Mineral Resources Limited (ASX: MIN) has released its activities report for the three-month period to 31 March 2026, announcing FY26 volume guidance upgrades across Mining Services, Onslow Iron, Wodgina and Mt Marion.
Key highlights
Onslow Iron produced 7.8Mt and shipped 7.2Mt in Q3 FY26 (100% basis). Shipped volumes were impacted by tropical cyclones (TC) Mitchell and Narelle. The private haul road and other key infrastructure sustained no damage, with operations safely returning to nameplate capacity shortly after. Onslow Iron FY26 volume guidance has been upgraded to 17.7-19.4M wmt (previously 17.1-18.8M wmt), with costs tracking at the lower end of guidance.
FY26 Mining Services production volume has been upgraded to 320-330Mt (previously 305-325Mt).
Lamb Creek achieved first iron ore on ship in March. Pilbara Hub FY26 volume guidance is maintained while FOB cost is expected to be at the upper end of guidance.
Total quarterly attributable spodumene concentrate production across Wodgina and Mt Marion was 127k dmt SC6, with sales of 115k dmt SC6. The average achieved price was US$2,105/dmt CIF SC6, representing a 92% increase on the prior quarter. FY26 volume guidance has been upgraded at Wodgina to 270-290k dmt SC6 (previously 260-280k dmt SC6) and Mt Marion to 210-230k dmt SC6 (previously 190-210k dmt SC6) with cost guidance maintained across both operations.
Liquidity strengthened to $1.8B (from $1.4B) and net debt reduced materially to circa $4.5B (from $4.9B), demonstrating the company’s continued rapid deleveraging.
MinRes contracts diesel supply from a major Australian fuel distributor and has not experienced any interruption to fuel supplies or its operations as a result of the Middle East conflict. The company continues to work with our partners to monitor the situation in an evolving geopolitical environment.
