Mineral Resources Limited (ASX: MIN) has announced it will receive a $200 million contingent payment from Morgan Stanley Infrastructure Partners (MSIP) in early November 2025. Mineral Resources is a leading diversified resources company, with extensive operations in lithium, iron ore, energy and mining services across Western Australia. The payment is related to the private haul road transaction for the Onslow Iron project.
The payment condition was met after 8.75 million tonnes of iron ore were loaded onto MinRes transhippers at the Port of Ashburton between 1 August 2025 and 27 October 2025. This loading rate satisfies the requirement of achieving a 35Mt per annum run rate over three months. In September 2024, MSIP investment funds paid an upfront consideration of $1.1 billion for a 49% interest in the Onslow Iron Road Trust, which generates a life-of-mine CPI-adjusted tolling fee per tonne of iron ore loaded at the port from the Onslow Iron project.
The receipt of the additional $200 million in November 2025 brings the total consideration received by MinRes to $1.3 billion. Managing Director Chris Ellison expressed pride in the team’s dedication and expertise in achieving sustained nameplate capacity at Onslow Iron. He also acknowledged the strong financial outcome resulting from this operational success and thanked Morgan Stanley Infrastructure Partners for their continued support.
MinRes Chair Malcolm Bundey noted that this milestone demonstrates the company’s ability to execute major projects and operate Onslow Iron consistently at nameplate levels. He further stated that the additional payment strengthens MinRes’ financial position and marks an important step in the company’s deleveraging program and balance sheet management.
