According to Australia-based miner Mineral Resources Limited (MinRes), the company delivered its strongest first-half financial result for the six months ended December 31, 2025, supported primarily by the performance of its iron ore operations, particularly the Onslow Iron project.
MinRes reported record revenue of A$3.1 billion in the first half of financial year 2025-26, up 33 percent year on year, while underlying EBITDA surged by 286 percent to A$1.2 billion. Underlying net profit after tax totaled A$343 million, up 275 percent year on year.
Onslow Iron becomes key earnings driver
According to MinRes managing director Chris Ellison, the result was driven by operational performance rather than extraordinary commodity prices, highlighting the resilience of the company’s asset base.
Onslow Iron achieved its 35 million mt per annum nameplate capacity in August 2025 and sustained that rate throughout the half year. The project operated at a FOB cost of A$52 per wet metric ton and contributed A$519 million in EBITDA to the iron ore division in the first half of the given financial year.
On a 100 percent basis, Onslow Iron produced 17.3 million wmt during the half. With the arrival of additional transhippers scheduled for mid-2026, installed capacity is expected to increase toward 40 million mt per year.
Pilbara Hub performance
MinRes’ Pilbara Hub produced 5.1 million wmt during the given half, with a reported FOB cost of A$81/wmt and EBITDA contribution of A$49 million. The company stated that the Pilbara Hub remains on track to deliver its FY 2025-26 volume and cost guidance, with costs expected to decline during the second half as operations transition from Wonmunna to Lamb Creek.
Mining Services division supports iron ore growth
The Mining Services division produced 166 million mt in the first half and generated EBITDA of A$347 million, underpinning the ramp-up and sustained performance at Onslow Iron. For the financial year 2025-26, MinRes forecasts Mining Services production of 305-325 million mt, representing 12.5 percent growth year on year, with close to A$1 billion in annualized EBITDA expected.
Outlook: iron ore to underpin cash generation
MinRes stated that, with Onslow Iron now operating at nameplate capacity and generating strong cash flow, the asset is positioned as a long-life, low-cost operation underpinning future balance sheet improvement and stable earnings growth. The company reaffirmed its 2025-26 guidance and indicated that its near-term priorities remain safe operations, delivery of guidance targets and continued strengthening of the balance sheet.