Mineral Resources (MinRes) continues to ramp up its Onslow Iron operations as it builds momentum across its lithium portfolio.
The company reported promising March quarterly results, with liquidity of $1.25 billion, comprising more than $450 million in cash and a fully undrawn $800 million in a revolving credit facility.
Total iron ore production across Onslow Iron and the Pilbara Hub was six million wet metric tonnes (wmt), with shipments of 5.9 million wmt.
MinRes said all parts of Onslow Iron were “operating cash flow positive in the March quarter, as they have been since November 2024”.
MinRes remains on track to achieve nameplate capacity of 35 million tonnes per annum (Mtpa) in early part of the 2025-25 financial year (FY26), with the Onslow Iron haul road upgrades progressing.
The fourth transhipper, MinRes Rosily, began operating at the Port of Ashburton in March, while the fifth vessel, MinRes Peak, is scheduled to arrive in May to assist with increasing transhipping capacity to 35Mtpa.
Haulage volumes are set to ramp significantly in the June quarter, underpinning the next phase of growth.
Lithium operations also delivered positive news, with total quarterly attributable spodumene production reached 133,000 dry metric tonnes (dmt), with shipments of 127,000 dmt.
Mt Marion’s FY25 volume guidance was increased to 185,000–200,000 dmt, up from 150,000–170,000 dmt, driven by improved recoveries and higher quality feed.
At Wodgina, quarterly production rose 17 per cent quarter-on-quarter, despite cyclone disruptions.
The company said this was driven by “significant improvement in recoveries, benefiting from plant optimisation initiatives and higher availability of fresh ore”.
Cost guidance across both lithium hubs was either maintained or increased, highlighting operational resilience amid the current pricing environment.
Meanwhile, MinRes said it is on track to appoint a new board chair, supported by Korn Ferry and expected to conclude in the June quarter.
