Mineral Resources (MinRes) experienced a variety of strong performances and shortfalls over Q3 of financial year 2025 as demonstrated in its latest financial report.
MinRes reported a liquidity value of over $1.25 billion, comprising more than $450 million in cash and a fully undrawn $800 million revolving credit facility.
Net debt as of 31 March was $5.4 billion.
Movements over the quarter were driven largely by a capex outflow of $360 million and net working capital outflow of $50 million.
Another $340 million in capex outflow is expected in Q4 FY25 while Q4 FY25 net working capital outflow is expected to be similar.
MinRes also continued to deliver on its prepayment obligations for the Onslow Iron carry loan during the quarter. As of 31 March, the balance was recorded at $789 million.
Cost reduction initiatives are also continuing throughout the business.
There has been a reduction of 1,740 roles across head office and sites since the start of FY25.
Meanwhile, the company’s mining services experienced a deficit with quarterly production volumes being recorded at 72 million tonnes (Mt).
This figure was 6Mt down quarter-on-quarter due to reduced volumes from its Yilgarn Hub and Bald Hill sites, partially offset by external volume growth.
FY25 production volumes are expected to be at the bottom end of the company’s guidance range (280-300Mt) and weighted to the June quarter in line with the ramp-up of Onslow Iron.
FY25 earnings before interest, taxes, depreciation and amortisation (EBITDA) per production volume tonne is anticipated to be $2.10 to $2.20.
Total iron ore production across Onslow Iron and the Pilbara Hub was 6.0 million wet metric tonnes (wmt), with shipments of 5.9M wmt.
The average quarterly realised price across both Onslow Iron and the Pilbara Hub was $89 USD (approx. $139.41 AUD) per dry metric tonne (dmt), a six-per-cent increase quarter-on-quarter and representing an 86-per-cent realisation of the Platts 62 per cent Platts Iron Ore Index (IODEX).
The upgrade of the Onslow Iron haul road remains on schedule for completion in Q1 FY26.
Onslow Iron remains on track to achieve nameplate capacity of 25 million tonnes per annum (Mtpa) in Q1 FY26.
In other news, Minus 1 has launched its fully refurbished depot in Rocklea, Queensland, ahead of several other projects planned across Australia.
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