Highlights

  • Onslow Iron has become a central contributor to Mineral Resources' integrated Mining and infrastructure model in FY26.
  • The project combines mining, haulage and transhipment capabilities within a pit-to-ship Supply chain.
  • Mining Services recorded higher FY26 production volumes as Onslow Iron ramped across the year.
  • Management continues to emphasise operating discipline, infrastructure utilisation and Balance Sheet improvement.
  • Lithium market conditions and execution across large-scale operations remain important factors for group performance.

Mineral Resources Limited (ASX:MIN) is a mining services and diversified resources company with operations in iron ore and lithium, supported by an integrated pit-to-ship operating model. In FY26, Onslow Iron became a major operating focus for the group, combining production scale with dedicated infrastructure and mining services capability. The project also supported higher activity across the Mining Services division while management continued to prioritise Liquidity and Debt reduction.

Onslow Iron Moves Into Full-Scale Operations

Onslow Iron is designed around an integrated supply chain linking mine operations with private haulage infrastructure and transhipment at the Port of Ashburton. The project has a stated capacity of 35Mtpa and is supported by Mineral Resources' in-house engineering, construction and mining services capabilities. During FY26, the operation contributed to record activity across the group's iron ore and mining services businesses, reinforcing the role of infrastructure ownership within the company's operating model.

Mining Services Gains From Internal Scale

Mineral Resources' Mining Services division recorded FY26 production volumes of 341Mt, up 22% year on year. The company attributed part of this increase to the successful ramp-up of Onslow Iron, alongside higher activity at client sites. The division provides mining, crushing, processing, transport and logistics services, allowing the group to capture activity from both its own projects and external customers across several commodities.

FY26 Results Highlight Operating Leverage

For FY26, Mineral Resources reported Revenue of $6.5 billion and underlying EBITDA of $2.6 billion, with performance supported by Mining Services, Onslow Iron and improved lithium conditions. Liquidity increased to $2.4 billion and net debt to underlying EBITDA declined to 1.7 times. These figures indicate that higher operating volumes and the contribution from large-scale infrastructure Assets were important to the company's financial performance during the year.

Execution and Commodity Exposure Remain Important

The group remains exposed to commodity price movements across iron ore and lithium, while large-scale infrastructure requires consistent operating performance to support cash generation. Onslow Iron also depends on reliable haulage, port and transhipment systems operating as an integrated chain. In lithium, market pricing and cost control remain relevant to earnings, while debt reduction continues to depend on disciplined Capital allocation and sustained operating cash flow.

Key Insights

Mineral Resources enters FY27 with Onslow Iron established as a core part of its iron ore and mining services platform. FY26 results showed how the company's integrated model can combine project development, infrastructure and contract-style services within one operating system. Future disclosures are likely to centre on production consistency, infrastructure utilisation, cash generation, lithium performance and further progress on balance sheet management.