PERTH, June 22, 2026, 03:09 (AWST)
- Mineral Resources ended at A$69.15 on Friday, off 2.3% on the day. Shares were still up 1.4% for the week.
- The S&P/ASX 200 managed a 0.3% gain last week, even after slipping 0.9% on Friday.
- Australian markets are shut before trading resumes Monday. Inflation numbers are expected Wednesday.
Mineral Resources shares start Monday’s ASX trade after closing at A$69.15 on Friday, down A$1.62 as a mining retreat late last week hit the stock. Shares bounced off an intraday low of A$67.27 and held a 1.4% gain over the week.
The drop came with no operating update from the Perth-based lithium and iron-ore company. Its latest exchange filing was a director-interest notice on June 2, and the last project news was the May 26 approval for more investment at Mt Marion. This suggests a sector move, not any new company guidance.
Australian miners dropped again. The S&P/ASX 200 fell 0.9% to 8,828.70 on Friday, with the materials sector off around 4%. BHP dropped 5.6% after it flagged higher costs for its Jansen potash project. PLS Group, which also mines lithium, slid 4.7%.
PLS signed off on about A$175 million in pre-FID spending for its planned P2000 expansion. Pre-FID is capital put in before any final investment decision or formal signoff on the project. The step shows producers are still willing to set up extra lithium supply while facing volatile commodity prices.
Fed hawkishness and BHP’s fall dominated Friday’s action, IG market analyst Tony Sycamore said. Mineral Resources ended down less than BHP and PLS, so the selling hit most of the sector but didn’t wipe out everything.
The stock is still trading roughly 7.7% under its 52-week high of A$74.94 from June 1. That’s after a sharp bounce from a 52-week low under A$20, putting more pressure on the company to meet operating targets and pay down debt. Expectations are higher now, and there’s less room for any slip on operations or commodity prices.
Mineral Resources said net debt was about A$4.5 billion at the end of the March quarter, down from A$4.9 billion. Liquidity stood at A$1.8 billion. The company raised its full-year Onslow Iron shipment forecast to between 17.7 million and 19.4 million wet metric tonnes. Investors are still watching how fast Onslow turns shipping growth into cash.
Mineral Resources and Ganfeng Lithium signed off on A$490 million for new flotation and underground work at Mt Marion. The investment targets a jump in installed capacity to around 600,000 tonnes a year of SC6, which is spodumene with 6% lithium oxide. “This sets up Mt Marion for decades to come,” said Managing Director Chris Ellison.
Markets are watching for Australia’s May CPI out Wednesday and Reserve Bank Deputy Governor Andrew Hauser’s speech after. A hot inflation print may back bets for rates to stay elevated and could sap risk sentiment, but iron-ore and lithium prices are still likely to set the tone for Mineral Resources.
But risks are still out there. Lithium or iron-ore prices dropping again, weaker Onslow volumes, or more trouble with Mt Marion costs and timing could slow efforts to cut debt while the company is still rated below investment grade. Fitch says leverage might get better in fiscal 2026, though that depends on the business and commodity assumptions actually playing out.
Mineral Resources’ reference is set at A$69.15 for Monday. The stock has no filings out before the bell. The key question for traders is if Friday’s drop was a reaction to sector selling or if it signals wider profit-taking after a strong run this year.
