# MinRes posts record mining services volumes and Onslow export month

> Mineral Resources reported record quarterly services volumes, a September export peak at Onslow Iron and lower net debt in its FY27 first-quarter update.

- Topic: Markets and commodities
- Subjects: Transport, Lithium, Critical minerals
- Event date: 2026-10-23
- First published on EPC Feed: 2026-10-25T20:55:46.165Z
- Updated: 2026-10-25T20:55:46.165Z
- Countries: Australia
- Page: https://epcfeed.com/news/minres-q1-record-mining-services-volume-on-onslow-lithium-sales


## Key facts

- Report date: 23 October 2026
- Mining Services production: 103 million tonnes, up 10% quarter on quarter
- Onslow Iron September exports: 3.49 million wet tonnes
- Net debt: Approximately A$4.1 billion at quarter end

Mineral Resources reported a record start to FY27 for its mining services division and a record monthly export total at Onslow Iron in the quarterly activity report published on 23 October. The company said mining services production reached 103 million tonnes, 10% above the previous quarter. It also reported record attributable lithium sales of 170,000 dry metric tonnes of spodumene concentrate, up 8% quarter on quarter. These are company-reported operating measures for the three months ended 30 September, not calendar-year totals.

Onslow Iron shipped 9.2 million wet tonnes on a 100% project basis during the quarter. The attributable volume for MinRes was 5.0 million wet tonnes. September exports alone were 3.49 million wet tonnes, a record for the operation and above the previous monthly mark of 3.28 million tonnes set in June. The company reported Onslow produced 10.3 million tonnes over the quarter, up 17% from the preceding quarter, and used 45 vessels. An average of 100 of its jumbo road trains hauled 9.3 million tonnes to the Port of Ashburton.

The company reported an Onslow Iron free-on-board cost of A$53 per wet tonne, below the FY27 guidance range of A$54–58. At the Pilbara Hub, it produced 3.2 million tonnes and shipped 2.9 million tonnes; the reported FOB cost was A$75 per tonne against guidance of A$74–79. Across both iron ore businesses, quarterly attributable shipments totalled 7.9 million tonnes and the average realised iron ore price was US$83 per dry tonne, down 5% from the June quarter. The report also says a new external ore-sorting contract started, two external crushing contracts were renewed and two contracts concluded.

MinRes said net debt fell by about A$200 million to approximately A$4.1 billion, while liquidity rose by about A$100 million to A$2.5 billion. The report attributes the balance-sheet movement largely to a roughly A$170 million increase in cash and says the company spent around A$300 million on capital expenditure and paid an approximately A$200 million FY26 dividend in the period. Fitch raised the company’s rating to BB with a stable outlook in September, according to MinRes. The company maintained its FY27 guidance across divisions. The update is an operational report, and its production guidance remains forward-looking.

MinRes’ Onslow Iron project profile provides the infrastructure context for the shipping milestone: the company lists a 35 million tonne per annum capacity, 57% direct ownership and more than 30 years of expected mine life. The profile says first ore was shipped in May 2024 and nameplate capacity was achieved in 2025. Those are project-level milestones, while the September-quarter figures describe the current reporting period.

## Sources

1. [Q1 FY27 Quarterly Activity Report](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/). Company release, Mineral Resources Limited, Published 2026-10-23, Read 2026-10-25.
2. [Onslow Iron project](https://www.mineralresources.com.au/our-business/iron-ore/onslow-iron-project/). Reference, Mineral Resources Limited, Read 2026-10-25.