Mineral Resources (MinRes) has delivered its strongest first-half results with record earnings and revenue, driven by outstanding performance at its Onslow Iron operations, improved lithium recoveries and standout mining services earnings.
For the half year ended December 31, 2025, the company reported underlying net profit of AU$343 million and revenue of AU$3.1 billion.
MinRes generated free cash flow of AU$293 million after capital expenditure of AU$587 million with liquidity strengthening to AU$1.4 billion and net debt falling by AU$471 million to AU$4.9 billion.
“MinRes has delivered the strongest six-month period in the company’s history,” said MinRes Managing Director Chris Ellison.
“The result – which was driven by operational performance rather than extraordinary commodity prices – validates the strategic decisions we’ve made over recent years and demonstrates the quality and resilience of our asset base.
“The transformation of this business is now evident with Onslow Iron at nameplate capacity.”
Onslow Iron was the standout performer, sustaining nameplate capacity of 35 million tonnes per annum since August and contributing AU$519 million in earnings. This asset is positioned as a long-life, low-cost operation underpinning future balance sheet improvement.
Mining Services hit record production of 166 million tonnes, driven by Onslow Iron’s ramp-up and strong activity on existing contracts.
The company expects the division to deliver record fiscal 2026 production volumes of 305 million tonnes to 325 million tonnes, representing 12.5 per cent growth and almost AU$1 billion in annualised earnings.
MinRes’ lithium operations also generated AU$167 million, supported by stronger prices, higher output and improved recoveries.
“Wodgina achieved a milestone 70 per cent processing recovery rate in the December quarter, with further improvements expected as we access more fresh ore towards the end of the calendar year,” Ellison said.
“With lithium prices having recovered strongly, we are well positioned to capture the upside as market fundamentals continue to improve.”
