MinRes upgrades production guidance as Onslow Iron ramps up

Mineral Resources Limited (ASX: MIN) has released its Q3 FY26 activity report, upgrading volume guidance across its Mining Services, Onslow Iron and lithium operations.

The Onslow Iron project saw FY26 guidance increased to 17.7–19.4 million wet metric tonnes after producing 7.8Mt and shipping 7.2Mt in the quarter, with tropical cyclones Mitchell and Narelle temporarily disrupting shipments but leaving the haul road and key infrastructure undamaged, allowing a rapid return to nameplate capacity.
The lithium division also showed strong momentum, with FY26 guidance lifted at both Wodgina and Mt Marion.

Attributable spodumene concentrate production from the two sites reached 127k dmt SC6, with sales of 115k dmt SC6 at an average realised price of US$2,105/dmt CIF SC6, up 92% quarter‑on‑quarter.
Financially, MinRes continued to deleverage, reducing net debt to about $4.5 billion and increasing liquidity to $1.8 billion as at 31 March 2026.

After quarter‑end, the company issued US$1.3 billion of new Senior Unsecured Notes to refinance existing higher‑coupon debt and repay an iron ore prepayment facility.
The company noted that diesel prices have roughly doubled since March due to the Middle East conflict, with the cost impact expected to flow through from the June quarter; however, MinRes reported no interruptions to fuel supplies or operations and maintained its FY26 cost guidance ranges across all divisions, supported by contracted fuel supply and hybrid gas‑solar power solutions at Ken’s Bore and other sites.