Mineral Resources Ltd. Q1 FY27 Quarterly Activity Report
Key points
- Record Mining Services production of 103Mt, up 10% qoq
- Onslow Iron shipped 9.2M wmt (100%) with September as a record export month
- Pilbara Hub produced 3.2M wmt and shipped 2.9Mt, with Lamb Creek fully operational
- Record attributable lithium sales of 170k dmt SC6, up 8% qoq
- Fitch upgraded MinRes' credit rating to BB (stable outlook)
Full summary
Mineral Resources Ltd. presented its Quarterly Activity Report for the period to 30 September 2026 (Q1 FY27). The company achieved record Mining Services production of 103Mt, up 10% quarter-on-quarter (qoq). Onslow Iron shipped 9.2M wmt (100%), with September being a record export month of 3.49M wmt (100%). Pilbara Hub produced 3.2M wmt and shipped 2.9Mt, with Lamb Creek fully operational. Attributable lithium sales reached a record 170k dmt SC6, up 8% qoq. The company's net debt decreased by $0.2B to approximately $4.1B, and liquidity increased by $0.1B to $2.5B. Fitch upgraded MinRes' credit rating to BB (stable outlook). Safety metrics also improved, with the rolling 12-month Lost Time Injury Frequency Rate (LTIFR) at 1.01 and the Total Recordable Injury Frequency Rate (TRIFR) at 6.41.
Guidance
Q1 FY27 volume guidance: Iron Ore Onslow Iron 5.0M wmt, Pilbara Hub 2.9M wmt, Lithium Wodgina 90k dmt SC6, Mt Marion 58k dmt SC6, Bald Hill 21k dmt SC6, Mining Services Production 103Mt.
Outlook
The company expects to complete the POSCO Holdings lithium transaction in 1H FY27. Safety remains a priority, with a focus on the new Real Talk, Real Change safety program. Freight rates and FOB costs are expected to increase due to rising diesel prices.
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