SYDNEY, June 9, 2026, 21:01 AEST
Mineral Resources Ltd dropped on Tuesday, lagging the broader Australian market. Miners slid as commodity prices eased, and investors pulled back from a stock that had already climbed earlier this year.
ASX-listed miner shares ended at A$65.84, down 2.56%. The stock traded in a range of A$64.72 to A$66.24 during the session. Shares have fallen 9.52% over five days. From Jan. 1, the stock is still up 21.07%, according to market data.
MinRes is caught in both the iron ore and lithium markets, so the stock jumped earlier this year as both trades worked. Now, though, the drop is an issue, as the dual exposure makes the company vulnerable when materials sell off.
S&P/ASX 200 slips 0.24% after holiday break Australia’s S&P/ASX 200 closed down 0.24% Tuesday, with the session weighed by falls in gold, metals and mining, and materials. Normal trading on the ASX cash market wraps at 16:00 Sydney time. The bourse was shut June 8 for the King’s Birthday.
MinRes wasn’t alone in the selling. Shares of BHP, Rio Tinto and Fortescue dropped, tracking iron ore futures lower to about $101 a tonne. The major iron ore companies stayed under pressure while the broader market bounced back most of its early drop.
MinRes shares moved as the company pushed through more lithium news. Late May saw MinRes and Jiangxi Ganfeng Lithium agree to a A$490 million plan to expand the Mt Marion lithium site, adding a flotation plant and new underground work. The final investment decision, or FID, gives the go-ahead for project spending.
Mt Marion spending will hit FY27 and FY28, the company said, with A$240 million going to the flotation plant, A$220 million set for underground pre-production, and A$30 million earmarked for infrastructure. The plan targets recovery rates around 70% and wants to boost installed capacity from roughly 500,000 tonnes of SC6 to 600,000 tonnes a year. SC6 is a common spodumene concentrate grade in lithium pricing.
Managing Director Chris Ellison described it as a brownfield investment, saying it “sets up Mt Marion for decades to come.” A brownfield project is an expansion at an existing site and usually carries less construction risk than building a completely new mine. Mineral Resources
MinRes said it plans to restart its Bald Hill lithium mine in Western Australia, citing a sustained lift in lithium prices. The company expects site work to pick up pace in late May. Crushing and mining should get going in June, and first spodumene concentrate is aimed for July.
Investors remain focused on the stock, even after Tuesday’s fall, partly because of the restart. MinRes said Bald Hill can produce close to 165,000 dry metric tonnes per year of 5.1% spodumene concentrate, or 140,000 dry metric tonnes SC6, and expects the move will add around 370 jobs.
But the trade can go the other way. MinRes says Mt Marion pays back in less than a year at a spot spodumene price near US$2,700 a tonne of SC6, but if lithium prices fall, or if underground or flotation projects slide, that margin tightens quickly. Weaker iron ore prices would also hit, since MinRes still depends on its Onslow and Pilbara iron ore for cash.
MinRes is still working on its balance sheet. Back in February, the company reported underlying EBITDA of A$1.2 billion from A$3.1 billion in revenue for the first half of FY26. Net debt dropped A$471 million to A$4.9 billion. EBITDA stands for earnings before interest, tax, depreciation and amortisation—used to track operating profit before other charges.
POSCO Holdings’ agreement is the latest move. MinRes said POSCO is set to pay US$765 million for a 30% stake in a new entity that will hold MinRes’ 50% stakes in Wodgina and Mt Marion. The cash is set to repay debt and shore up the balance sheet.
MinRes shares got caught by commodity moves on Tuesday, with the stock reacting to selling in iron ore. The lithium bounce hasn’t changed that much yet. Debt and execution still weigh, and rerating hopes are slim when iron ore falls. MinRes is still tied to the old mining cycle.
