Mineral Resources Limited (ASX: MIN) has released its December quarter activities report for the three-month period to 31 December 2025.
The quarter was punctuated by a strong performance, with lithium volume guidance upgrades capitalising on higher prices.
Key highlights
Iron Ore
- Onslow Iron shipped 8.7Mt in Q2 FY26 (100% basis) and 17.3Mt in 1H26 (100% basis). FOB cost was $50/wmt for the quarter (1H26: $52/wmt), with costs tracking towards the bottom end of FY26 guidance of $54-59/wmt.
Lithium
- Strong performance, with total quarterly attributable spodumene production of 138k dmt SC6 and sales of 143k dmt SC6. The average achieved price was US$1,094/dmt CIF SC6, representing a 29% increase on the prior quarter.
- FY26 lithium volume guidance has been upgraded, with Wodgina at 260-280k dmt SC6 (previously 220-240k dmt) and Mt Marion at 190-210k dmt SC6 (previously 160-180k dmt). Cost guidance has been maintained for both operations.
Corporate
- FY26 volume and cost guidance maintained across all other divisions.
- Executed a binding agreement in November 2025 for POSCO Holdings Inc, subject to conditions precedent, to acquire 30% of MinRes’ existing 50% ownership of the Wodgina and Mt Marion for a total upfront cash consideration of US$765M (circa $1.1B at an exchange rate of 0.67).
- Liquidity strengthened to more than $1.4B (from $1.1B) and net debt reduced materially to circa $4.9B (from $5.4B), demonstrating the company’s rapid deleveraging as Onslow Iron operates at nameplate capacity.
- US$700M bond issuance settled in October 2025.
