Australia's Mineral Resources (MinRes) met its full-year production and cost targets across all segments, boosted by strong output from its lithium and iron-ore assets, while initiating a board overhaul and preparing for a key infrastructure upgrade at its Onslow Iron project.

The diversified miner reported record mining services volumes and achieved annualised nameplate production rates of 32.4-million tonnes a year at Onslow Iron in June, with full 35-million-tonne capacity expected by the end of the September quarter once a private haul road upgrade is completed.

The Onslow joint venture has already turned cashflow positive, and shipped 14-million tonnes in the 2025 financial year, the upper end of guidance.

“Onslow Iron is progressing as planned and has become a strong cash generator,” the company said in its quarterly report for the three months to June 30. “The ramp-up positions us well for FY26.”

During the quarter, Malcolm Bundey was appointed as independent nonexecutive chairperson, effective July 1. Two further independent nonexecutive directors, Lawrie Tremaine and Ross Carroll, were appointed in early July. The company has also engaged King & Wood Mallesons to conduct a review of its governance framework and identify potential improvements.

The board changes are part of a broader focus on governance, Onslow Iron delivery and balance sheet repair.

At Wodgina, MinRes achieved a record low free-on-board (FOB) cost of A$641 per dry metric tonne (dmt) for SC6 spodumene concentrate, reflecting cost-efficiency improvements and better recoveries. Plant upgrades are expected to push recovery rates above 65% in 2026.

Total 2025 spodumene shipments from Wodgina and Mt Marion came in at 214 000 dmt and 203 000 dmt respectively, both at or above guidance. The company realised an average fourth-quarter price of $642/dmt SC6 equivalent, though it noted a rebound in pricing to nearly $800/dmt in recent spot sales.

MinRes’ mining services business delivered 83-million tonnes in the fourth quarter, a record driven by the ramp-up of Onslow Iron and third-party volumes. For the year, total production was 280-million tonnes, at the lower end of guidance, with earnings before interest, taxes, depreciation and amortisation margins of A$2.20/t. Contractor costs at Onslow Iron affected margins in the second half, but these are expected to decline as haulage transitions to the company’s own infrastructure in September.

While iron-ore shipments totalled 8.3-million tonnes in the June quarter, the average realised price dropped 11% quarter-on-quarter to $79/dmt, reflecting weaker market conditions.

Still, Onslow Iron achieved a competitive 2025 FOB cost of A$63 a wet metric tonne (wmt), while the Pilbara Hub came in at A$76/wmt, both within or below guidance ranges.

The company flagged several non-cash items likely to impact its 2025 financial year statutory result, including a A$250-million foreign exchange gain, A$80-million gain from the Yilgarn Hub divestment, and impairments of about A$80-million on lithium tenements. An additional write-down is expected on assets held by Resource Development Group, which entered voluntary administration in July.

Despite market volatility and elevated debt levels, MinRes remains bullish on its core businesses and well-positioned for growth, underpinned by the continued ramp-up of Onslow Iron and a cost-competitive lithium portfolio.