Mineral Resources completes Onslow Iron haul road upgrade
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More news: Mineral Resources shares rallied after the company announced it had completed upgrades to its Onslow Iron private haul road which would allow constrained haulage at normal speed.
Its shares were up 1.11% to $41.75 by 1:12pm AEST but over the past 12 months have plunged 19.77%.
RBC Capital Markets analyst Kaan Peker was "positive" on the news and said the completed works "should give her confidence in MIN receiving the contingent payment and supporting de-gearing efforts over FY26".
RBC has an 'outperform' rating on the stock with a price target of $41.
What they said: "Over the next 12-24 months we expect MIN to ramp up Onslow, prioritise the balance sheet, reduce capex and operate the assets for cash flow," Peker said.
"...We believe completing the road upgrade is a key de-risking event for Onslow. This should now allow for a high average truck speed, increased payload and better efficiency".
Mineral Resources completes Onslow Iron haul road upgrade
The news: Mineral Resources has completed upgrades to its Onslow Iron private haul road, allowing its unconstrained haulage to "resume at normal speed”, according to an announcement to the exchange.
The context: The works included seal binder upgrades and cement stabilisation to improve strength and moisture resistance, with minor ancillary works scheduled for completion next month.
The haul road spans 11 metres, which is two metres wider than typical public roads used for heavy haulage in the Pilbara region, according to the company.
Operations at the haul road were paused earlier in the year after two trailers that were part of a road train tipped onto their side in March 2025.
What they said: “The resumption of unconstrained haulage marks another significant milestone as we focus on safely delivering the project’s FY26 volume guidance,” Mineral Resources managing director Chris Ellison said.
“Onslow Iron is now established as a cash generative, low-cost asset that underpins the deleveraging of our balance sheet while driving stable, long-term growth.”
The source: ASX
