Highlights

  • Onslow Iron produced 10.3 million wet tonnes in the September 2026 quarter.
  • Onslow shipped 9.2 million wet tonnes on a 100% project basis.
  • Attributable lithium concentrate sales reached 170,000 tonnes of SC6 equivalent.
  • Quarter-end net Debt was approximately AUD 4.1 billion.

Mineral Resources Limited (ASX:MIN) operates across Mining services, iron ore and lithium in Western Australia. Its mining services activities include crushing, processing and contract mining, while the iron ore Business includes Onslow Iron and the Pilbara Hub. The lithium portfolio includes interests in Wodgina, Mt Marion and Bald Hill. During the September 2026 quarter, mining services volumes reached 103 million tonnes, 10% above the preceding quarter. Each business responds to different operating conditions and Commodity price movements.

Onslow Iron and the Pilbara Hub

Mineral Resources Limited (ASX:MIN) reported Onslow Iron production of 10.3 million wet tonnes on a 100% basis in the September quarter, an increase of 17% quarter on quarter. Shipments were 9.2 million wet tonnes, of which 5.0 million tonnes were attributable to the company. Reported free-on-board costs were AUD 53 per wet tonne, compared with FY27 guidance of AUD 54–58. At the Pilbara Hub, production reached 3.2 million wet tonnes and shipments were 2.9 million wet tonnes. Differences between production, shipments and attributable ownership should be maintained when comparing these operations.

Lithium production and pricing

Mineral Resources Limited (ASX:MIN) reported attributable spodumene production of 166,000 dry tonnes of SC6 equivalent, up 17% quarter on quarter. Sales were 170,000 tonnes, while the weighted average realised selling price declined 23% to USD 1,873 per tonne. Wodgina recorded production of 102,000 tonnes and a reported free-on-board cost of AUD 674 per tonne. Mt Marion produced 71,000 tonnes, while Bald Hill produced 27,000 tonnes. Processing recovery, operating cost and selling prices varied across the lithium operations, so higher consolidated volumes do not necessarily mean proportionate Earnings growth.

Debt, costs and forthcoming work

Mineral Resources Limited (ASX:MIN) reported net debt of approximately AUD 4.1 billion at September quarter-end, down about AUD 200 million over the quarter. Liquidity was approximately AUD 2.5 billion, comprising cash and an undrawn revolving facility. Management identified higher diesel prices as a cost sensitivity and planned additional dredging at the Port of Ashburton during the December 2026 quarter. Wodgina expansion work and the Bald Hill plant ramp-up were also under consideration or in progress. Debt servicing, commodity prices and execution of operational plans remain relevant to cash generation.

Additional operating context

The company reports some iron ore figures on a whole-project basis and others on an attributable basis. Those measures answer different questions, particularly where ownership interests differ. Mixing them would overstate the tonnes attributable to the group.

The lithium selling price is denominated in US dollars, while some reported operating costs are in Australian dollars. Currency changes can therefore affect realised Australian-dollar margins even when US-dollar commodity prices and production volumes are unchanged.

The distinction between reported outcomes and management targets is material: guidance depends on future operating conditions and should not be treated as an achieved result.

The distinction between reported outcomes and management targets is material: guidance depends on future operating conditions and should not be treated as an achieved result.

Key Insights

The September quarter showed higher iron ore and lithium volumes alongside lower realised lithium pricing. Debt and operating costs remain important constraints.