Mineral Resources Limited (ASX: MIN) provides an update on the Lucky Bay project, an Australian garnet operation located south of Kalbarri in Western Australia.
MinRes acquired Lucky Bay in September 2025 after execution of an asset and share sale agreement with the administrators of Resource Development Group Limited.
The mine’s financial performance has been materially impacted by ongoing conflict in the Middle East, a region representing a significant proportion of Lucky Bay’s sales. Combined with materially higher diesel and shipping costs, a strategic review of Lucky Bay has determined it is in the best interests of the company and its shareholders to cease operations and transition the project into care and maintenance, effective 1 July 2026.
This decision will impact approximately 110 employees, who will be supported by MinRes and offered redeployment opportunities across the company’s other operations where suitable.
MinRes will assess all options for Lucky Bay’s future, including a potential divestment.
The company will disclose any associated financial impacts in its FY26 full-year results, including a non-cas
