On July 29, Australian miner Mineral Resources Limited (MinRes) released its operational report for Q2 2026 (Q4 of Australia's FY2026). The report showed that its iron ore business achieved significant growth in production and sales. In Q2, MinRes’ total iron ore production from the Onslow Iron and Pilbara Hub projects reached 10.8 million mt (100% basis), with total iron ore shipments of 12.3 million mt (100% basis). For the full FY2026, MinRes' attributable iron ore shipments reached 29.543 million mt, a new annual record. Specifically,
Onslow Iron project:
Production: In Q2 2026, iron ore production was 8.754 million mt, up 12% QoQ and 42% YoY.
Shipments: In Q2 2026, iron ore shipments were 9.596 million mt, up 33% QoQ and 66% YoY, a quarterly record.
In FY2026 (July 2025-June 2026), attributable iron ore shipments from Onslow Iron were 19.65 million mt, above the previously raised guidance range of 17.7-19.4 million mt; shipments on a 100% basis for the full year were 34.136 million mt.
Project cost: In Q2 2026, the FOB unit cost was A$53/wmt ($37/wmt), flat QoQ; for FY2026, the FOB unit cost was A$52/wmt ($36.2/wmt), below the guidance range of A$54-59/wmt.
Pilbara Hub iron ore project:
Production: In Q2 2026, iron ore production was 2.049 million mt, down 15% QoQ and 25% YoY.
Shipments: In Q2 2026, iron ore shipments were 2.701 million mt, up 31% QoQ and 7% YoY. The increase in shipments was mainly driven by the continued ramp-up of the Lamb Creek project, with Iron Valley remaining the main ore source during the quarter, accounting for 74% of shipments; in addition, MinRes shipped some previously stockpiled fines when market conditions were favorable.
In FY2026 (July 2025-June 2026), Pilbara Hub's iron ore shipments were 9.894 million mt, at the upper end of the 9-10 million mt guidance range. The intersection works for the mine access road at Lamb Creek with the Great Northern Highway were completed, and wet commissioning of the fixed crushing plant is targeted for Q1 FY2027; after the end of the quarter, the project processed its first ore through the crushing plant.
Project cost: In Q4 FY2026 (Q2 2026), the FOB unit cost was A$76/wmt ($52.9/wmt), down 5% QoQ; for FY2026, the FOB unit cost was A$79/wmt ($55.1/wmt), at the upper end of the guidance range of A$75-80/wmt ($52-56/wmt).
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