MinRes shares surge to near two-year peak on output forecast hike
Australian miner Mineral Resources (MinRes) raised its full-year production forecast on Thursday and said costs for its Onslow iron-ore project were expected to trend towards the lower end of estimates, sending shares to a near two-year peak.
The miner raised iron-ore production guidance from Onslow to between 17.7-million and 19.4-million tons for the 2026 financial year - from between 17.1-million and 18.8-million tons previously.
MinRes also upgraded the production volume forecast for its mining services segment to between 320-million and 330-million tons, from between 305-million and 325-million tons previously.
The company said it had not experienced any interruption to fuel supplies or its operations as a result of the conflict in the Middle East, but it continued to work with its partners to monitor the situation.
MinRes reported a 14% sequential drop in its third-quarter total iron-ore shipments, owing to the impact of tropical cyclones Mitchell and Narelle in Australia earlier this year.
MinRes' share price grew by 9.6% to A$67.8 in early rade, which marked their highest level since June 11, 2024, and
made them the top gainers on the benchmark ASX 200 index.
The stock was headed for its largest one-day jump since mid-November 2025.
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