Mineral Resources Ltd. (MinRes) has upgraded its full-year volume guidance, driven by a strong performance at its Onslow Iron project for the quarter ended March 31 and a significant surge in lithium prices.
The company has lifted production targets for its mining services division, Onslow Iron, and both its Wodgina and Mt Marion lithium operations.
Despite being hit by Tropical Cyclones Mitchell and Narelle during the quarter, Onslow Iron produced 7.8 million tonnes and shipped 7.2 million tonnes in the third quarter for fiscal 2026. The project’s private haul road and key infrastructure sustained no damage, allowing operations to return to full capacity almost immediately.
As a result, MinRes has upgraded Onslow Iron’s fiscal 2026 volume guidance to 17.7 to 19.4 million wet metric tonnes from its previous guidance of 17.1 wmt to 18.8 wmt, with costs expected to sit at the lower end of previous estimates.
In the Pilbara, Lamb Creek achieved first ore on ship in March. Project development progressed to plan, including installation of the fly camp, with works advancing on the permanent camp, Great Northern Highway intersection and fixed crushing plant.
The lithium sector provided a major financial boost, with the average achieved price for spodumene concentrate jumping to US$2,105 per tonne, a 92 per cent increase on the prior quarter.
Reflecting this operational momentum, volume guidance has been increased at both Wodgina, which was upgraded to 270k–290k tonnes, and Mt Marion, upgraded to 210k–230k tonnes.
The company also strengthened its balance sheet. Net debt reduced from AU$4.9 billion to AU$4.5 billion during the quarter, while total liquidity climbed to AU$1.8 billion.
Post-quarter, MinRes further optimised its debt profile by issuing US$1.3 billion in new Senior Unsecured Notes. These funds will be used to refinance existing debt and retire an iron ore prepayment facility, significantly lowering the company’s interest burden.
Meanwhile, the company gave an update on the impact of the Middle East conflict on its operations.
MinRes said supplies remain secure and operations unaffected as it contracts its diesel supply from an Australian fuel distributor.
