Perth, May 15, 2026, 05:03 AWST
Mineral Resources Limited drew attention once more after Jefferies highlighted a spike in job ads near Kambalda, suggesting Bald Hill could be next up for a lithium restart. Analyst Mitch Ryan at Jefferies projects the site will resume in the second quarter of fiscal 2027, ramping to roughly 1.2 million tonnes a year by the next quarter. He maintains a hold on the shares. “Bald Hill’s capacity, simplicity and adjacency to Mt Marion leave us optimistic,” Ryan said. Wall Street Journal
Timing is key here. Spodumene concentrate—a lithium-rich material used for battery chemicals—picked up in April. Deloitte’s WA Index put late-April prices close to $2,435 a tonne, climbing from $2,043 in March. That’s shifted the math for Australia’s shuttered mines, which had been sidelined by months of falling prices.
MinRes hasn’t made a call yet on restarting. On April 30, Chief Financial Officer Mark Wilson told analysts the company was continuing to evaluate Bald Hill, describing the lithium market as “very strong” and noting supply lagging behind demand. Wilson also pointed to the broader geopolitical backdrop, saying MinRes was taking “a considered approach.”
Bald Hill would join MinRes’ existing lithium portfolio, which includes operations at Wodgina and Mt Marion. MinRes isn’t just about lithium, though; it’s also active in iron ore, energy, and mining services across Western Australia, setting it apart from lithium-only rivals.
The company’s most recent quarterly report delivered a batch of fresh data for investors. MinRes bumped up its fiscal 2026 volume forecasts across key units—Mining Services, Onslow Iron, Wodgina, and Mt Marion. Combined, Wodgina and Mt Marion produced 127,000 dry metric tonnes of SC6, the industry term for spodumene concentrate containing roughly 6% lithium oxide. On the balance sheet, liquidity increased to A$1.8 billion, while net debt dropped to around A$4.5 billion.
Debt remains central here. On its debt investor page, MinRes shows Moody’s rating the company at Ba3 and Fitch at BB-—both sub-investment grade. The stated goal: keep net debt to EBITDA under 2.0x across the cycle. EBITDA—earnings before interest, tax, depreciation and amortisation—serves as a ballpark gauge of operating cash flow.
There’s another lithium angle on the books: POSCO Holdings. On May 1, MinRes announced it had finalized binding deals for POSCO to pick up 30% of its lithium operations, moving into a newly formed joint venture. This vehicle will own MinRes’ current 50% stakes in both Wodgina and Mt Marion. The transaction is slated to close in the first half of fiscal 2027, pending regulatory clearance and other standard hurdles. Managing Director Chris Ellison described the agreement as a “critical step.”
Restart buzz is hitting an increasingly crowded sector. Pilbara Minerals aims to boost production at its Ngungaju plant in Western Australia over the September quarter, coming off a record third-quarter for spodumene output. Core Lithium, meanwhile, this week outlined progress on its Finniss restart in the Northern Territory, locking in a new underground contract and eyeing first concentrate by the December quarter.
MinRes finished Thursday at A$70.16, slipping 0.65%, just shy of its 52-week peak at A$71.72. Market cap stood at A$13.87 billion, with roughly 1.15 million shares traded, according to Google Finance.
The price signal might not last long enough for Bald Hill to secure approval. Margins could face pressure too—labour expenses, restart costs, regulatory hurdles, and diesel all weigh. If competitors ramp up supply, the real question is whether lithium demand can handle the extra tonnes.
The market’s still guessing—there’s no final investment call yet. A job posting isn’t the same as a board green light. Just a couple years back, investors hounded MinRes over debt reduction; now, the focus has flipped. The issue is how much lithium expansion MinRes can deliver, and still keep its finances in check.
