MinRes meets the mark in Q4

Mineral Resources (ASX: MIN) met FY25 production guidance across its iron ore and lithium operations amidst significant leadership transition.

FY25 production volumes were 280mt, up 11mt year on year, and at the lower end of the guidance range (280 – 300mt).

During the quarter, the MinRes board appointed Malcolm Bundey as an independent non-executive director. Mr Bundey assumed the position of chair on July 1, with an immediate focus on continued board renewal, strengthening governance, Onslow Iron and balance sheet repair.

This follows the announcement in late 2024 that Chris Ellison would step down from his role as managing director.

Mining services Q4 production volumes were a record 83mt, up 21mt quarter on quarter, driven by the ramp-up of Onslow Iron and external volume growth.

The Onslow Iron joint venture is cashflow positive and progressing to 35mtpa nameplate capacity, achieving an annualised run-rate of 32.4mtpa in the month of June.

At Onslow Iron, a total of 5.8mwmt was shipped in the quarter, up 59% quarter on quarter, to bring FY25 shipments to 14mt, at the upper end of guidance.

The upgrade of the Onslow Iron private haul road remains on schedule for completion in Q1 FY26.

The Pilbara Hub achieved FY25 shipments of 9.7mwmt at the upper end of guidance (9.0-10.0M wmt).

Total quarterly attributable spodumene production across both operating lithium sites was 144k dry metric tonnes (dmt), with shipments of 135k dmt.