Diversified mining company Mineral Resources (MinRes) has upgraded its full-year lithium volume guidance after delivering a strong operational and financial performance across its divisions in the December quarter.

Lithium operations recorded solid gains, with attributable spodumene production reaching 138 000 dry metric tonnes (dmt) of SC6, while sales totalled 143 000 dmt. The company achieved an average realised price of $1 094/dmt CIF, representing a 29% increase on the previous quarter.

As a result, MinRes upgraded its 2026 lithium volume guidance, lifting expected production at Wodgina to between 260 000 dmt and 280 000 dmt, from a previous range of 220 000 dmt to 240 000 dmt. Guidance for Mt Marion was raised to between 190 000 dmt and 210 000 dmt, from 160 000 dmt to 180 000 dmt. Cost guidance for both operations was maintained.

Across its iron-ore portfolio, MinRes reported first-half attributable production of 9.8-million wet metric tonnes (wmt), while the Pilbara Hub delivered 17.3-million wet metric tonnes on a 100% basis. First-half free-on-board costs averaged $52/wmt at Onslow Iron and $81/wmt at the Pilbara Hub.

The ASX-listed miner shipped 8.7-million tonnes of iron-ore from its Onslow Iron project in the December quarter, lifting first-half shipments to 17.3-million tonnes on a 100% basis. Free-on-board costs declined to $50/wmt for the quarter, positioning the operation at the lower end of its full-year guidance range of $54/wmt to $59/wmt.

Liquidity increased to more than A$1.4-billion during the half-year, from A$1.1-billion previously, while net debt was reduced to about A$4.9-billion, reflecting strong cash generation as Onslow Iron approached nameplate capacity.

In mining services, the company delivered 166-million tonnes in the first half of the financial year and maintained its full-year volume guidance of between 305-million tonnes and 325-million tonnes.

The company said it remained well positioned to capitalise on favourable lithium pricing and improving iron-ore performance as it continues to focus on disciplined capital management and balance-sheet deleveraging.

In November, the company executed a binding agreement with Posco Holdings, subject to conditions precedent, for the sale of a 30% interest in its existing 50% ownership of the Wodgina and Mt Marion lithium assets. The transaction is valued at $765-million in upfront cash.