By Digifin Pty Ltd · About this coverage
Key Points
- FY27 guidance maintained across all divisions
- Record Mining Services production volumes of 103Mt, up 10% qoq
- Onslow Iron FOB cost of $53/wmt, below the $54-58/wmt guidance range
- Net debt down $0.2B to approximately $4.1B
- Fitch upgrade to BB and ASIC investigation concluded without enforcement action
About MinRes (ASX:MIN)
Mineral Resources Limited is an ASX-listed mining services and resources company headquartered in Perth. It provides contract crushing, processing and haulage to third-party miners and operates its own iron ore mines in the Pilbara and hard-rock lithium mines in Western Australia. The company also holds onshore gas exploration acreage in Western Australia.
Mineral Resources' September quarter report maintains FY27 guidance across all divisions while reporting lower net debt, a credit rating upgrade and the end of an ASIC investigation.
Mining Services production volumes were a record 103Mt, up 10% qoq. Onslow Iron shipped 9.2Mt (100%), with attributable shipped volumes of 5.0M wmt at an FOB cost of $53/wmt, below the guidance range of $54-58/wmt, and September was a record export month of 3.49M wmt (100%). The average realised iron ore price across Onslow Iron and the Pilbara Hub was US$83/dmt, down 5% qoq. Pilbara Hub produced 3.2M wmt and shipped 2.9Mt. Attributable lithium sales were a record 170k dmt SC6, up 8% qoq, while Mt Marion is in what the company calls a transitional year. Net debt fell $0.2B to approximately $4.1B and liquidity rose to $2.5B, after capex of $310M and the $160M FY26 dividend. Fitch upgraded the credit rating to BB (stable) from BB- (stable), and ASIC concluded its investigation without taking enforcement action. Chief Executive Lithium Joshua Thurlow has resigned and will remain with the company until December.
Diesel rose to circa $1.60 per litre in September, above the $1.25 assumed in guidance, and is expected to lift FOB costs from October, although the company expects them to stay within guidance. The POSCO lithium transaction remains subject to conditions precedent.
Source: Mineral Resources Limited (ASX:MIN), 23 October 2026. Summary content supplied by Digifin Pty Ltd.
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