Mineral Resources upgrades lithium production guidance in Q2 update
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The news: Mineral Resources has increased its full-year lithium volume guidance and reiterated cost guidance for its Wodgina and Mt Marion lithium projects.
The numbers: Lithium volume guidance for the Wodgina project has been upgraded from between 220,000 and 240,000 dry metric tonnes to between 260,000 and 280,000 dry metric tonnes.
Lithium volume guidance for the Mt Marion project has been upgraded from between 160,000 to 180,000 dry metric tonnes to 190,000 to 210,000 dry metric tonnes.
Total production of spodumene in the quarter came in at 138,000 dry metric tonnes while sales came in at 143,000 dry metric tonnes. The average achieved price was USD1,094 per dry metric tonne, which was 29% higher than the preceding quarter.
Iron ore shipments from the Onslow project in Q2 FY26 came in at 8.7 million wet metric tonnes, which was roughly in line with the preceding quarter. Meanwhile, Pilbara Hub shipments fell by 13% to 2.4 million wet metric tonnes.
Onslow freight on boat cost was $50 per wet metric tonne in the quarter, a 7% improvement on the previous quarter. Full-year cost is now tracking to the lower end of guidance.
Pilbara Hub freight on board cost came in at $78 per wet metric tonne, a 6% improvement on the previous.
The context: In November, Mineral Resources executed a binding agreement for POSCO Holdings to acquire 30% of Mineral Resources’ existing ownership of the Wodgina and Mt Marion projects for a total upfront cash consideration of USD765 million ($1.1 billion).
The source: ASX
