ASX-listed Mineral Resources (MinRes) reported on Thursday that the Onslow Iron project in Western Australia had reached nameplate capacity of 35-million tonnes a year.

The company shipped 8.6-million tonnes of iron-ore from Onslow Iron during the quarter ended September 30, putting it on track to meet full-year production and cost guidance across all divisions.

As a result of the project achieving a sustained 35-million-tonne run rate between August and October, MinRes will receive a $200-million contingent payment from Morgan Stanley Infrastructure Partners in November.

Attributable shipments from Onslow Iron were 4.9-million tonnes at a free-on-board cost of $54/t. The Pilbara Hub contributed 2.7-million tonnes at $83/t. Total iron-ore shipments across both operations reached a record 11.4-million tonnes (100% basis), up 50% quarter-on-quarter.

The average realised price for the company’s iron-ore was $90 per dry metric tonne (dmt), a 14% quarterly increase and representing an 88% realisation of the Platts 62% IODEX benchmark.

MinRes maintained its 2026 financial year guidance of 17.1-million to 18.8-million tonnes of iron-ore from Onslow Iron and 9-million to 10-million tonnes from the Pilbara Hub.

In the lithium division, prices rose 31% quarter-on-quarter to an average of $849/dmt SC6, with total attributable spodumene production of 137 000 t and sales of 142 000 t. Recoveries at the Wodgina mine averaged 67% following optimisation work completed during the quarter.

The company reported strong liquidity of A$1.1-billion and steady net debt of A$5.4-billion as at September 30, with A$400-million in capital expenditure during the quarter.

CEO Chris Ellison said MinRes’ operational and financial strength had positioned it well for continued growth. “With Onslow Iron now operating at full capacity and our lithium business benefiting from improved pricing, we are in a strong position heading into the remainder of the financial year,” he said.