Mineral Resources Limited (MIN) closed the 2026 financial year by meeting or exceeding production and cost guidance across its core business segments. The company reported record annual volumes for its mining services division at 341 million tonnes, alongside significant production milestones in its iron ore and lithium operations. The mining services result surpassed the company’s own upgraded guidance range of 320 to 330 million tonnes, reflecting a notable increase over previous reporting periods.

The Ashburton Hub (Onslow) project was a primary driver of the company’s recent iron ore performance. During the June quarter, the project shipped a record 9.6 million wet metric tonnes, contributing to a total attributable annual shipment volume of 19.7 million tonnes. This figure landed above the previously upgraded guidance range for the year. Furthermore, operational efficiency improved significantly at the project, with the full-year free-on-board (FOB) cost reaching $52 per wet metric tonne, a material reduction compared to the $63 per wet metric tonne reported for the 2025 financial year.

Operational momentum remains high as the company prepares for upcoming logistical milestones. The sixth transhipper vessel, MinRes Lily, is currently operational, and the arrival of a seventh vessel, MinRes Karri, is expected in early August 2026. These assets are vital for maintaining output levels at the port. Additionally, the company has scheduled a dredging campaign for the port’s berth pocket in early the second quarter of the 2027 fiscal year. Infrastructure development also continues, with the completion of new heavy-vehicle and truck management facilities projected for the end of the same quarter.

Lithium production also saw strong results for the period. Attributable sales reached 158,000 dry metric tonnes of spodumene concentrate for the quarter, marking a 15% increase compared to the previous three-month period. These sales figures underscore the company's focus on maximizing output in response to operational demands. Meanwhile, corporate activity remains focused on finalizing long-term strategic arrangements, including the anticipated completion of the transaction with POSCO Holdings Inc, which is now expected to occur during the first half of 2027.

The company’s financial position improved by the end of June 2026, largely due to strong free cash flow generation and strategic capital management. Cash liquidity rose to $2.4 billion, up from $1.8 billion at the end of the previous quarter, a shift partly attributed to an issuance of senior unsecured notes completed in April. Consequently, net debt was reduced to approximately $4.3 billion, down from $4.5 billion three months earlier. This improvement reflects a concerted effort to manage the balance sheet while continuing to scale operations across its primary business units. The company has also appointed a new chief operating officer, drawing from internal leadership expertise, as it transitions into the new fiscal year.

Read the full announcement: Quarterly Activity Report - Q4 FY26