Mineral Resources lifted its safety performance in the second quarter of FY26, recording a zero lost time injury frequency rate as activity increased across its lithium operations.
In its quarterly activity report, the company reported a rolling 12-month total recordable injury frequency rate of 2.93, representing a 13 per cent improvement quarter-on-quarter, alongside an LTIFR of 0.00.
The improvement reflects fewer recordable injuries as MinRes’ Onslow Iron operation transitions from construction into steady-state operations.
This safety result was delivered during a high-output quarter for the company’s iron ore business. Onslow Iron shipped 8.7 million tonnes on a 100 per cent basis during the quarter, taking first-half shipments in 2026 to 17.3 million tonnes.
Lithium operations also recorded strong production and sales – attributable quarterly spodumene production reached 138,000 dry metric tonnes spodumene concentrate 6 per cent (SC6), with sales of 143,000 dmt SC6. The average achieved price increased 29 per cent on the prior quarter to US$1,094 per dmt. As a result, Mineral Resources has upgraded the FY26 lithium volume guidance for Wodgina to 260,000–280,000 dmt and Mt Marion to 190,000–210,000 dmt, while maintaining cost guidance for both operations.
At the corporate level, liquidity increased to more than $1.4 billion during the quarter, with net debt reduced to approximately $4.9 billion. MinRes has also executed a binding agreement with POSCO Holdings Inc for the acquisition of a 30 per cent stake in its operational lithium business at Wodgina and Mt Marion for $1.1 billion ($US765 million), expected to complete in the first half of 2026.
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