The Mineral Resources Ltd (ASX: MIN) share price was in focus today as the company reported record Mining Services production of 103 million tonnes, up 10% quarter-on-quarter, and record attributable lithium sales of 170,000 dmt SC6.
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What did Mineral Resources report?
- Record Mining Services production volumes of 103Mt, up 10% qoq
- Attributable iron ore shipments of 7.9Mt and lithium sales of 170k dmt SC6, both setting new records
- Net debt reduced by $0.2B to $4.1B; group liquidity rose to $2.5B
- Quarterly capex at $310M, with FY26 dividend of $160M paid
- Fitch upgraded credit rating to BB (stable outlook)
- Safety improved – LTIFR fell 16% qoq to 1.01; TRIFR improved 9% to 6.41
What else do investors need to know?
MinRes maintained its FY27 production and cost guidance across all divisions, despite some cost pressures from rising diesel prices toward the end of the quarter. The company expects FOB costs to stay within guidance after a temporary uptick in fuel costs in September.
Lithium operations saw record quarterly sales, although achieved prices fell as a result of weaker spot markets. The company's net debt position improved and liquidity remains healthy, even after significant capex and dividend payments.
Fitch recognised MinRes' capital discipline and expanding operations by upgrading its credit rating in September. Regulators have concluded their investigation into the company with no enforcement action.
What's next for Mineral Resources?
Looking ahead, MinRes affirmed it is on track to meet FY27 guidance in all segments. Construction is progressing on key projects including Onslow Iron's non-processing facilities and Mt Marion's lithium flotation plant.
Management is also preparing to finalise the POSCO Holdings lithium transaction in the first half of FY27, subject to outstanding conditions. Exploration continues across both iron ore and lithium assets, positioning the company for further growth.
Mineral Resources share price snapshot
Over the past 12 months, Mineral Resources shares have risen 5%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has declined 2% over the same period.
