remediation process for suppliers inclusive of corrective action plans and improvement notifications
• Piloting a seafarer SAQ to increase engagement with ship owners

Metric & Targets	• Met and/or achieved positive progress across all related annual sustainability targets and annual
commitments made in our preceding Modern Slavery Statement.

• Respect internationally recognised human rights principles, including those contained in the United Nations Universal Declaration of Human Rights and the United Nations Declaration on the Rights of Indigenous Peoples.

2 Worst forms of child labour defined in International Labour Organisation Convention No. 182 and 190.

• Walk Free, International Labour Organization and IOM - UN Migration. September 2022. Global estimates of modern slavery: Forced labour and forced marriage.

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MINRES AT A GLANCE

INPUTS

HUMAN CAPITAL: Our employees and contractors (nearly 5,000 as at 30 June 2022) who provide the skills, experience and knowledge required

to undertake our business activities.

NATURAL CAPITAL:

VALUE CREATION MODEL

DURING THE YEAR WE RESTRUCTURED OUR BUSINESS UNDER FOUR GROWTH PILLARS - MINING SERVICES, IRON ORE, LITHIUM AND ENERGY.

Each growth pillar will operate as a separate business drawing on centralised shared services from MinRes.

These pillars are targeted for transformational growth over the next five years and require focused services and specialised skills to ensure they are

FY22 OUTPUTS	FY22 OUTCOMES
		HUMAN CAPITAL
TOTAL MATERIAL MOVED
TRIFR		2.33
136,877Mt
LTIFR		0
Employee wages and benefits paid		$631M
Overall female representation		20%
		Graduates, Apprentices and Trainees		139

The natural resources such as water, land, materials and energy required to undertake our business activities.

SOCIAL AND RELATIONSHIP CAPITAL: The relationships we

have with communities, government agencies and other stakeholders, as well as our reputation and brand that are essential to our social licence to operate and the long-term sustainability of our business.

FINANCIAL CAPITAL: The pool of funds provided by shareholders, bondholders and banks, or generated through investments and operations that are required to undertake our business activities.

MANUFACTURED

CAPITAL:

The manufactured tangible objects such as buildings, plant, equipment and infrastructure that are required to undertake our business activities.

set up for growth and success.

This structure aims to deliver value to shareholders by:

• Mining Services - Doubling in size over the next five years, as we build, own and operate a significant portfolio of world-class assets, while con- tinuing to offer our Tier 1 clients pit-to-port solutions
• Iron Ore - Increasing production from 20Mtpa to a targeted 90Mtpa+ through the development of our three iron ore hubs in Ashburton, Pilbara, and Yilgarn
• Lithium - Becoming a top five hydroxide producer and creating a signif- icant cost advantage through a fully-integrated business model
• Energy - Displacing diesel with gas and solar across MinRes operations, and investigating downstream opportunities including LNG and iron ore pellet manufacturing

MINING		LITHIUM		IRON ORE		ENERGY
SERVICES

Double in size	Top 5 hydroxide	Transition to	Decarbonise &
over the next	producer.	large, low cost	power MinRes
5 years	Full vertical	producer - increase	operations.
	integration	production to	Investigate

IRON ORE PRODUCTION

19.2Mt

SPODUMENE PRODUCTION

442k dmt

MINING SERVICES

VOLUME INCREASE

10%

COVID-19 SCREENINGS

24,603

NATURAL CAPITAL

Energy consumption	5,025,719GJ
Solar energy generation	3,499GJ
Scope 1 and 2 GHG emissions	340,515tCO2e
Rehabilitated land	1,153ha
SOCIAL AND RELATIONSHIP
CAPITAL
Community contributions	$5.77M
Suppliers screened for Modern	2,682
Slavery
Payment to Federal, State and Local	$397M
Governments
FINANCIAL CAPITAL
Underlying net profit after tax	$400M
Share price as at 30 June 2022	$48.27
Dividends (fully franked)	$1.00
MANUFACTURED CAPITAL
Capital expenditure	$800M
Mines owned/operated	5
Crushing and processing operating	26
plants

INTELLECTUAL CAPITAL: Intangible aspects such as intellectual property, organisational knowledge, systems and processes required to undertake our business activities.

- pit to battery	90Mtpa+ in 5 years	downstream
manufacturer		opportunities

DELIVERING THE STRUCTURES, SYSTEMS AND PEOPLE TO TAKE MINRES TO

SHAREDTHE NEXT PHASE OF GROWTH

SERVICES Safety, Health & Wellbeing, Finance, Procurement, Human Resources, IT, Corporate Affairs, Environment & Approvals, Community & Stakeholder Engagement

RETURN ON INVESTED	INTELLECTUAL CAPITAL
CAPITAL (ROIC)	NextGen 2 modular crushing plant	5Mtpa - 50Mtpa
14.1%
Spodumene concentrate processing	1.65Mtpa1
	Kemerton lithium hydroxide	50ktpa capacity1

1 On completion of approved mine upgrades and plant construction.

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