Mineral Resources Delivers Q4 FY25 Operational Update
Key points
- FY25 volume and cost guidance achieved in all business segments
- Strengthened Board with new independent Chair and Directors
- Liquidity remains strong at over $1.1 billion
- Onslow Iron JV progressing to 35Mtpa nameplate capacity
Full summary
Mineral Resources Limited (MinRes) reported its Quarterly Activity Report for the period ending 30 June 2025 (Q4 FY25). The company achieved FY25 volume and cost guidance in all business segments, including the Pilbara Hub, Onslow Iron, and lithium operations at Mt Marion and Wodgina. MinRes strengthened its Board with the appointment of a new independent Non-Executive Chair and two new Non-Executive Directors, who are leading a governance refresh and balance sheet review. The company maintained strong liquidity of over $1.1 billion, with net debt to EBITDA continuing to reduce. The Onslow Iron joint venture (JV) is cashflow positive and progressing to 35 million tonnes per annum (Mtpa) nameplate capacity, achieving an annualised run-rate of 32.4Mtpa in June. Completion of the private haul road upgrade remains on target for Q1 FY26. MinRes also reported a record low spodumene concentrate (SC6) FOB cost of $641 per dry metric tonne (dmt) at Wodgina in Q4, supported by ongoing cost reduction efforts and improved recoveries.
Guidance
MinRes expects FY26 Onslow Iron shipped volumes of 17.1-18.8Mt (30.0-33.0Mt, 100% basis).
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