Mineral Resources (ASX:MIN) has met its full-year production volume and cost guidance across its key divisions, including mining services, iron ore, and lithium for the 2025 financial year. A standout performer was the Onslow Iron joint venture, which turned cash flow positive, alongside record low spodumene costs at its Wodgina lithium project. Mineral Resources is a leading Australian diversified resources company, with extensive operations in mining services, iron ore, and lithium. The company provides a range of contracting services, as well as producing commodities.
At Wodgina, the company achieved a record low free-on-board cost of $641 per dry metric tonne for spodumene concentrate (SC6). Further plant upgrades are planned to boost lithium recovery rates to over 65 per cent in the 2026 financial year. The Onslow Iron joint venture reached an annualised production rate of 32.4 million tonnes in June. Average production costs were $63 per wet metric tonne, the lowest figure within the anticipated range.
MinRes’ mining services division reported record quarterly volumes of 83 million tonnes, driven by external growth and the ongoing ramp-up of Onslow Iron. Full-year production in this division totaled 280 million tonnes, reaching the lower end of guidance, while earnings margins per tonne were at the upper end.
The company closed the quarter with available liquidity exceeding $1.1 billion, including $400 million in cash. MinRes also reported an improved net debt position relative to earnings. Looking ahead to FY26, the company anticipates shipping between 17.1 million and 18.8 million tonnes of iron ore from Onslow (its share), with a key haul road upgrade expected to be completed in the first quarter.
