Mineral Resources leads ASX 200 gains on better-than-expected Q1 result
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The news: Mineral Resources was the top performer on the ASX 200 after posting a better-than-expected operations update for the first quarter.
The numbers: MinRes shares were up 9% to $46.18 at 11:30am AEDT, taking 12-month gains to 28%.
The context: The miner said it remains on track to meet FY26 volume and cost guidance across all divisions.
RBC Capital Markets analyst Kaan Peker said MinRes' Onslow project presented stronger volumes and lower cost than modelled, and is running at nameplate throughput.
Onslow operated at its 35Mt-per-year nameplate capacity between August and October, meeting the requirements for a $200 million contingent payment from Morgan Stanley Infrastructure Partners (MSIP), as part of the investing giant's $1.3 billion haul road purchase.
The sources: ASX, RBC Capital Markets research
