Australia's Mineral Resources hits near 2-year high on annual outlook upgrade

Mineral Resources

30/04/2026 05:59

Updates

** Shares of Mineral Resources MIN.AX rise as much as 9.6% to A$67.80, highest level since June 11, 2024

** Stock posts the best intraday pct gain since November 12, 2025

** Jefferies says ore mined from co's flagship Onslow Iron project 27% above its estimates, 50% above VA consensus

 ** Adds, Wodgina project production exceeds its estimates by 7%, 11% above VA consensus

 ** Says outlook is positive, but priced in at current equity prices

** Diversified miner upgrades Onslow Iron FY26 volume outlook to 17.7-19.4M wet metric tons, costs track at lower end of outlook

** Co says FY26 Mining Services production volume upgraded to 320-330Mt

** Despite expected higher diesel prices in June quarter, FY26 FOB cost outlook ranges across all divisions is maintained - co

** Avg rating of 12 analysts suggest "buy"; their median PT is A$66, LSEG data shows

** YTD, stock up 18.3%

(Reporting by Shivangi Lahiri and Aamir Sheik Khalid in Bengaluru)

((shivangi.lahiri@thomsonreuters.commailto:Aamir.SheikKhalid@thomsonreuters.com))