Australia-based Mineral Resources Limited (MinRes) produced an attributable 29.6 million mt of iron ore in the financial year ended June 30, 2026, as the successful ramp-up of its Onslow Iron project strengthened the company's iron ore portfolio and supported its record financial results.
MinRes' iron ore division generated underlying EBITDA of A$1.0 billion, with Onslow Iron contributing A$909 million and the Pilbara Hub contributing A$98 million.
Onslow Iron reaches nameplate capacity
Attributable production at Onslow Iron totaled 19.7 million mt in the given financial year, while its FOB costs stood at A$52/mt. The project reached its nameplate capacity of 35 million mt per year in August 2025, three years after the final investment decision.
Following the commissioning of a sixth transhipper in June and the arrival of a seventh vessel in August, Onslow Iron's installed capacity has increased towards 40 million mt per year, providing additional operational flexibility during scheduled fleet maintenance.
For the 2026-27 financial year, MinRes expects attributable Onslow Iron sales of 20.0-21.7 million mt, equivalent to 35-38 million mt on a 100 percent basis, with FOB costs forecast at A$54-58/mt.
Pilbara Hub transitions to Lamb Creek
The Pilbara Hub produced 9.9 million mt of iron ore in the 2025-26 financial year at an FOB cost of A$79/mt. MinRes stated that the transition from the Wonmunna mine to the nearby Lamb Creek operation is almost complete, with the first ore already processed through the existing fixed crushing plant.
Lamb Creek is expected to extend the Pilbara Hub's mine life and reduce unit costs. MinRes forecasts Pilbara Hub sales of 10-11 million mt in 2026-27, with FOB costs expected at A$74-79/mt.
