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

Mineral Resources

30/04/2026 07:07

Updates

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

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

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

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

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

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

** Company's shares got a boost after it raised forecast across its mining services division amid market volatility caused by higher fuel prices, says Tony Sycamore, Senior Market Analyst at IG Markets

** YTD, stock up 17.1%

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

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