Onslow Iron leads the way as records tumble for in-form and cashed-up Mineral Resources
Chris Ellison’s Mineral Resources has closed out a resurgent financial year with a quarterly record at its all-important Onslow Iron operation.
Chris Ellison’s Mineral Resources has closed out a resurgent financial year with a quarterly record at its all-important Onslow Iron operation, which was first flagged by The West Australian earlier this month.
MinRes also ended FY2026 by beating annual production guidance across its mining services and lithium divisions.
The bumper results meant the Osborne Park-based company shaved $1 billion off its net debt position to $4.3b and added an extra $1.2b of cash to hold $1.6b in the bank by June 30.
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By continuing you agree to our Terms and Privacy Policy.Liquidity worries plagued MinRes for much of 2025, with its fortunes mainly hinging on the performance of Onslow Iron.
MinRes on Wednesday said it shipped a record quarterly volume of 9.6 million tonnes from its flagship Onslow Iron hub in the final three months of the financial year, as revealed by The West two weeks ago, taking its total to 34mt.
Costs for Onslow came in a $52 per wet metric tonne, better than the guidance range of between $54/wmt and $59/wmt.
But the average realised price for a tonne of the steel-making ingredient slipped 8 per cent in the last three months of the fiscal year to $US87 — down from the previous quarter’s $US95.
MinRes also exceeded production targets at its Wodgina and Mt Marion lithium projects, turning out a combined 559,000t of spodumene concentrate to take advantage of a sustained recovery in the price of the battery material.
MinRes holds a 51 per cent stake in Mt Marion — with joint venture partner China’s Jiangxi Ganfeng Lithium holding the remainder — but is selling 30 per cent of its majority ownership to South Korea’s POSCO.
Its half share of Wodgina — jointly owned with Albemarle — is also part of the delayed $1.2b deal.
MinRes’ attributable lithium sales for the quarter totalled a record 158,000t at an average price of $US2425/t — up 15 per cent.
Its mining services division also finished the year strongly to hit 341mt for the 12 months — up 22 per cent from the previous year and above the upgraded guidance range of between 320mt and 330mt.
Originally published as Onslow Iron leads the way as records tumble for in-form and cashed-up Mineral Resources
