MinRes sets quarterly records in mining services and lithium sales

Mineral Resources said its first quarter of FY27 delivered record Mining Services production volumes of 103 million tonnes, 10% above the previous quarter. The report covers the three months to 30 September and maintains the company’s full-year guidance across its divisions.

At Onslow Iron, production reached 10.3 million wet tonnes on a 100% basis and shipments were 9.2 million wet tonnes. The company said September exports were a record 3.49 million wet tonnes. Attributable shipped volume was 5.0 million tonnes, a distinct share-based figure.

Onslow Iron’s quarterly free-on-board cost was A$53 per wet tonne, below the company’s FY27 guidance range of A$54–58. The report said 9.3 million tonnes were hauled to the Port of Ashburton using a daily average of 100 jumbo road trains, while dredging and port maintenance shaped the timing of some operations.

Lithium sales attributable to MinRes reached a record 170,000 dry tonnes of SC6 spodumene concentrate, up 8% quarter on quarter. The weighted average realised price was US$1,873 per dry tonne, down 23%, which the company attributed to lower spot prices in September and the timing of its spot-market sales.

Net debt fell by about A$200 million to approximately A$4.1 billion, while liquidity increased by about A$100 million to A$2.5 billion. The report said this followed capital expenditure of about A$300 million and payment of an approximately A$200 million FY26 dividend.

The company kept FY27 guidance unchanged across its divisions. It also said diesel prices rose to about A$1.60 a litre in September, with the increase expected to flow into October costs because of a one-month pricing lag. That statement is a company cost outlook, not an estimate of economy-wide fuel prices.

The report presents different operating measures on different ownership bases. Onslow Iron production and shipment totals are stated on a 100% project basis, while the company also gives its attributable shipped volume. Those figures describe the same project through different economic scopes and should not be added together. The reported FOB cost is a project shipping-cost measure, whereas the group’s net debt covers MinRes as a whole.

Lithium results reflect a separate commodity business and a price environment different from iron ore. MinRes reported 170,000 dry metric tonnes of attributable spodumene concentrate sales at an average realised price of US$1,873 per dry metric tonne, down 23% year on year. The company maintained FY27 guidance, but the quarterly figures do not guarantee that full-year volumes, costs or realised prices will match the targets.