Australian metals mining company Mineral Resources (MinRes) has raised its iron ore and lithium sales guidance for the financial year from July 2026-June 2027 as it ramps up production across multiple mine sites.
MinRes plans to ship 30mn-32.7mn t of iron ore in 2026-27 on an attributable basis, up from 29.6mn t a year earlier, according to its annual financial results released on 27 August (see table).
The company expects average unit costs at its iron ore operations to be A$64-A$68.5/t ($46-49.2/t) in 2026-27, likely higher than its 2025-26 unit costs of A$65.5/t. Unit cost guidance assumes a diesel price of A$1.25/litre, including fuel tax credit rebates, the firm said.
MinRes increased sales guidance for its Onslow operations in the west Pilbara region of Western Australia (WA) to 20mn-21.7mn t in 2026-27, up from 19.7mn t a year earlier. Onslow shipped its first ore in May 2024 and reached its 35mn t/yr run-of-mine (ROM) production nameplate capacity on a 100pc basis in August 2025. The firm plans to expand Onslow production beyond nameplate capacity in 2026-27, which will be supported by the arrival of additional transshippers.
The company also raised sales guidance for its Pilbara Hub to 10mn-11mn t in 2026-27, up from 9.9mn t in 2025-26. MinRes is developing the hub's 7.5mn t/yr Lamb Creek open pit mine, which delivered its first ore shipment in March.
Lithium
MinRes increased spodumene sales by 30pc year on year to 560,000t of 6pc Li2O concentrate (SC6) in 2025-26 from its Wodgina and Mount Marion mines in WA, driven by a recovery in lithium prices in the past six months.
The company has raised sales guidance to 660,000-750,000t of SC6 in 2026-27, supported by the restart of its fully-owned Bald Hill mine in May. The reopened mine, also located in WA, is set to reach its nameplate capacity of 140,000 t/yr by the end of the October-December quarter.
The company expects fob costs from Wodgina to decrease and sales to increase in 2026-27 due to a lower strip ratio. But production at Mount Marion is expected slow because of a higher strip ratio.
MinRes will carry out a A$490mn expansion at Mount Marion in 2026-27 to build a new flotation plant and develop underground mining at the site, which will increase output and extend the mine's life. The company plans to produce its first underground ore at Mount Marion in April-June 2027.
MinRes operates both Wodgina and Mount Marion as a 50pc-owner under separate joint venture (JV) structures. It operates Wodgina on behalf of its JV partner, US producer Albemarle, and Mount Marion on behalf of its partner, Chinese producer Jiangxi Ganfeng Lithium.
MinRes has agreed to sell 30pc of its 50pc stakes in the Wodgina and Mount Marion mines to South Korean producer Posco for $765mn under a binding JV agreement. This will entitle Posco to 15pc of total production from each mine after the deal closes, while MinRes will retain 35pc. The deal is expected to close by June 2027.
The firm will prioritise investment in copper over lithium and iron ore over the medium-term, a spokesperson told investors on 27 August.
MinRes posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of A$2.6bn in 2025-26, a new record for the firm.
| MinRes 2026-27 guidance | mn t, A$/t | |||
| FY26 sales | FY27 sales guidance | FY26 unit costs | FY27 unit cost guidance | |
| Iron ore | ||||
| Onslow | 20 | 20 - 21.7 | 52 | 54 - 58 |
| Pilbara Hub | 10 | 10 - 11 | 79 | 74 - 79 |
| Total | 30 | 30 - 32.7 | 65.5 | 64 - 68.5 |
| Lithium | ||||
| Wodgina | 0.32 | 0.36 - 0.39 | 738 | 640 - 710 |
| Mt. Marion | 0.24 | 0.2 - 0.24 | 847 | 960 - 1020 |
| Bald Hill | - | 0.1 - 0.12 | - | 1150 - 1250 |
| Total | 0.56 | 0.66 - 0.75 | 792.5 | 916 - 993 |
| *Production volumes are on an attributable basis. Unit costs are denoted in A$/t. Lithium volumes are on a SC6 basis. | ||||
| Source: MinRes | ||||
