M Resources and Vedanta represent a partnership in synchronicity, right from the beginning.
M Resources is on a steady and strong growth trajectory. Led by Founder and President Matt Latimore, the company has moved quickly over the course of 2020 and 2021 to become a premier producer-trader. At the same time the company has worked to protect the safety of its people during the COVID-19 pandemic.
During 2021 M Resources, in a joint venture with Stanmore Resources, purchased, took possession of, and commenced production of coal at the Millennium Mine in the Australian State of Queensland.
“We are seeing a story of larger companies relinquishing assets with very significant remaining resources,” says Latimore. “We saw this as a massive opportunity, first at Millennium, for a low-cost, fast-to-market mine restart.”
“We acquired Millennium Mine in April, and we delivered our first shipment to customers at Christmas time. A special Christmas treat,” says Latimore with a smile.
M Resources is partnering with Stanmore Resources to repeat the formula with acquisitions of several BMC metallurgical coal mines.
With combined group assets and exclusive off-take agreements, the company expects to be the marketer for 15 to 20 million tonnes of metallurgical (met) coal by the end of 2022. This places M Resources among the top five or six firms of its kind globally. By the end of 2022, the company will also be a global leader and the largest supplier of Australian PCI coal for direct injection into blast furnaces.
With M Resources’ current strong growth in volume and assets, there is complete synchronicity to supply and support Vedanta’s aspirations.
M Resources’ growth is based on true fundamentals: an excellent reputation, coupled with deep experience and knowledge of the met coal market.
M Resources has delivered 400+ shipments since 2011. The company has a tight, lean and close-knit executive team with combined experience in the trade of well over 100 years, and a reputation for innovation and flexibility.
Now delivering such an extensive expansion of coal supply, from a diversified portfolio of mines, M Resources is in a position to deliver contractable flexibility, aggregation and product replaceability.
The M Resources team holds a strong conviction for ongoing increases in met coal demand, based on increasing steel needs across the globe.
The world is developing and transitioning in many ways which will simply see demand for steel increase.
The three pillars of demand for steel and its by-products that Latimore and the M Resources team point to are:
“We are here to support Vedanta’s growth in its steel business, backed by reliable supply from M Resources and its group of companies,” says Latimore.
Despite a complicated and volatile geopolitical picture, Latimore sees a bright future for the marriage between met coal and steel making. But at the heart of it, he has built a business focused on relationships, reliability and results.
“The most important part of the equation for me and the M Resources team is to have a solid and strong relationship with Vedanta. To be a reliable partner who delivers results,” says Latimore. “That is what we intend to be for Vedanta and indeed for all our customers.”
“It is particularly pleasing to see the strengthening trading relationship between India and Australia over the last few years. As our businesses continue to work together, the Australian and Indian economies will grow together and become ever more integrated.”
Australia has become an increasingly important part of India’s energy supply picture and the strong relationship with Vedanta will remain an important part of this story for M Resources. And now, signalling even closer alignment between the two economies, Indian and Australian Ministers have signed a trade pact which will lower trade barriers, and encourage greater and mutually beneficial commercial links.
M Resources is a growth business and is ready to support Vedanta’s aspirations. Vedanta is “resourcing India’s rise responsibly.”
“We admire Vedanta’s strong and ongoing focus on environmental sustainability and governance, while delivering exceptional financial performance and record rises in revenue and EBITDA,” said Mr Latimore.
“From new beginnings, we look forward to our relationship with Vedanta and the Indian market. We look forward to delivering for Vedanta’s customers, shareholders and all stakeholders.
“The is an exciting time for M Resources to be working with Vedanta,” says Mr Latimore.
“We will be there to deliver and to innovate – alongside the Vedanta team.”