• $379M EBITDA - up 49% pcp
• Revenue 9% pcp
• Underlying EBITDA 55% pcp

Mineral Resources Ltd (MinRes) has reported its FY25 half year results, with EBITDA up 49% year-on-year to $379 million and revenue increasing 9% to $2.3 billion. The company's mining services and infrastructure segment was the key driver, with EBITDA up 21% to $0.7 billion, offsetting weaker commodity prices in the commodities segment. MinRes continued to progress its Onslow Iron project, which is ramping up towards 35Mtpa nameplate capacity. In the lithium business, MinRes reported higher sales volumes but increased spodumene FOB costs. The company also completed the sale of a 49% stake in its Onslow Iron haul road to Morgan Stanley Infrastructure Partners for up to $1.3 billion. MinRes strengthened its corporate governance processes and procedures, with a new Chair expected to be appointed this half. The company reported an underlying net loss of $196 million, impacted by weaker commodity prices and increased depreciation and amortisation. MinRes ended the half with $720 million in cash and $1.5 billion in total liquidity.