27/08/26
Australia’s MinRes lifts Fe, Li sales guidance
Sydney, 27 August (Argus) — 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$2.6bn in 2025-26, a new
record for the firm. By Daniel Gage-Brown and Emma Partis MinRes 2026-27
guidance mn t, A$/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 Send comments and request more information at
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