PERTH, March 30, 2026, 04:04 AWST
- Port of Ashburton remains closed after ex-Tropical Cyclone Narelle, while Dampier has reopened. 1
- Onslow Iron has become central to Mineral Resources’ effort to pay down debt, with net debt down to A$4.9 billion at Dec. 31. 2
- Pilbara Ports says engineering checks will continue into early next week and has given no reopening time for Ashburton. 1
Mineral Resources Limited is facing a fresh export disruption at its Onslow Iron business after the Port of Ashburton, the Western Australian outlet used for the company’s iron ore exports, stayed closed over the weekend following ex-Tropical Cyclone Narelle. Pilbara Ports’ current alert page still lists Ashburton as closed, even as neighbouring Dampier reopened on March 28. 1
The timing matters. Onslow Iron has become the cash engine for MinRes, which said in February that the project had been running at its designed 35 million-tonne annual rate since August and delivered A$519 million in half-year underlying earnings, or EBITDA. 2
MinRes cut net debt by A$471 million to A$4.9 billion in the half year ended Dec. 31, while liquidity rose to A$1.4 billion, company disclosures showed. In its January quarterly report, the group said Onslow shipped 17.3 million tonnes in the first half and that the Onslow project loan balance had fallen to A$553 million. 2
Pilbara Ports said further engineering assessments, including underwater inspections and marine surveys, would continue over the weekend and early next week. It did not set a reopening time for Ashburton. 1
The storm hit more than one operator, but not evenly. Dampier, a port used by Rio Tinto, reopened on Saturday, though general cargo operations there remain suspended after what the port operator described as significant damage. Ashburton, by contrast, will stay shut until inspections are complete. 1
MinRes was coming into the disruption with better numbers. Chair Malcolm Bundey said in February that Onslow Iron was “a proven, cash-generative operation”. In a company release the same month, Managing Director Chris Ellison said the group’s “Tier 1 assets” were generating strong cash flow. Sandstone Insights analysts wrote the company had “a map and some momentum” toward excess cash generation, even if it was not there yet. 3
There is a catch. Pilbara Ports said sea conditions were still limiting access for inspections, which leaves open the chance that a short weather stoppage turns into a longer shipping bottleneck. 4
If checks find little damage and Ashburton reopens quickly, the effect may be limited to vessel timing and quarter-end shipments. A longer closure would raise the risk of slower cash inflows from the one project MinRes has leaned on to repair its balance sheet, based on the company’s recent disclosures. 2
MinRes said in its January quarterly report that fiscal 2026 volume and cost guidance was maintained across all other divisions, while guidance for lithium concentrate output at Wodgina and Mt Marion was raised after stronger production and prices. For now, though, the pressure point sits at Ashburton, not lithium: when ships can move again. 5
