Perth, May 11, 2026, 03:01 AWST
- Mineral Resources just introduced a chief operating officer position, tapping Darren Killeen—a 17-year veteran at the company—for the job.
- The ASX-listed miner slipped 2.5% to finish Friday at A$69.55, holding close to recent highs as investors kept an eye on debt reduction and lithium prices.
- The POSCO lithium agreement has advanced to formal contracts; however, finalization still hinges on regulatory approvals and is now targeted for completion in the first half of FY2027.
Mineral Resources Ltd kicked off the week by naming Darren Killeen as its inaugural chief operating officer, handing the veteran executive oversight of daily operations. Killeen, who has been with the Western Australian miner for years, will report straight to Managing Director Chris Ellison. The move comes as the company continues to navigate a delicate balance-sheet situation.
MinRes has been working to reassure investors about its hefty spending, rising debt levels, and exposure to lithium prices. The stock settled at A$69.55 on Friday, off A$1.79, or 2.5%, from the previous close, after hitting an intraday high of A$71.62, according to Bloomberg data.
Killeen isn’t a newcomer. MinRes noted he’s spent 17 years with the group, most recently at the helm of engineering and construction—covering the Onslow Iron project as well as assets tied to iron ore, lithium, and mining services.
Ellison called Killeen “instrumental” in major project delivery. Non-executive chair Mal Bundey said the board wanted him driving the company’s strategy. With Killeen’s appointment, leadership gets more centralised as MinRes continues to advance Onslow Iron, lithium joint ventures, and its mining services contracts all at once.
Lithium is also in focus. On May 1, MinRes announced it completed formal investment and shareholder deals with POSCO Holdings, clearing the way for the South Korean firm to pick up a 30% stake in MinRes’ operational lithium business. That business, now rolling into a new joint venture called LithCo, will house MinRes’ current 50% stakes in both the Wodgina and Mt Marion lithium mines.
Reuters earlier put the POSCO deal at $765 million, noting that MinRes planned to use the funds for debt reduction and to shore up its balance sheet. RBC Capital Markets analyst Kaan Peker called the move a validation of MinRes’ lithium assets, adding that it also boosted the balance sheet and kept services income intact.
Ellison described the new documents as a “critical step” toward getting the deal done. POSCO Holdings President Ju-Tae Lee called the partnership “highly meaningful” for battery-materials supply. The main driver here: spodumene concentrate, a lithium-rich feedstock that’s processed into battery chemicals.
MinRes reported for the March quarter, highlighting why the focus is on cash and debt, not just output. By March 31, net debt had dropped to around A$4.5 billion, down from A$4.9 billion at the end of December. Liquidity climbed as well, reaching A$1.8 billion from A$1.4 billion, according to the company.
The group followed up the quarter by selling US$1.3 billion in senior unsecured notes, with maturities set for 2032 and 2034. These notes, which aren’t tied to any particular assets, will allow MinRes to pay down shorter-term debt, cover an iron ore prepayment, and take out a chunk of an older, high-coupon bond, according to the company.
CFO Mark Wilson told analysts the notes sale will “push out our debt maturity profile” and cut finance costs. He added that proceeds from POSCO are lined up to redeem the last US$750 million of notes due October 2028, assuming the deal goes through as planned.
MinRes posted a robust March quarter operational update. Onslow Iron turned out 7.8 million wet metric tonnes and shipped 7.2 million tonnes on a 100% basis. Wodgina and Mt Marion together delivered 127,000 dry metric tonnes of SC6-grade spodumene concentrate—6% lithium. That’s an average price of US$2,105 per dry metric tonne, jumping 92% quarter-on-quarter.
Competition in the sector comes from all angles. POSCO runs a lithium hydroxide joint venture at home with Pilbara Minerals of Australia. Wodgina? That’s under Albemarle’s wing. Mt Marion? Linked up with Ganfeng Lithium. In this tangle, MinRes finds itself as both provider and collaborator, not simply another lithium miner in the mix.
But the POSCO deal isn’t done yet. MinRes says it still needs to finalize long-form agreements, secure offtake and marketing contracts, get sign-off from the Foreign Investment Review Board, and clear merger hurdles. The finish line has moved—completion is now tagged for the first half of FY2027. Elsewhere, the company pointed to rising diesel bills in the June quarter, but left its full-year cost guidance intact.
The next round of company figures doesn’t land until late July, with MinRes set to unveil its Q4 update—full-year earnings follow in August. Between now and then? It’s simple: Killeen needs stability in the business, POSCO must finalize its deal, and debt levels have to continue falling.
